Today, 65% of contract workers are working without benefits. If you’re an employer with contract workers, you may wonder if you should offer benefits to these workers? While you’re not legally required to do so, the reality is that employers offering benefits to their contract workers are far more effective at attracting top-quality employees. What are the top benefits you should be offering to your contract workers these days? Is there an easy way to offer benefits that help you attract a better caliber of workers to your business?
Best Benefits for Contract Workers
CNN Business says, “For several years now gig economy companies have joined up with policy wonks at think tanks…to push for reforms that might allow more 1099 workers access to benefits available to regular employees. But there’s been little meaningful action.” But as you might guess, companies that offer these benefits not only attract better talent but have lower attrition and higher worker loyalty, according to LinkedIn. Companies recognize that offering benefits is an attractant for a great workforce, but managing the costs and administration of these programs is complex and time-consuming.
Employer of Record (EOR) companies like FoxHire solve this problem for the business world, by not only offering benefits to your contract workers, but also by administering those programs. For example, FoxHire offers your contract workforce five key benefits, including:
- Health insurance is a critical part of providing your workforce with a safety net. We offer healthcare insurance with one of the largest providers in the nation. Within this framework, we offer three different healthcare plans, including family coverage, that are fully compliant and a necessary part of the employer-worker contract.
- Through Guardian, dental insurance is a voluntary program where 100% of preventative and restorative procedures are covered by this low-cost but high-return benefits program. Employees can choose to cover not only themselves but their dependents, making this a highly attractive benefit to offer your contractors.
- Vision insurance saves your contractors money on exams, frames, lenses, and contacts. There’s even a benefit available for laser vision correction.
- A 401(k) benefits plan helps your workforce save for retirement. This is particularly important; the studies show 64% of Americans will retire with little to no income stashed away. Another study showed 35% of the workforce over the age of 22 don’t even work for a company that offers a 401(k). FoxHire offers all eligible employees the option of joining our 401(k). Employees can choose a traditional 401(k) or a Roth plan.
- Finally, the health savings account, or HSA, is a critical benefit for employees planning for illness or injury. Your contract workers can save money by putting tax-free income toward their HSA. This is a critical benefit that allows contractors to save up pre-tax dollars to cover their health insurance premiums or for any unexpected medical expenses.
Partner With an EOR!
If your company is wondering how to take care of your contract workers, FoxHire offers these five critical benefits. We’ve found these benefits to be a primary attractor for some of the brightest and most talented contractors in the nation. Talk with the FoxHire team today about how you can become an employer of choice by working with our team.