Employee Benefits: Meeting Your Team’s Needs
Businesses who seek to attract and retain the best employees have realized how important the benefits package is. Simply offering competitive salaries alone won’t cut it, and some employees will eagerly take a lower salary if the benefits package is more comprehensive and aligned to their needs. Whether the employee benefits are specific to healthcare, retirement plans, paid time off, or otherwise, business owners have placed a high priority on employee benefits to increase their quality of life.
There is a tendency to take this a step too far by assuming that more is always better. Not all employee benefits are equal, and some might not be worth the extra cost to the business. Especially in a business climate where you may be looking to save costs and take care of your employees most efficiently and beneficially, it’s important not to overspend on the employee benefits that you could do without.
Keep reading for some examples of such employee benefits
The Right Retirement Plans
Employer-sponsored retirement plans are, no doubt, one of the most cherished and long-term beneficial types of employee benefits. However, these types of retirement plans are not one-size-fits-all solutions. Whereas certain large and established companies may offer an employer matching plan for contributions into an employee’s 401(k) savings plan, this can be quite costly to the bottom line of an early stage or smaller business. For those less established businesses, it may be more practical to offer benefits that reflect the performance of the company—a profit-sharing model, a stock purchase option, or something similar. Rather than a flat cost for the business annually, cutting into crucial early growth, the benefit of encouraging employees to be even more invested in the day-to-day success of the business could outweigh the cost of more conservative plans.
Dependent Care Packages
Another type of employee benefit that’s become more common in recent years is dependent care packages, which help employees with the financial strain of taking care of family members—such as children, disabled family members, or elderly relatives who need care. While these packages remain important, you’ll also want to consider whether these particular employee benefits will best meet your employees’ needs, or would it be as effective and even less stressful if you offered work-from-home options or flexible hour arrangements.
Customize Based on Your Employees
One of the best things you can do is talk to your employees. Whether through informal discussions, annual anonymous surveys, or even analyzing the data of which types of benefits are most utilized by your employees, tailoring the benefits to weigh more heavily in the areas that matter to your employees will be the best way to ensure they’re getting the right quality of life. Why waste company resources on benefits your employees don’t feel they need?
If you think it’s time you give your employee benefits package a complete review, Tobin and Collins can help. Our employee benefits experts are ready and able to assist you in evaluating your needs, so get in touch with us to get started today.