As an HR manager, how can you find the best-in-class employee benefits packages that you need to ensure that your company can attract and retain the top talents in your industry?
You could start by engaging in hours upon hours of exhaustive industry research, combing through complicated benefits schemes one by one in a process that takes so long that by the time you finish, many of the benefits plans you’ve looked at have already changed, and new ones have entered the market as well.
Why is this process so complicated? One reason is that there are actually several different kinds of employee benefits, including:
- Pension Plans
- Life Insurance Plans
- Health Insurance Plans
Just among these three types of employee benefits, there are many different plans available and structures that each plan could take. On top of that, each plan has so many rules attached to it, and these rules are known to change with some regularity.
A Better Way to Learn About Employee Benefits
Researching all of this information takes time, and it can all be a little much to retain. What many HR managers like yourself need is a cheat sheet, a simple, easy-to-understand guide filled with the basic information regarding employee benefits packages and the ever-changing ocean of rules surrounding them.
Simon Shirley Advisors is proud to offer the ultimate comp and ben cheat sheet in the form of our free guide: “Employee Benefit Options.”
In this guide, you can find information about pensions, life insurance and health insurance schemes. Here are a few excerpts from the guide:
The first rule about pension plans in Ireland is that all employers in Ireland are legally obligated to provide their employees with access to a pension plan. However, you do not actually have to contribute to the pension scheme at present.
When it comes to pension plans, there are two general structures that most employers use:
- Occupational Pension Schemes (OPSs)
- Personal Retirement Savings Accounts (PRSAs)
Under an OPS, the pension is established by the employer under trust, and the employer either acts as the trustee, or hires a third party to do so. With a PRSA scheme, individual employees create their own personal pension accounts in lieu of a trust.
Each of the above pension structures has its own unique benefits and drawbacks, both for the employee and the employer. For example, employer contributions to a PRSA are less tax-efficient than they are to an OPS because employer contributions to a PRSA incur the Universal Social Charge tax while similar contributions to an OPS do not.
Life Insurance Plans
While an unpleasant subject, providing employees with cover for the instance of them suffering death or debilitating injury can be an enormously positive step in driving employee retention, especially among older, more experienced workers. This kind of benefits package helps give employees peace of mind regarding what will happen to their loved ones should they pass on or be injured so severely that they are no longer able to work.
The guide discusses the two primary types of life insurance cover, Death-in-Service (DIS) coverage and Income Protection/Disability (IP) coverage.
DIS cover helps protect an employee’s family in the case of the employee’s death on the job, typically providing up to 4x the employee’s annual salary as a lump sum to help cover funeral expenses and the bills that would normally be paid by the employee’s salary.
IP cover provides ongoing income for the employee if they suffer a debilitating injury, illness, or other condition which prevents them from working. The amount of the benefit provided depends on the level of cover, and subtracts the State Illness Benefit that the employee may be receiving. Also, there is a deferment period of roughly half a year (26 weeks) for the vast majority of IP benefit cases.
Health Insurance Plans
Health insurance for employees is an enormous benefit that deserves serious attention from upper management. As such, familiarising yourself with the particulars regarding health insurance is important.
What info do you need to know? Some of the things you’ll want to know include:
- The main health insurance providers in Ireland.
- How health insurance costs are calculated.
- What the main types of benefits in health insurance plans are.
- Tax liabilities surrounding employer contributions to health insurance cover for employees.
- How you can structure employer contributions to employee health insurance cover.
Luckily, the ultimate comp and ben cheat sheet has all of the above, and more.
Get the Ultimate Comp and Ben Cheat Sheet Now!
To download the full guide for free, simply follow the link below and fill out the form. For more information, or for help finding the best-in-class employee benefits packages to help your company retain and attract top talent, contact Simon Shirley Advisors today!