Apart from their salary, employees often look at a company’s benefits package before deciding to join or resign. While some employee benefits are legally mandated, most reputed firms reward their workers with add-on benefits in order to retain the top performers. Employee benefits also play a critical role in attracting new talents.
A lot of small and medium-sized businesses do not have a proper HR department. This invariably means that the business owner or manager is forced to take on the mountainous task of managing these benefits. The operational challenges of providing these benefits while keeping the costs low are significant. So much so that business owners with no HR training often struggle to provide competitive benefits packages.
In this post, we share 5 simple ways to get the most out of your employee benefits strategy. When successfully implemented, these should help you achieve key goals of employee retention, boosting productivity, and lowering expenses.
Hire an Employee Benefits Administration Company
Even if you do have an HR department, which most small businesses do not, you should consider seeking help from a firm like Benefit Administration Company. The company streamlines benefits administration by being the single point of contact for all benefits needs. This significantly reduces the operational load on HR managers and business owners, allowing them more time to actually think about what’s best for their employees. These firms usually have a team of HR experts who remain available for consultation.
Do More Than What’s Mandatory
A company’s employee benefits package is often judged by the things it includes that are not mandated by law. Consider including benefits that your competitors are overlooking. For example, a student loan repayment benefit can help you attract fresh talent. Considering that over 43 million Americans are struggling with student loans, benefits packages that take on the responsibility of paying off a portion of the debt can greatly benefit new employees.
Trash Benefits That are Not Beneficial
A lot of benefits programs fail to add value in terms of forging a better relationship with employees. Try and identify these benefits that are costing your business money without boosting job satisfaction. Employee discount packages for services and products people don’t want is a prime example of useless employee benefit. Trash them without trepidation and replace them with programs that actually help employees.
Focus on Health Benefits
Offering a solid health package including checkups and insurance does not go unnoticed. Most employees expect loophole-free health insurance for themselves and their immediate family members. Health wellness programs and preventive care packages also keep productivity levels high and reduce employee sick leaves.
Spend Time on Educating Your Employees About Their Benefits
This is one of the key areas where most businesses falter. Keep your employees updated about their list of benefits by conducting educational sessions. Your employees need to know how they can access their benefits plans and study their details.