Offering great employee benefits plays a major role in the health of your organization.
Not only does a solid benefits plan keep your team strong and healthy, it also pays significant dividends in the following areas:
- attracting and retaining talent
- differentiating your company from competitors
- employee satisfaction
- reducing sick days
- increasing productivity
Organizations that acknowledge the importance of employee benefits also know how difficult it is to choose the right ones.
How can you properly navigate the benefits selection process while staying within your company’s financial limitations?
To make sure you strike the right balance, you need to first define your organization’s values, as well as which benefits are most important to your employees.
You can then provide what your company can afford in terms of time and resources.
Let’s go through some considerations to make when choosing the best benefits offering for your employees.
What to Know About Building a Solid Employee Benefits Package
Employee benefits embody your organization's values
A good place to start is considering what your company values are, and then find out how they can be reflected in your benefits offerings.
For example, you likely care deeply about your employees' mental health, so it’s a good idea to ensure you make room for wellness benefits that maximize a work/life balance.
In addition, companies that place a strong value on families can offer their employees generous parental leave.
Examine the most common employee benefits
The following are what most employees think of when they hear the term ‘employee benefits’:
- Health insurance
- Massage therapy
- Prescription drugs
- Retirement plan
However, there are other types of benefits that are becoming increasingly sought-after, particularly among millennials. These include:
- Flexible working hours
- More paid vacation time
- Work-from-home possibilities
- Health care spending accounts
Don’t forget about those pooled benefits
Life insurance and long-term disability, part of a block known as "pooled benefits", are incredibly important in protecting your employees’ well-being long term.
Unfortunately, these benefits are often overlooked by employees because they don’t provide immediate advantages.
However, even though young recruits may not have retirement or long-term health on their radar, as they age and start families, these types of pooled benefits become excellent incentives for them to stay with your company.
Among the many reasons to offer employee benefits of this nature is your employees’ peace of mind that their families are taken care of in the case of catastrophic events.
Should you hire an advisor?
It’s becoming increasingly challenging to balance company finances while staying competitive as an employer.
In addition, the employee benefits landscape, including laws and trends, is always changing.
Hiring an experienced advisor ensures that you'll be able to keep on top of all the changes, and get the best benefits offering for your investment.
The importance of employee benefits is becoming more apparent every year, as market conditions, laws, and employee expectations continue to change.
Knowing how to balance your organization’s values with desirable employee benefits and their associated costs will put you on the path to creating a healthy, thriving team and a stronger, more competitive organization.
Wondering what makes a great employee benefits advisor? How can you choose the best fit for your company and employee needs?