Do you really believe in the idea that benefits add to compensation when it comes to making a job more attractive? Our company is currently deciding whether to add more money as salary or benefits. I am not sure that benefits would be a good way to attract talent and keep people in the company. Specifically, do you think life assurance would be a good addition?
You really have to have a good set of benefits to really recruit good talent and keep them. A previous company I worked for had good pay for its top talents, but didn't have a good set of benefits... what happened was that the good guys got pirated when the rank and file and other staff left.
Benefits increase employee morale, that's a given, especially now that companies are cutting back and a lot of employees are getting pay cuts. And yes, I think life assurance packages are a good way to have, especially now that insurance rates are going up.
I do think that your organisation's benefits could mean the difference between people actually staying and leaving. I think that if you offer a good set of benefits, a good renumeration package and an inclusive workplace and top talents would be elbowing their way into your office!
There is no typical amount. It is often based on a multiple of salary. However I can say the maximum term insurance an employer provides is usually $50,000 because IRS regulations taxes the premium for policies that exceed that amount as not deductible to the employer and as additional employee compensation reported on their W2.
Companies are cutting back and a lot of employees are getting pay cuts. And yes, I think life assurance packages are a good way to have, especially now that insurance rates are going up.
Life assurance to keep and recruit people
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