A strong employee benefit package can go a long way. Employer benefits package is key to attracting and retaining top talent. Business leaders understand the vital connection between talent and company performance.
A recent study by the Predictive Index (PI) found, optimizing talent is the number one concern keeping business leaders up at night.
Employee benefits have become an essential part of any competitive compensation package. From mandated health insurance plans to free snacks, benefits and perks can play a big role in talent attraction and employee retention.
So the question is how to design an employee benefit plan, and for that one needs to consider a variety of factors, such as:
1. What do you want to achieve with the employee benefit package
2. Determine the budget for employee benefits package
3. Determine the needs of the employees
4. Create a tentative benefits plan
5. Introducing the employee benefits package to the employees
6. Create a plan to review the employee benefits package routinely
Business Owner and Manager together can design employer benefits package as it is key to attracting and retaining top talent.
To drive company’s success, benchmark and budget a benefit plan that attracts the skilled employees, is needed to keep the employees performing at their best.
The mandatory benefits form the foundation of all employee benefit packages.
1. Payroll taxes
2. Overtime pay
3. Workers’ compensation
4. Mandatory leave
5. Health insurance
Those benefits provide a baseline of employee expectations.
Besides these core benefits, there are many perks and fringe benefits a company can offer to round out the benefits package. Voluntary benefits are the opportunity to stand out from the competitors, reflect on the company’s priorities and values, and demonstrate its commitment to the employees.
Some top choices trending today include:
1. Matching 401(k) contributions
2. Health care flexible spending accounts
3. Tuition reimbursement
4. Wellness programs
5. Child care benefits
6. Breastfeeding space
7. Paid time off banks covering vacation and sick leave
8. Paid family leave
9. Telecommuting
10. Flexible scheduling
11. Casual dress policies
To take the companies benefits for employees to the next level, it can also consider the top benefits on employees’ wish lists.
In a recent survey by the Employee Benefit Research Institute, employees ranked the most important benefits driving job decisions as:
1. Health insurance
2. Pension or retirement savings plan
3. Dental or vision insurance
4. Considering health care and life insurance
5. Retiree health insurance
6. Disability insurance
Looking at these results, it’s clear that financial security is a major driver of employee benefit choices. You can provide many of these benefits affordably through group plans tailored for small employers.
Employee benefit program
It helps in providing benefits when preparing for retirement, it can help make retirement easier and more affordable.
Health Insurance
Health care is important and sometimes it can cost a lot. The government and the health care sector are working to create plans that small businesses can afford, but at the same time they want to protect their employees.
Retirement Plans
Employers usually offer retirement plans. The employer will contribute to the plan. Offers like a 401(k) or 403(b) can work as this means that people can use some of their money before they pay taxes on it, and invest in the future.
Disability Insurance
If the company would not provide worker’s compensation, then it is good to have disability insurance. Claims for disability insurance are settled faster and more often than those of workers’ compensation.
Education Assistance
Education assistance helps you learn more. You will learn better if you have education assistance.
Final Words
While creating an attractive employee benefits program the organization is taking care of their employee who is their biggest investment, biggest asset, and according to PI, biggest worry. A well-researched, carefully budgeted employee benefits package can help the organization or business to perform better.