The US labor market is one of the largest and most developed in the world.
In many states, companies are competing among themselves for the heart of employees. Aside from higher salaries, one way to convince quality candidates to join a company is by giving benefits.
There is a large variation of employee’s benefits, such as capital benefits, social benefits, improvement of working conditions and many more.It is important to be familiar with the different kinds of benefits that can be given in the global market in general, and in the American market in particular.
This article will help you learn about the different characteristics of employees’ benefits in the US.
What are the main benefits given to employees?
In broad generalization, benefits are divided into three categories: the first is benefits that are given regardless of the employee’s performance in the company.
These benefits are meant to better the conditions in which the employees work, not necessarily financially, in order to enhance the feeling of belonging to the company. Benefits in this category would include a company car, extra vacation days, participation in buying insurance, vouchers, etc.
Another category is bonuses, that are meant to be an incentive for employees to work hard and present quality products. This is usually a financial benefit, and it is given to employees depending on their performance during that quarter or year.
The better the performance is (in relation to other employees), the higher the bonus will be. The third category is salary supplement, in accordance with monthly achievements. The most common benefit under this category is a commission on each sale made by the employee.
Benefits related to the capital market
Within the benefits that are given to employees, whether it is a periodic bonus or a salary supplement as part of a labor agreement, it is important to point out benefits in the capital market, such as options and stocks given to employees. It is a benefit with a monetary value, sometimes a very high value, that can encourage many candidates to join the company.
For example, a company that is climbing in the stock market can use that to attract many employees, by giving them an option to buy stocks with a fixed value.
The real gain that can be accumulated, for example, if the company is sold and the value of the stock will increase, in relation to the cost of the option, it can persuade people to join the company. For employers and employees alike, options and stocks have a high value in the domain of benefits, which is why it is important to be familiar with this option.
Notes to summarize
Benefits that are given to employees affect their quality of life, directly – if it is a financial benefit, and indirectly by benefits that provide convenience to the employees.
Global companies, as well as Israeli companies, that operate in the United States provide excellent benefits in order to recruit and preserve the best personnel. It is important to know the different types of benefits that companies in the American market provide in each state.
If you are operating a company in the US, or interested in doing so, it is imperative to know which benefits should be offered. If you are interested in working in the US, it is important to be familiar with the benefits that can be discussed when negotiating with the company.
Contact Adecco Israel for the most accurate advice regarding the benefits that are given to employees in the US. Adecco is a global company with many years of experience accompanied many companies across the world.
Adecco specializes in providing business solutions to organizations according to their special business needs. Adecco has a global deployment in 66 countries around the world, including in the United States of America. Don’t wait, contact us today for consultation.
*benefits may vary between different states in the USA.