Offering the right kind of employee benefits may be the difference between attracting and retaining high-quality employees and needing to constantly fill roles vacated by dissatisfied workers. In fact, a high number of people leave their current job every year due to lack of sufficient benefits.
The importance of employee benefits plays a major role when trying to find the right talent and keep everyone happy. But before businesses start grabbing at any and all types of employee benefits, it’s best to know which ones are highly touted and desired by today’s workforce.
Here’s a look at the top five options for the Best Employee Benefit Plan you can offer.
Importance of Employee Benefits
Benefits continue to attract and retain a company’s employees, and the importance of benefits to these employees will only continue to increase, no matter the economic climate. Employees and the companies they work for acknowledge the importance of employee benefits and salaries to an employee’s loyalty. But other benefits are important factors of loyalty to a company as well, especially with retirement, life, dental, and disability coverage.
Objectives of Employee Benefits
The first step in outlining the best employee benefit plan is to identify its objectives. This will help provide the right guidance in establishing the selection and design of a benefits program. This process does not necessarily result in specific benefits offered, but instead offers an overview of a company’s objectives of employee benefits.
When it comes to deciding on what to have in a plan, factors may include employee size, location, collective bargaining agreements, and industry. Some employers may choose to have a general objective of employee benefits compared to others who would rather incorporate the objective in their total compensation. These objectives should be reviewed and evaluated on a regular basis, possibly annually, in order to keep current with trends and employee demands.
Types of Employee Benefits
The quality of health benefits is connected to a worker’s overall satisfaction in the workplace. So, what are the best types of health benefits that a business can offer?
First, there’s group health insurance. This is a traditional option for employers who offer health insurance. A company selects and purchases a group plan and employees can then choose if they would like to become part of that employer’s group plan. This option works best for large employers who have enough participants to lower the cost of overall coverage.
Next is Healthcare Reimbursement Arrangement, or HRA. With this option, employers are able to reimburse employees when they pay for premiums, or when they pay out-of-pocket expenses.
This is a popular benefits option for any employer. Retirement benefits provide employees a solution to when they are done working, allowing them to enjoy their lives after their career is over. Though there are programs available to offer assistance to retired workers, such as Social Security, most employees value additional retirement programs that can help them begin to save while they’re still on the job.
With America’s rising student loan debt problem, a benefit like this is highly desirable. Employers who are willing to help their employees pay back their tuition, either fully or partially, can find more interest and loyalty among their workers. Tuition reimbursement is one of the types of employee benefits that has a long-lasting effect on the employee and the business itself.
With the spread of COVID-19, workers of all types and from all industries have had to adjust to working from home. But even with people going back to work after the spread of the virus has slowed, there is still a push for more flexible work environments.
Employees may find that working from home once or twice a week can allow them to be more productive. Offering this kind of benefit allows employees to reduce stress while still getting their work done sufficiently.
There has been a major push for companies to offer this kind of option to their employees in recent years, especially as obesity and stress rates rise. Many companies put these programs in place to keep their employees healthy physically, mentally, and emotionally, all contributing positively to their demeanor, outlook, and productivity.
Some of these programs include a company gym or discounts on memberships, wellness challenges, exercise classes, stress management, newsletters, and more. These programs are beneficial to companies because employee well-being and overall happiness are usually higher when they are in place.
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.