Great employee benefits packages can entice a worker that stays with a company over the long term. Businesses that rank highly in the category of employee satisfaction are often more successful in their profitability and longevity, too. According to experts, happy employees reduce turnover, improve productivity, and increase customer satisfaction. One of the most reliable ways to invest in your staff is to offer employee benefits packages that align with their needs and values.
Securing Good Employee Benefits Packages for Your Team
Find out how to provide the best employee benefits package to your employees.
Why Employee Benefits Packages Are Important
Employee benefits packages are necessary because they contribute to greater satisfaction and lower stress for your staff, but there are many other reasons why offering benefits is essential. When you provide benefits that include health insurance, for example, you’re less likely to deal with staffing shortages resulting from a preventable illness. Competitive employee benefit services can also set you apart from other employers, attract highly qualified candidates to your talent pool, and increase the likelihood that you fill open positions promptly.
Health Insurance
Health insurance is by far the most popular option regarding employee benefits. It benefits employees and employers alike in several ways. Employees benefit from access to healthcare and lower out-of-pocket costs for care. Employers benefit, too, from tax incentives you may receive when you offer health insurance. In most cases, businesses can deduct the cost of employee premiums when it comes time to file taxes. Furthermore, you can deduct HSA contributions and reduce your liability for payroll taxes.
Paid Time Off
Paid time off is another highly popular benefits perk. It’s vital for the same reason that health insurance is so important. When employees have access to the resources they need to be well, they are often more productive and satisfied. Work-life balance is one of the essential components of your employee’s well-being, and offering paid time off allows employees to maintain this balance effectively. Furthermore, suggesting PTO can minimize the disruption and expenses often occur when an employee takes an unscheduled absence.
Retirement Plans
Offering employee benefits packages that include retirement plans will send a clear message to your staff — you want to invest in their future and their growth within the company. Employees who invest in this benefit are likely to be long-term, dedicated employees, making it a fantastic recruiting tool. Additionally, subsidizing your employees’ contributions through a 401(k) or another type of account will lower your tax burden. It is because employer contributions are tax deductible.
Other Employee Benefits Packages
Health insurance, PTO, and retirement plans are some of the most popular options for employee benefits packages. Still, you can offer plenty of other benefits to your employees. Dental insurance is another enticing option, for example, life insurance or supplementary coverage for mental health services. Find out what benefits your employees want by initiating discussions or conducting a company-wide survey. You can then use the data to curate a competitive package.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.