A major pull for recruiting new employees is offering them a great pay scale. But while making good money is always an attractive measure, an employee benefits package with all the trimmings can be viewed equally as important as pay.
Figuring out what to include in an employee benefits package can be daunting and confusing. This is even more of an issue for small businesses looking to supply new employees with benefits while operating with limited means. But having a solid understanding of what’s expected and what’s in demand in an employee benefits package can help to outline an attractive program for potential and current employees.
Here are some considerations to think about when putting together an employee benefits package.
Use Consultation Services
Utilizing the services of an employment benefits package consultation company can help to meet the needs of your employees and provide them with the best possible resources. Companies like Hilb Group of Florida provide Employee Benefits Package consultation services that can help you better understand the needs of your employees.
This service helps to advance your long-term strategy with a personalized and customizable approach to providing an employee benefits package. From identifying priorities to going over budgets and understanding the boundaries of what you can work with, this kind of service gives your business a specific window and realistic look at what’s possible.
After you have consulted with an employee benefits package service consultant like Hilb Group, it’s time to put things together. The most in-demand benefit that employees need is health insurance. Health insurance is the base of any comprehensive employee benefits package. Having quality health insurance can be the deciding factor for a potential employee looking elsewhere for a job that can provide their basic needs.
Health Care Flexible Spending Accounts (FSAs)
Health care premiums are still on the rise and employers are shifting costs to employees in the form of higher co-payments, out-of-pocket costs, and deductibles. To help balance out some of these costs, many employers are using FSA plans, which allow employees the opportunity to pay for certain unreimbursed health care and dependent care expenses.
Paid Time Off (PTO)
We all need a little break sometimes, but weekends and holidays might not be enough. Having paid time off included in an employee benefits package is an essential component, especially when giving employees some relief when they get overwhelmed. Employees should be encouraged to use their paid time off so they can take a break and relax before coming back to work. PTO can include paid holidays, sick days, vacation days, and paid personal days.
This can come in two forms: short-term and long-term. Short-term disability insurance ensures that employees will still receive a certain percentage of income if they cannot come into work due to an illness or injury.
Long-term disability insurance protects employees from loss of income if they are unable to work due to illness, injury or an accident for a long period of time. The average employee with long-term disability misses about two and a half years of work.
401(k) Plan and Other Retirement Plans
A 401(k) is another important must-have for employees looking out for their future. Having this component in an employment benefits package can attract and retain high-caliber employees, which can end up helping a company with its bottom line. This benefit helps employees consider their long-term goals and motivate them to stay at a company for a longer period of time.
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.