Does your company know how to conduct an employee benefits package review, what the most popular perks today are, or how often should you review you employee benefits? Even if your business has had years of success in your industry, you may still need some advice on how to review a benefits package efficiently and with an eye towards improvement. From keeping your budget well-balanced to attracting new workers and retaining current ones, there are several factors to keep in mind when going over your current Employee Benefits offerings. If it’s time for your company to take another look at this package, start by asking your top managers these essential questions.
How Does Your Benefits Package Fit into the Company’s Budget?
For many businesses, one of the most important questions to ask at the start of the benefits review process is whether the current package works well with the company budget. Spending too much or too little on an employee benefits package can either cause the company financial trouble or lead to dissatisfied employees. You may need to revise your allotted funds if:
- Offering certain benefits can help you avoid losing top employees to other companies
- Cutting out certain benefits can help your company reduce its debt load and pay other bills on time
- Continuing to provide current benefits fits comfortably into the company budget
Are Your Current Benefits Meeting Your Employees’ Desires, Needs, and Legal Entitlements?
Thinking about what your employees want and need from their benefits packages, as well as what your company is legally obligated to provide to them, is another important step in the review process. For example, some of the most desirable employee perks today typically include benefits or entitlements such as:
- Extensive health insurance
- Vision coverage
- Dental coverage
- Life insurance
- Pharmacy prescriptions coverage
- Company retirement funds
- Paid vacation time
Do You Need to Make Changes To Keep Up With Industry Standards?
You may also find it helpful to do an industry-wide review to determine whether your current package meets or even exceeds typical industry benefits standards. You can consider whether your business should:
- Give employees additional paid vacation time
- Incorporate personal days and paid sick leave into your company leave policies
- Offer additional, non-monetary perks, such as wellness support and gym memberships, office snacks, corporate retreat opportunities, and more
- Provide a guaranteed percentage match for your employees’ retirement fund contributions
- Provide employee discounts on the company’s products and services
Determining whether to maintain, expand, or otherwise modify your business’s current employee benefits package may seem like a fraught exercise, but you can successfully conduct your benefits package review by asking these key questions. If it’s that time of year again when you need to go over your employee benefits package, these questions could help you fine-tune your offerings.
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.