The majority of employees – over 80 percent – would take certain employee benefits over a pay raise. The value and importance of employer-provided benefits as a bargaining tool in the hiring market, and the power of providing the right non-financial incentives to ensure the comfort and wellbeing of your employees, is higher than ever.
Understanding how employee benefits can help you differentiate yourself in a competitive marketplace and help establish your company as the right choice requires you to not only offer the basics, but to get creative.
The popularity of unconventional employee benefits has been on a steady rise in recent years, amid growing concerns of a mental health crisis, a continued financial crisis, and a generational shift in work-life priorities. Companies don’t want new talent to fear burnout – and research is showing that more rest and relaxation leads to better results, and increased productivity.
The US remains the only country in the OECD that does not mandate vacation time or provide a statutory minimum number of paid days off – but we have still come a long way.
People don’t just want better dental or good health insurance. They want a four-day week, and unique benefits that they might not find elsewhere – such as access to a company gym, financial planning services, or even estate planning benefits.
Today, professionals who want to leverage their experiences and services seek not just the better paying position, but the position with the greatest quality of life. When looking for a place to work, the modern professional takes into consideration a company’s reputation, on-site benefits, commute, values, track record of success, and interesting benefits.
Some common employee benefits include:
The perks you provide reflect your priorities as a company, and how you value your employees. It’s about striking the right balance necessary to attract the right talent.
There is a limit to the number of perks you can provide every prospective employee before rendering your offered salary uncompetitive. The costs of providing these benefits are on you, the employer, and every financially sound business must operate strictly within its budget.
If you seek to attract long-term, loyal employees with an interest in longevity – within an industry, within a line of work, and within a company – then offering attractive retirement plans, better financial planning, and estate planning services can help establish that you want your employees to be free from any financial worries, and achieve total financial security.
Estate planning is not exclusive to the rich or the elderly. Even young professionals may need an estate plan to ensure that the wealth they’ve accumulated so far is handled properly if the worst comes to pass. For young couples, an estate plan is the only way they can ensure that their future children are being taken care of by the right relatives.
As we reach a new age of digital trading and securities, conventional and modern estate planning tools remain the only way to secure assets such as NFTs and cryptocurrency and ensure that they pass into the right hands should you be incapacitated. Finally, who will manage your financial, medical, and digital affairs if you go into a coma?
An estate planning is much more than a last will and testament. Estate planning services as employee benefits may include:
Setting up an estate plan is a lot of legal legwork. But the prerequisite knowledge needed to craft a comprehensive estate plan – one where each element serves a function towards a singular vision or intention – requires a comprehensive understanding of how estate plans work.
Working with a law firm specializing in estate planning allows you to offer unique coaching to prospective employees interested in preserving their financial legacy, and providing for their loved ones as best as they can.
Estate plans go hand-in-hand with traditional financial advice, particularly long-term investments and retirement plans. Estate plan coaching can give employees a greater understanding of how to distribute their wealth and minimize their liabilities via designations, trust distributions, and special provisions.
An estate plan can play a role in preserving wisdom and tradition, as well. If there are particular heirlooms or material assets that are important to the family, as well as experiences, stories, folklore, or personal lessons that an employee might wish to establish as part of their growing legacy, then proper planning is required to ensure that these aspects of their estate are preserved.
Estate planning is a growing trend. Not only are Baby Boomers revisiting their existing estate plans, but Millennials are interested in setting up their own estate plan, more so than previous generations at their age. Take advantage of this by offering estate planning services as a unique employee benefit.
Founded in 1975 by L. Rob Werner and serving California for over 48 years, our dedicated attorneys are available for clients, friends, and family members to receive the legal help they need and deserve. You can trust in our experience and reputation to help navigate you through your unique legal matters.
Whether you need help creating a living trust or navigating probate, our living trust law firm's compassionate team of estate planning lawyers and probate lawyers are here to help you and ready to answer your questions.
Our goal is to make your case as easy as possible for you. Hiring a lawyer can be a daunting task, but it doesn’t have to be. From the moment you contact our firm, through the final resolution of your case, our goal is to make the process easy and understandable. We cannot change the fact that probate is a long and complicated process, but through our Werner Law Firm Difference, we strive to go out of our way to keep you informed of your case through every step of the way. We are constantly refining our processes and procedures for a more streamlined and calm client experience. Our goal is to have you feel like a burden was lifted from your shoulders, and that we made the whole process an easy one
If you're dealing with a legal matter, we urge you to schedule a free initial appointment today and join the many satisfied clients who have contacted Werner Law Firm.
23 Corporate Plaza Dr., Suite 150
Newport Beach, California 92660