Estate Planning

GoodTrust: Your New Employee Benefit

May-26 2022

Reasons why you need to offer employee benefits

Have you ever chosen a job based on employee benefits? Or have you ever wished you had more to your job than just a salary? Employee benefits are an important part of what makes a company attractive to jobseekers. But more importantly, employee benefits not only attract people from the workforce, but also give them an incentive to stay with the company for a while. It's also particularly important as employees work remotely and reconsider what it means to value benefits.

Benefits give employees a feeling of being valued and increases happiness and satisfaction in the workplace. Benefits not only increase employee retention, but also individual work efficiency. There are mandatory benefits that you are required to offer, as well as some optional benefits. Companies need to think holistically about what employees need.

What Are Employee Benefits?

Employee benefits are additional services provided on top of salary and wages. These benefits can but do not have to include health insurance, profit sharing, paid time off, life insurance, retirement benefits, and other packages. These benefits can be mandatory or voluntary and are often offered to employees when they first start their job. Here are mandatory employee benefits that a company has to offer by law:

  • Time off to vote, serve jury duty, and perform military services

  • State and federal taxes that are paid towards unemployment insurance

  • State short-term disability insurance

  • Compliment with the Family and Medical Leave Act (FMLA)

  • Health insurance if you are an applicable large employer with 50 or more full-time equivalent employees (Affordable Care Act)

In addition to these required benefits, there are optional benefits you can offer to retain employees and to improve the workplace environment:

  • Retirement plans

  • Life Insurance

  • Digital Insurance

  • Estate planning benefits

Estate planning and insurance benefits are attractive benefits to offer as an employer, and can increase employee retention and work efficiency. According to a survey conducted by Wealth.com, 72% of the 10,00 people they surveyed stated that they were more likely to set up an estate plan if their employer offered it as a benefit.

Estate planning is viewed as inaccessible by many people in the U.S., and by offering plans as an employer does not only combat this accessibility problem, but also relieves employees from the stress of managing their estate by themselves. 

GoodTrust is a digital estate planning service that offers plans including a legal will, funeral directive, durable power of attorney, advanced health care directive and a pet directive. Additionally GoodTrust offers a digital vault to safeguard online accounts, devices, documents, and much more. Creating an account with GoodTrust ensures the digital safety of the member and their family, and makes sure that their estate planning is completed and up to date. 

Offering GoodTrust as an employee benefit adds to your company's attractiveness and increases employee satisfaction and retention.