Employee benefits cover the indirect payments of employers‘ workforce. This can be health insurance, life insurance, disability (accident insurance), dental, vision, even stock options, or any myriad of things offered to employees. While two jobs can offer the exact same salary, they can vary greatly in terms of benefits, hence making one offer a better financial proposition than the other. This highlights the importance of employee benefits in a job offer.
Some employee benefits are specific in countries. In Lithuania benefits at work, i.e. transport options, lunch vouchers, even assigned parking lot, team building events and trips, skills development and health and accident insurance are key components of employee benefits packages.
These are the major types of benefits, which nowadays continues to grow, used to be offered to the employees:
- Accident insurance
- Health insurance
- Life insurance
- Retirement plans
Also, there are four categories distinguished of employee benefits:
- Benefits at work
- Benefits for health
- Benefits for financial security
- Lifestyle benefits
Benefits at work – includes working hours & leave, skills development, food & beverage, and employee clubs, activities & gifts.
Working hours & leave – flextime for instance. Flextime gives the employees the possibility to decide about their working hours and/or the location they want to work from. Also includes additional holidays and one of the other benefits employees value most – paid parental leave.
Skills development – the fact that people change jobs more often and rapid technological developments make skills development more important as well. Skills development is essential for organizations if they want to remain competitive.
Food & Beverage – the benefits that could fall into this category include free lunches, fruit, and coffee.
Employee groups, activities & gifts – there are a lot of possibilities which can be included to this category: dancing clubs, running groups, football teams, Christmas and anniversary gifts, etc.
Benefit for health – includes health and wellness and healthcare of the employees.
Health and wellness – the number of companies which have employee wellness programs increasing rapidly. The possibilities are endless and the packages of employee wellness programs vary from a simple gym membership to full suite solutions that include physical, mental and financial wellness.
Healthcare – Healthcare benefits also come in different shapes and scopes, e.g. impatient and outpatient treatment, physiotherapy and chiropractic sessions, preventive examination, dental care, pregnancy treatments, psychological support, pharmaceutical and medical supplies can also be included.
Benefits for financial security – includes pension plans as key motivational tool. Other benefits for financial security are personal insurances, financial benefits for employees and personal finance benefits.
Pension plans – pension plans are considered as a very important benefit by every generation.
Insurances – the simple fact of being an employee comes with health insurance in some countries. Other types of insurance benefits for employees, i.e. accident insurance covers disability, injury and death risks.
Financial benefits – this can be commissions, bonuses and the possibility for employees to buy shares of the company they work for.
Personal finance benefits – the stress about personal finances has increased over the recent years. This is another reason for employers to seriously start thinking of benefits such as advice about loans and savings – employee financial wellness.
Lifestyle benefits – Lifestyle benefits consist of work-life balance and mobility.
Work-life balance – the benefit of work-life balance becomes very important and more popular on nowadays. This can be outsourced childcare, food delivery and legal services.
Mobility – despite of the duty to come to the workplace regularly, mobility benefits can make the employees’ life easier and more flexible. This can be public transport and carpooling services vouchers, assigned vehicles and bicycles.
What we do?
- Provide information and year-round assistance in choosing tailored types and packages of insurance, including health, life, accident and more.
- Advice how to minimize total costs of insurance budget with a maximum scope of coverage and analysis of the existing benefits portfolio and claims in terms of advice on potential cost saving.
- Direct assistance to employees on questions and claims and education.
- Assistance on employee communication related to benefit enrollment.