We talk a lot about how offering a great benefits package is so important for your organization’s recruiting and retention. Let’s go a little bit deeper into what that looks like and exactly what the results are when you give your potential and present employees a wide range of benefits to choose from.
At the very basic level, when you think about employees benefits, your first thought is probably health insurance. And, yes, offering good medical coverage is essential and, depending on the size of your business, likely required. But there are a lot of other valuable benefits out there, from dental and vision coverage to disability insurance and retirement plans.
These supplemental coverages are more important than ever before. Here’s why.
Benefits help you land the best employees.
If your benefits offering are not up to par, you could be missing out on some quality workers. Employees aren’t just comparing salaries these days when deciding which job offer to accept. If others in your industry are offering perks that you’re not, your meager benefits could be greatly reducing the size of your talent pool. If so, that only makes it that much harder for you to find the best workers to fill your openings.
Benefits keep employees focused on work.
Getting employees in the door isn’t the end of the struggle. Once they’re in, it’s important for employees to be able to focus on work. And they can’t do that if they’re concerned about their health or worried about their finances, two outcomes that could happen if they’re not being offered a comprehensive benefits package. Employee distress can have a negative impact on productivity, a problem with an easy solution.
Benefits convince employees to stick around.
Once you get the right people for the job and keep them productive and focused, you’re probably going to want them to stay as long as possible. This is another area where the right benefits package can help. When employees feel like they’re being fairly compensated, which includes their benefits, they’re less likely to look for other jobs with more to offer. Retaining your top talent will save you a hefty sum on training and other HR expenses.
How do I begin offering better benefits?
Beefing up your benefits package can seem like a daunting task. But it doesn’t have to be. Sure, there are a lot of options out there, but here are a few simple steps to help you select the right ones for your team.
Talk to your employees.
Most workers cite dental coverage, life insurance, and retirement plans as their most essential needs outside of health insurance. Vision insurance and disability coverage also usually rank high on the list. But, as a small business owner, you have the advantage of being able to ask your employees exactly what it is they value when it comes to supplemental coverages. Start that conversation today.
Once you know what your employees want, the next step is figuring out how to make those options work with your budget. It may be that you’re able to offer some employee-sponsored benefits, while making others available for your employees to pay for themselves, at a lower group rate they couldn’t otherwise get on their own. Whatever your needs, we can help you make it work.
Look to the future.
Don’t neglect to consider the future of your business when deciding which benefits to offer. Focus on the long-term. It’s okay if you can’t offer everything you want all at once. Leave room to open up your options and offer even better benefits in the future. Hopefully the added benefits will only prove to help your business grow and become even more productive.
The climate of your workplace, and your industry, will continue to evolve in the future. So should your benefits. It’s important to frequently check the pulse of your employees and stay abreast of the different types of benefits out there. Make adjustments as their needs change or as your budget fluctuates. We can help you ensure that you’re offering benefits that are the best fit for your employees.
Call us today!