In part one, we talked about three types of employee benefits. However, medical insurance, disability insurance, and life insurance aren’t the only types of benefits staffing firms may offer their employees. In part two, we will talk about three other kinds of insurance.
Retirement Benefits. This type of employee benefit is funds that are set aside and increase over time. The income or pension one has earned after retiring from a position. In other words your “retirement plan.” There are two types of retirement plans.
- Defined benefit plans or “pension plans” are a pre-determined amount of money based on one’s salary. In these plans, the employer bears the risk of the investment.
- Defined contribution plans such as a 401k plan, are specified contributions. The benefit amount is usually tied to investment returns, which are not guaranteed.
Paid Time Off. Paid time off or PTO is earned by employees while they’re currently working. There are three common types of paid time off vacation leave, sick leave, and holidays. Most employees earn these as separate benefits.
Fringe benefits. Fringe benefits can be a variety of non-cash payments that are used to attract and retain talented employees. Creative benefits that fit the mold of the employer, employee, or both. They may include tuition assistance, flexible medical or child-care spending accounts (pre-tax accounts to pay qualified expenses), other child-care benefits, and non-production bonuses (bonuses not tied to performance). Tuition Reimbursement can be an especially important benefit if you plan to take classes in your personal time. This can be a great way to see faster growth in your career. Most firms offering tuition assistance require that courses are related to job duties.
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