Employee benefits and how to leverage your business’s benefits package
When building benefits packages, your first step is to know what’s most important in your industry. This will change over time, so develop core benefits, but be flexible enough to make changes as employee trends shift.
Stay in tune with what your employees want to encourage employee retention. Paid time off (PTO), health insurance and sick leave are standard benefits most employees expect, but even these have changed. It is not uncommon to see unlimited PTO or sick leave — and with the evolution of remote work, sick time is not viewed in the same manner.
Businesses now offer supplemental insurance for things such as orthodontia, identity theft protection or even services that provide legal resources. To stand out, research what your competitors are offering and adjust as needed.
Developing a robust benefits package can help your company compete for top-tier candidates and reduce employee turnover.4 Your investment in supplemental benefits can actually save your business money by avoiding employee churn. Such benefits are useful tools when negotiating with candidates and employees, as they potentially aid in both hiring and retention.
When an employee asks for salary compensation that doesn’t align with the business plan, you can offer an attractive benefits package instead. An employee may value the PTO offered or the company-sponsored portion of health insurance enough to stay rather than taking another offer. There may be benefits you can customize that help to retain an employee such as telehealth, mental health days, paid adoption leave, a hybrid work model, tuition reimbursement or flex time. There is value in keeping a strong employee by absorbing the cost of the benefit versus that of replacing the individual.
How benefits can help you grow your business
Growing any business requires reinvestment. Reducing turnover can lead to savings as it is costly to market open positions, recruit and onboard new employees. Add to that the training required and the loss of knowledge when you lose an employee, and the savings can be significant.
Also, attracting top talent may lead to greater performance, which could make your business more successful. When you view benefits from an investment standpoint, even voluntary benefits options help to improve employee morale and create value.5
With benefits playing a larger role than ever in what people value when taking a role, it makes good business sense to have a robust benefits package that adds value to an employee’s compensation.
What’s your next step? Survey your employees to make sure your company is offering what they value. When recruiting, ask candidates what is important to them too. Use this information to build a dynamic benefits program that evolves to keep your company competitive. And let our experience working with businesses like yours save you valuable time. Tap into our knowledge of employee insurance benefits solutions that could be suitable for you.
Explore our employee benefits
Medical Stop Loss, MedPair and Nationwide Provide
1-800-799-2119
Info-ancillary@accurisksolutions.com
Dental, Vision, Life, Accident, Hospital Indemnity and Critical Illness
1-800-648-1179
beambenefits.com/what-we-offer
Retirement plans
1-888-262-401K (4015)
nationwide.com/business/employee-benefits/retirement-plans/
