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Located near the beautiful Wasatch Mountains and Salt Lake City, the City of Murray is a wonderful place to live. Murray, Utah is also a great place to work. If you’re an employer in the area, here’s a look at what you need to know about Murray, Utah employee benefits.
Employers in Murray City need to adhere to federal, state and local employee benefit requirements.
At the federal level, the employee benefit requirements that Murray, Utah employers need to know about include the following:
· The ACA requires Applicable Large Employers (ALEs) to offer health insurance that meets minimum essential coverage requirements or else pay the employer shared responsibility payment. Small employers may be eligible for credits and other benefits under the law.
· COBRA requires employers with 20 or more employees to offer health care continuation when group health coverage is terminated.
· Private industry employers that establish health and retirement plans must comply with Employee Retirement Income Security Act of 1974 (ERISA) rules.
· Employers also have to pay their share of Social Security and Medicare taxes.
At the state and local level, the employee benefit requirements that employers in Murray should know include the following:
· Under Utah’s state healthcare continuation law, or Utah mini-COBRA, smaller employers are also required to offer health plan continuation when group health coverage is terminated.
· Nearly every Utah employer is required to provide employees with workers’ compensation coverage.
This is not intended to be a complete list of employee benefit requirements, and new regulations and requirements may be enacted at any time. Additionally, legally required employee benefits only set the minimum for Murray employers. Many employers will choose to offer additional benefits to boost their employee engagement, recruitment and retention efforts.
As an employer in Murray, UT, you may be wondering how much other employers in the region spend on total compensation, including benefits, wages, and salary.
The U.S. Bureau of Labor Statistics releases compensation summaries by region and division, and this can give us a good overview of the average compensation in an area. Utah is part of the Mountain region, along with Arizona, Colorado, Idaho, Montana, Nevada, New Mexico and Wyoming.
As of September 2021, the total compensation for private industry workers in the Mountain region comes to an average of $34.78 per hour worked. However, only 70.2% of this, or $24.40, takes the form of wages and salary. Benefits account for the other 29.8%, or $10.38. For each hour worked, employers in the Mountain region spend an average of $2.42 on paid leave, $2.83 on insurance, $1.34 on supplemental pay, $1.18 on retirement and savings and $2.60 on legally required benefits.
We can also compare these amounts to the averages in other regions. In the nearby Pacific region, which includes Alaska, California, Hawaii, Oregon and Washington, the average total compensation is $44.11 per hour worked, with $12.92 of this going to benefits. In the East South Central region, which includes Alabama, Kentucky, Mississippi and Tennessee, the average total compensation is $30.53 per hour worked, with $8.55 of this going to benefits.
For all private industry workers in the country, the average total compensation is $37.24 per hour worked, with $10.88 going to benefits. This puts compensation in Utah and the rest of the Mountain region a little below average.
If you want to attract the top talent in the City of Murray, you need to offer competitive benefits. So, what’s considered competitive in Murray, Utah?
There’s a lot of variation depending on the job type, but some Murray employers offer generous compensation packages that include health insurance, paid vacation days, supplementary insurance, HSAs, FSAs, wellness programs and other attractive perks.
Here’s a look at what some of the other employers located Murray City or nearby areas are offering. Note that these companies may offer additional benefits not listed here, and the benefit offerings may change.
· Intermountain Medical Center is the flagship hospital of Intermountain Healthcare. According to the Intermountain Healthcare website, the organization’s employee benefits include health and dental options; retirement and savings benefits; paid time off that can be used for vacation, sick or personal days; an Employee Assistance Program; a healthy lifestyle program; a program that supports caregivers pursuing education and career goals; tuition reimbursement; child development centers; adoption benefits; elder care; and employee discounts.
· Overstock.com is an online retailer headquartered in Midvale, Utah, just South of Murray. According to the Overstock.com website, benefits include medical, dental and vision; HSA and FSA; life insurance; disability insurance; employee wellness program; EAP assistance; telehealth; a 401(k) matching; tuition reimbursement; an employee stock purchase plan, paid time off; a mentorship program; flexible scheduling options; paid parental leave; and an onsite daycare, clinic and fitness center.
· Extra Space Storage is located in Salt Lake City, Utah. According to the Extra Space Storage website, the company’s benefits include major medical, dental and vision; short and long-term disability insurance; FSA; EAP; annual wellness events and employee wellness challenges with award and prizes; 401(k) matching; paid time off; paid holidays; and performance-based incentives.
· Lucid Software is a software company headquartered in West Jordan, Utah, just Southwest of Murray. According to Lucid’s website, the company’s benefits include health benefits; paid parental and family leave; an eight-week paid sabbatical after five years; personal and career development through the Lucid Learning program; community giving through the Lucid Heart program; and game nights.
Workers in the City of Murray have lots of options for good jobs with great employee benefits. If you want to attract top talent, you need to offer competitive Utah employee benefits, including UT health employee benefits. The right insurance broker can help you create a benefits package that satisfies your workers while protecting your bottom line.
When looking for an insurance broker in Murray, make sure you ask the right questions. You need a broker with the knowledge and experience to help you solve your employee benefits problems.
· Does the broker know what employees in Murray expect in terms of employee benefits?
· Can the broker help you stay in compliance with local, state and federal employee benefits requirements?
· Can the broker help a company or your size, whether you’re a small business, a large business or something in between?
· Does the broker provide great benefit options, such as medical, dental, vision, life, long-term care and disability?
· Can the broker provide employee benefits consulting and administration?
· Can the broker provide HR support services?
· Can the broker assist with wellness plan coordination?
At Altura Benefits, we specialize in group employee benefits, insurance and human resource support. Located in Utah, we understand the needs of Murray, Utah employers, employees and job seekers. If you would like to learn more about how our services can help you get the right City of Murray employee benefits, please contact us.
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