How to Build a Competitive Employee Benefit Package

Most business owners know that success starts with the people you hire. And attracting today’s top talent requires creative, comprehensive benefits.

With the right employee benefits package, you can not only recruit the cream of the crop employees, but you’ll also retain the talent you already have.

The Framework of an Employee Benefits Package That Wins

In the most general terms, employee benefits can be categorized in one of three ways:

  • Protection – Support and cover against hazards such as illness, disability and unemployment.
  • Services – Improve employee experience both in and out of the office.
  • Paid Time Off (PTO) – Provide flexible pay for sick days, vacations, or personal time.

There isn’t a universal approach to creating a benefits program for employees. Every business has different needs. But there are a few steps you can take to develop a program that’s highly competitive no matter what industry.

1. Start with health benefits

Although small businesses under 50 employees aren’t legally required to provide health insurance for employees, health insurance is an essential benefit a company can offer.

In their 2017 Employee Benefits Study, Fractl found that health, dental and vision insurance were the most desirable benefits, with over 50 percent of respondents stating they would give this benefit “heavy consideration” when choosing a job.

Incorporating health benefits into your program is a chance for you to show your employees’ health and wellness is a priority.

2. Invest in a work-life balance

These days, providing excellent healthcare is just the beginning. From Millennials to Gen Xers, working for a company that values life outside the office is a huge perk.

In a recent survey, FlexJobs reported working parents more likely to rank flexible hours and work-life balance above salary in a potential job. If you’re looking to create a work culture that reflects mutual respect, consider including PTO options in your comprehensive benefits package.

3. Consider financial benefits

Outside of health insurance and more flexibility in the office, many employees are attracted to solid financial benefits. There are a handful of ways you can provide financial perks for your team:

  • FSAs: Also known as Flexible Spending Accounts, FSAs are a way for employers to help employees with out of pocket medical expenses. By making FSA contributions, you’ll help offset employee healthcare costs such as deductibles or copayments.
  • 401(k) plans: A healthy retirement savings plan can help you reduce turnover and attract new talent in the process. As a bonus, employer contributions to a 401(k) can be counted as a tax deduction.

Note: ShopBenefits.com is not licensed to sell retirement plans. However, we have a diverse network of partners that do! To get connected, feel free to reach out to us for more information.

Done right, a competitive employee benefits package can be a valuable leveraging tool as you recruit potential talent. At ShopBenefits.com, we’re here to help you navigate the world of employee benefits. Call (404) 256-2171 to learn more about the quality, flexibility, and choice we can offer your business.