Companies offering comprehensive benefits packages tend to encourage workers to remain with a company longer than those offering mediocre or few benefits. A well-crafted employee benefits package will help your company attract and keep employees, providing a cost-effective recruiting and retention strategy for the long run. This article breaks down the advantages of offering employee benefits and top considerations as you implement a benefits package.
The Significance of Employee Benefits
About 60% of workers consider the benefits package an essential factor in deciding whether to accept a job offer or stay with a company. In today’s competitive job market, you must entice employees with more than base pay. Most workers would rather receive additional benefits over a pay raise.
Benefits allow employees to feel at ease and supported by their employers. Without comprehensive health insurance, workers may experience unnecessary stress over healthcare. When workers cannot afford healthcare, they cannot care for themselves, which can result in employees taking more sick days.
Types of Employee Benefits
Different types of workers may have varying demands or expectations of their employers. When considering the type of benefits plan to offer, collect information about your team by surveying employees on their specific needs.
Responding to your team’s particular needs can help build trust between you and your workers. Some benefits to consider include:
- Wellness programs
- Dental care
- Flexible hours
- Life insurance
- Paid time off (PTO)
- Stocks and bonds
All employee benefit plans cost money, typically comprising 32% of an employee’s total compensation. Your employees, however, are a worthwhile investment. Offering healthcare will almost always save your company money because it increases productivity and decreases time off.
Other benefits might not be as important to employees. For instance, if you have a team with no interest in stocks or bonds, you would likely exclude these offerings from your benefits package.
You can still offer an attractive benefits package if you have budgetary or financial constraints. Considering that customized benefits programs aid in employee retention, you may wish to consider ways to reduce costs elsewhere to fund your benefits package.
In addition to costs, think about legal and regulatory compliance. For instance, you must carry workers’ compensation insurance for your employees. Likewise, some states require you to provide healthcare, depending on how many employees you have or whether they engage in part-time or full-time work.
Choosing the right benefits provider can help make all the difference in how you invest in your team. The correct provider will help you with cost containment and government compliance and regularly communicate with you about your packages.
Invest in Your Team
Your employees are critical to the success of your business. Nowadays, most workers look for an employer willing to offer benefits that will increase their quality of life. Typical benefits that employees expect include health insurance, PTO, and other wellness programs. At the Hilb Group, we believe in the 3-C tactical approach for creating employee benefits packages: cost containment, compliance, and communication. To find out more about benefits coverages, contact us at the Hilb Group today.
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.