How to Create a Competitive Benefits Package
One of the best ways to attract high-quality employees to your company is to offer a competitive benefits package. According to a study by MetLife, a better benefits package is one of the top reasons that employees stay with their current employer—or look elsewhere. If you want to attract and retain top talent, here’s how to create a competitive benefits package.
For assistance with planning and managing your employee benefits program, contact Beckham Insurance Group today.
Determine Required Benefits First
The easiest place to start when building any benefits package is with required healthcare benefits. Because of the Affordable Care Act, there are certain health benefits that companies are mandated to offer their employees. These may vary from state to state, but they provide a solid basis upon which to build the rest of your benefits package.
Research, Research, Research
Once you have your basic healthcare benefits in place, take a minute to investigate the state of your employees, your company, and even your competition. You need to make sure that you’re going to be offering benefits that your employees want. Take the time to determine which benefits your employees most enjoy, which ones they could do without, and which benefits they most wish they had.
After you’ve determined that, take some time for introspection. Look at your company and determine whether the benefits you offer are a good reflection of the culture and values of your company. For example, if your company boasts that it values children, make sure to offer benefits tailored to children, like childcare services or specialized insurance.
Learning what benefits your competitors are offering their employees is also a great way to determine which benefits you should offer and which benefits aren’t as attractive to prospective employees. Once you’ve determined what the competition offers, you can match or even exceed their benefits package offerings to attract the best employees and ensure your company stands out from the rest.
Offer a Variety of Voluntary Benefit Options
There is no such thing as a “one-size-fits-all” benefits package. Everyone is different, and each individual requires different benefits for their lifestyles. You can ensure that each of your employees receives a benefits package perfectly suited to them by offering a wide variety of low-cost voluntary benefits options. Typically, these options will include benefits like cancer care, dental, vision, pet insurance, disability insurance, or any other insurance type that is more highly specialized to a specific condition or need.
Find Ways to Provide Work/Life Balance
One of the main things employees look for when choosing jobs or careers for themselves is how much of a work/life balance they can hope to maintain in the position. It is far more likely that they will choose to invest their time in working for a company that understands and promotes this kind of balance. You can promote your company over others in this by offering benefits that are specifically designed to help employees maintain a healthy work/life balance, like:
Fitness Services
Offering fitness services, like gym facilities, is a great way to promote more work/life balance without breaking the bank. Additionally, by offering fitness services, you may actually reduce healthcare costs for your employees. Working out improves wellness and reduces stress in employees while boosting positive attitudes and even promoting better teamwork.
Childcare Benefits
Many employees find it difficult to maintain a healthy work/life balance when they have to worry about childcare. This can be especially difficult for single parents or families where both parents are employed out of the home. Companies can help reduce this stress by offering in-house childcare options, flexible employee scheduling, flexible childcare spending accounts, or any number of other childcare-related benefits.
Paid Time Off (PTO)
Companies are not required to offer paid time off to their employees, but it’s a must-have for any competitive benefits package. Typically, companies will offer employees two to three weeks per year of paid time off. This can go a long way in helping employees destress and take a break without worrying about losing their paycheck for the course of their vacations.
Flexible Hours
One of the most commonly desired benefits employees want is flexible working hours. Employees typically have very different schedules from each other and different times of day when they work and function best. By allowing employees to take advantage of their best time rather than requiring set work hours, you can push your company far ahead of the competition.
Remote Work Options
Similar to the flexible hours option, many employees want remote work options. This may seem like a bad idea at first, as companies can no longer monitor exactly what their employees do with their work days—but actually, remote workers tend to be much more productive than their counterparts. Many remote workers have stronger levels of engagement, retention, and productivity.
Retirement Plans
Employees have set expectations about certain benefits they should receive on the job. These benefits include things like healthcare, paid time off, and a good retirement plan. A retirement plan gives employees peace of mind for the future. You can make your company’s retirement options even more appealing by matching employee deposits and investments.
Create A Competitive Benefits Package Today
At Beckham Insurance Group, we are here to help make planning and managing your employee benefits easier than ever. Let us help you attract top talent with a comprehensive benefits package and reduce your HR workload with a full suite of tools and services. Get in touch today to get started!
