Benefits are a core decision driver for prospective employees, with over half of employees listing benefits as the primary reason for remaining in the employ of a company. Job seekers also size up benefits packages when deciding where to apply. Differences in benefits available to full time and part time workers can also play a role in decisions about the type of job to pursue.
Part time employee benefits differ widely from position to position and company to company. According to a 2015 release by the U.S Department of Labor’s Bureau of Labor Statistics, almost 40% of part-time workers in the U.S had access to retirement benefits, close to a quarter had medical care, and 42% were offered paid sick leave. Part time jobs with health benefits are particularly attractive to prospective workers. Less than 40% of part time workers in private industry have paid vacation leave as a benefit; for state and local government employees the figure is at 30%. Full time employees, on the other hand, are more likely to enjoy the full range of benefits with almost 100% of workers in that category enjoying medical benefits and 98% having paid sick leave. Paid holidays and leave are available to 77% of employees across all sectors.
Small business health insurance options become relevant when a company employs the equivalent of 50 full time employees, even if some workers are part time. This is because under certain pieces of legislation such as the Patient Protection and Affordable Care Act businesses must provide some form of group health insurance or other health cover once they reach that number of workers. Balancing the need for such options in full time and part time employee benefits packages can be tricky.
In small companies it can be challenging to effectively manage the packages on offer. Online HR software can assist small and medium sized businesses in managing employee benefits. New HR software is on the list of planned purchases for as much as 57% of companies surveyed. Interestingly, just 13% of organizations surveyed use a single HR system; most use have three or four different HR applications for the different HR functions such as recruitment, learning and benefits management. Consolidation can provide much-needed consistency across all HR functions and improve efficiency.