In addition to medical and voluntary benefits, New York employers must also provide financial benefits such as a 401k or IRA and employee quality of life-oriented perks such as a flexible schedule and lifestyle. These perks are priceless to your employees, whether they work for The Burke Group Of Rochester in New York City or a local NYC deli.
In the State of New York, a 401k retirement plan is an important component of an employee's benefits package. Employees may contribute to their retirement through pre-tax payroll deductions via a 401k retirement plan. Employer matching contributions are also available. An IRA, which is established solely by an individual with the help of a broker or bank, is another comparable contribution.
The two terms are frequently used interchangeably, but they have distinct meanings. A defined benefit plan, such as a pension, promises a certain sum in retirement whereas a 401k (defined contribution plan) allows both employees and employers to contribute and invest money for retirement. Defined benefit plans, such as pensions, have been declining in popularity for the past 20 years and are now only utilized by governments.
In New York, nearly 68% of employers offer a 401k as part of their employee benefits package. This is a valuable perk in your employee benefits package, where 78% of people take advantage of it when available.
Bonuses and tokens of appreciation are popular among staff. New York employers give 51% of employees a "non-production" bonus. End-of-year bonuses, holiday bonuses, employee referrals, and other types of bonuses are offered by many organizations. These incentives might be bestowed in various ways and with various forms and amounts of money. It is crucial to have established measures to measure progress. Communication must be regular in order to achieve good results.
It's critical for employers to offer a variety of financial incentives and perks in order to attract and keep skilled professionals. While some may provide more value than others, it's worth considering all alternatives. Whether you attended NYU or somewhere else closer to home, 7% of New York businesses give student loan help. 57% of employers in New York provide access to wellness programs, 33% give access on-site childcare, and 62% have EAP services available.
A company's catering to each employee's specific needs should be a top priority for you as the employer. Remember that the demands of a recent college graduate and someone who has ten years into their career with children are going to be considerably different. These two cases need distinct flexibility and workspace benefits. With this in mind, 14% of New York businesses offer a flexible work environment, 20% provide flexitime, 14% provide childcare, and 9% provide free travel.
To get a better understanding of how your organization's financial and quality-of-life perks compare to those in New York, see your free Mployer Insights report. You may show employees how fierce competition among plans is important for retaining and recruiting new talent.
.svg){kind=small}
.svg){kind=small}
%201.svg){kind=small}
