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What kinds of Employee Benefits might a company offer?

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In 2005, 77 percent of all private industry workers enjoyed paid holidays, according to the Bureau of Labor Statistics (www.bls.gov). Only 53 percent of private industry workers have medical care coverage. And 76 percent of employees with medical coverage are required to pay something toward that coverage.

As far as sick leave and vacation time go, the BLS reports that in 2005, 58 percent of private industry workers have access to paid sick leave, and 77 percent have access to paid vacation time.

Paid leave was the most commonly provided employee benefit in the private sector. Paid jury duty leave was also common, available to 69 percent of workers. Forty-eight percent of the workers had paid military leave benefits.

These statistics give a better idea of what�s the norm in terms of benefits. A more complete list of benefits companies often include:

Health insurance, including dental and vision coverage
401(k) plan, with or without company matching
Employee Stock Ownership Program (ESOP) or some form of stock incentives
Relocation bonuses or packages
Hiring bonuses
Referral bonuses
Life insurance
Paid maternity or paternity leave
Paid sick leave
Paid vacation or personal days
Bereavement time off for death of an immediate family member.

Other nontraditional, but increasingly popular benefits, or perks, include:

Smoking cessation and weight loss programs
Gym subsidiaries
On-site flu shots
Dry-cleaning services
Legal assistance
Child care assistance, or on-site childcare
Tuition reimbursement
Concierge service
Paid travel.

When it comes to making employees happy and retaining them, the list of benefits and perks is bound only by the imagination�and the budget�of the company in question.

Next Page: Are companies required to offer Employee Benefits?

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