Today's employees are attracted to companies based on a lot of qualities. Some people like to find work in fields that interest them, some want to work for companies that have a long and storied history, some like to find work that is going to pay them the most regardless of the work, and others want work that will provide them chances to move up the ladder. Possibly one of the most important reasons to choose an employer or company is a strong benefits package.
The employee benefits package is quickly becoming a thing of the past as many companies are trying their hardest to cut costs and make it easier to cut ties with workers. Whatever the reason is for benefits packages being hard to find, the companies that do offer them need to make them competitive to compete with other businesses. Here are some tips on how to create a good benefits package.
Find Outsourcing Services
You don't need to do all the work yourself, there are plenty of outsourcing services that can help compile a great benefits package on your behalf, and this information from Zenefits.com can help you figure out why it could save you time. There is a lot to consider and a lot of different aspects, such as costs and contacting insurance brokers, which you might not have time for. If this is the case, then outsourcing benefits package work to an outside service might be helpful.
Start With Health Insurance
Health insurance is the number-one benefit that employees look for. The rising cost of health coverage is making it harder to afford out-of-pocket, and great employers will do their best to pinpoint this as a priority for their benefits packages. Finding a good health plan is the foundation in which you can include preventive care and other needs, then add more coverage to make it more comprehensive.
Financial Benefits Should Also Be Prioritized
Health insurance should be the number one priority, but financial benefits are also a major priority for a great benefits package. Financial benefits should focus on retirement planning and savings, which is something that you can match that makes your benefits incredibly appealing. Matching contributions are one option, while others can include a company savings account for expenses such as medical or flexible discounts, and stock options are also on the table for a great benefits package.
Cover Training and Educational Resources
Another great idea for building a strong benefits package for your employees is to make sure you are investing in them as workers as well. Creating a better workforce can help improve their potential, which makes them more attractive candidates for different jobs when they decide to move on or when they plan on moving up within your company. Investing in them by providing them with training and resources that are covered and provided to them can make them a more well-rounded employee.
Invest in Their Lifestyle Needs
Outside of the workplace, people have a lot of things going on, so it's good to help them out in small ways when you can afford to with a benefits package. This could be done with lifestyle benefits including covering a gym membership, benefits for shopping, scheduling for parents, time off, and even a flexible work-home balance, too. Giving them the ability to benefit outside of the workplace in small (or big) ways will provide them more comfort and peace of mind and make them happier, which leads to greater performance at work.
Provide Useful and Diverse Voluntary Benefits
There's no way to build a benefits package that can satisfy everyone, and even the options listed here are only going to benefit so many people in your employee pool. You need to find voluntary benefits that are flexible enough for your workforce, without trying to cast too wide of a net. Specific healthcare needs such as helping reduce costs of specific care (cancer, disease, physiotherapy, etc.) or adding more options for life insurance policies can be helpful in maintaining a diverse range of benefits that help meet needs for employees that are actually applicable for their situation. It can be hard to narrow down a plan for each individual, but voluntary benefits help.
Employees need to feel looked after and cared for when considering their employment options, and benefits packages are a major make-or-break part of the hiring process. The best way to get top talent is to provide them with incentives, and these benefit package principals will help you hire great employees and give them what they need to thrive.