Benefits packages are a cost-effective way for you to bring value to your employees and boost productivity and retention.
Unemployment is at an all-time low and there are more jobs available than candidates to fill them. You’re under pressure to hire quickly, even though you should give yourself adequate lead time to properly review candidates. To make matters more difficult, just when you find the right person, they may decide to take a position with a company that has a more competitive benefits package.
If you’re a small business owner, you may be feeling even more pressure. Many small- and medium-sized businesses don’t have the team or resources to skillfully hire.
We can relate. We, too, started as a small locally-owned team. Over the years, we grew our company and our expertise in employee benefits so that we could help other HR teams feel confident about their employee recruiting and onboarding process.
That brings us to benefits.
Sure, ping pong tables and bean bag chairs look cool in an office, but are they really benefits? Here’s a quick overview of what keeps employees around: competitive benefits packages.
Benefits packages are a cost-effective way for you to bring value to your employees and boost productivity and retention. Here are a few things to consider when offering employee benefits as part of your compensation package:
Create customizable benefits packages: If you tailor a package to meet an employee’s needs, it’ll carry more weight than just monetary value. As such, a bigger salary but weaker benefits package offered by another company won’t be as attractive.
Include health and wellness: If you include health insurance and dental and vision coverage, you will have employees who are equipped to take a proactive role in managing their health. Plus, a healthy employee means a reduction in absenteeism due to illness. Healthy employees are more likely to be productive employees, too.
Additional benefits to you as the employer:
Benefits will cost you some money upfront but are likely to save you long-term.
Group rates and lower payroll taxes: The value you present to employees with benefits, especially health insurance plans, can be monetarily equal to a raise in salary for them while costing you less due to group rates and lower payroll taxes.
Salary savings: Offering tailored, valuable benefits packages can help lower top employees’ expectations for salary. Many employees are willing to accept good benefits in lieu of a slightly higher salary.
In summary, benefits packages are a cost-effective way for you to bring value to your current and prospective employees and boost productivity and retention.
Our team is ready to help you develop a strategic benefits package that meets your budget and presents attractive options to your employees. We can also give you educational materials that you can share with your employees as you launch your new or improved benefits package.
Contact us at 858-384-1506 or schedule a meeting with our employee benefits specialist, Ray. Ray has 18 years of employee benefits insurance consulting and account management experience – so he’s your guy!