You may overlook the importance of employee benefits, but your workers do not.
The key to keeping your best talent in-house and preventing high turnover rates is the package you offer in terms of health insurance, work-life balance and retirement funding.
What employee benefits do you offer, and do they measure up to what your employees expect?
If the following categories aren’t included in your employee benefits package, it might be time to reevaluate your offerings:
Health Insurance
It’s definitely the most expensive part of any employee benefits package, but it’s also the most vital to your workers’ wellness and their willingness to commit to your company long-term.
Your health care package cost is determined by many factors, including the number of employees you have, but by working with a professional employer organization and taking advantage of small business tax breaks, you can lower costs and still provide the comprehensive benefits your workers need.
Dental and Vision
The cost of dental and vision insurance varies depending on whether you offer fully funded or partially funded plans. Typically, many health insurance companies offer these packages as well.
Life and Disability Insurance
What if you could offer your employees an automatic $10,000 life insurance policy? Both short-term and long-term disability insurance is another major perk. Employees want to know that they and their loved ones will be cared for in the event of an accident or disaster, and you can help provide them with that assurance.
Paid Leave
Paid leave is one of the cheapest benefits to add to any compensation package. Most employees will expect one to two weeks, but they love the opportunity to earn more the longer they stay and thrive in their positions. In addition, paid maternity/paternity leave is an attractive benefit.
Work-Life Initiatives
Whether you offer employees a subsidized gym membership or the ability to telecommute one day a week, focusing on improving their quality of life and assisting them in achieving a healthy work-life balance will only help your company succeed.
Retirement Accounts
An employee-sponsored retirement plan like a 401(k) also can help to retain employees, especially if you match contributions up to a certain percentage. Employers take care of the administration while allowing employees to build a financial foundation for their future retirement.
Building or Updating Your Benefits Package
Your most dependable resources for compiling an updated, attractive benefits package are your current employees. Ask their opinions on the employee benefits they would be most likely to use and which they would like best. It’s pointless to spend resources on benefits that your staff doesn’t need or want.
Call today and explain what you and your company are looking for. You can construct a substantial, appealing employee benefits package for less than you might think with the help of WTA, Inc.