Other Benefits and Services: Federal
Author: Leah Shepherd
- There are a variety of employee benefits that are designed to offer convenience and cost savings to employees. Most of these benefits are not required by law, but employers should consider providing them, as they can increase retention, improve recruitment and make the total compensation package more well-rounded and comprehensive for a workforce with a diverse set of needs and interests. Generally, such benefits are low cost and not too hard for employers to oversee once they are in place.
- Employers can provide qualified transportation spending accounts, transit and parking subsidies, and various work-life arrangements to help relieve employees' commuting headaches. See Commuter/Transportation Benefits.
- Employees with young children will appreciate help paying for childcare and finding emergency childcare coverage. See Dependent Care Benefits.
- Long-term care benefits can help employees who need assistance caring for an infirm parent. See Long-Term Care Benefits.
- Tuition assistance can increase employees' job satisfaction, efficiency, quality and productivity. See Tuition Assistance/Reimbursement Plans.
- There are two types of 529 plans that employers can offer to employees for college tuition and related expenses. See Tax-Deferred Education Accounts.
- Employee assistance programs (EAPs) have broadened from mainly offering alcohol and drug counseling to providing assistance for stress, financial issues, legal issues and more. See Employee Assistance Programs.
- Financial wellness benefits can aid employees in a variety of different ways. See Financial Wellness Benefits.
- Adoption assistance benefits can be provided in the form of financial assistance, paid leave, and resources and referrals. See Adoption Assistance.
- When employers are able to provide voluntary insurance benefits (e.g., home, auto, pet) at discounted group rates, they need to highlight the cost-savings in order to offset the fact that the employee, not the employer, usually pays the full cost. See Discounted Insurance Benefits.
- Discounted purchase programs, or employee purchase programs, for computers, phones, etc., do not cost employers anything, but they will gain employees' appreciation. See Discounted Purchase Programs.
- Employers must ensure their severance packages comply with two major laws, the Employee Retirement Income Security Act (ERISA) and the Older Workers Benefit Protection Act (OWBPA). See Severance Benefits.