You don’t have to go above and beyond to retain employees; providing essential benefits can do the job for you.
When talking about employee benefits, the million-dollar question is: what can employers offer?
A successful employee benefit plan requires a lot of research and planning. 49 percent of employees use employee benefits as a way to determine employer’s investment or interest in employee wellbeing.
Therefore, have a multi-dimensional approach in designing of an employee benefit program. Here are some key aspects you need to consider.
Market Research and Benchmarking
Employee benefits are used to attract new employees and keep current employees engaged. You need to know the market trend and offerings, in order to keep the workforce engaged. Conduct a thorough industry-wide survey to determine key offerings in the market. Once the general trend is known, establish your company’s stance. Do you want to go above and beyond the market standard or do you want to stay in line with the market?
Use your business goals and position in the market as a factor to benchmark your employee benefits plan.
Prioritize Goals
You can’t offer everything. Streamline benefits by choosing ones that are important to your business objective achievement.
For example, your business is experiencing high turnover rates, with benefits like flex-hours or lateral movement; keep your employees loyal to the company. Align your benefits program with your business objective for a better company culture and profitability.
Have a Long-term Approach
Design a plan with a long-term approach. Anticipate trends and develop a plan that is cost-effective for both parties. For example, increasing health care cost will impact your older employees more than younger ones. A customized plan for each group can cater to diverse employees’ needs.
Communicate with Employees
Having an amazing employee benefit program isn’t enough; you need to communicate your efforts to the workforce. Lack of information causes ambiguity. Make sure your employees completely understand the program, its impact, and the correct procedure to utilize these benefits.
Basics of employee benefits program
A basic employee benefits program should cover the bare necessities of an employee and facilitate organization’s goal achievement process.
Following basic perks or benefits should be a part of your program:
- Health insurance
- Life insurance
- Retirement plan
- Paid vacation time
If you want to attract a larger candidate pool and achieve a greater level of employee engagement, consider:
- Flex-hours
- Wellness program
- Employee assistance program
- Financial protection
- Family-friendly benefits
- Stock options
Consult with JS Benefits Group for design and implementation of a compelling benefit program.
We are a group of employee benefit consultants and HR consulting firm in Pennsylvania. Our wellness programs and health benefit plans are backed by comprehensive organization and market research and analysis.
Along with designing and implementation of programs, we also provide HR consultation. Call 877 355-6070 and get a custom benefit plan for your company.
