In the modern workplace, employee benefits have become an integral part of workers’ total compensation packages. For many employees, these perks, programs and opportunities may be valued more highly than direct salary. With this in mind, your organization should prioritize understanding and offering optimal benefits. Doing so may have many positive effects on your organization’s culture and bottom line.
What Kinds of Employee Benefits Should Employers Offer?
Employee benefits packages may consist of many options with a wide variety of goals and purposes. In some cases, the following inclusions may be advisable regardless of your organization’s size, sector or unique circumstances:
- Health insurance—Employer-sponsored health plans can give workers access to medical services and preventive care, often at advantageous rates.
- Retirement investment—Offering retirement plans, such as a 401(k) or IRA, may help employees achieve and manage financial wellness.
- Unexpected event planning—Helping employees plan for uncertainties, such as with life insurance or AD&D insurance, can provide critical peace of mind for working families.
- Voluntary wellness plans—Providing additional wellness options, such as vision insurance and dental insurance, can further improve the well-being and disposition of employees.
- Paid time off—Providing employees with sick days and vacation time may be instrumental in ensuring they remain healthy and avoid burnout.
How Do Employers Choose the Right Employee Benefits Package?
As an employer, you should understand there is no one-size-fits-all approach to employee benefits. Every organization has its unique circumstances, and every employee has their own needs and preferences. To ensure that you are getting the most out of investing in employee benefits, you should consider surveying your workforce directly. By shaping your employee benefits offerings around these responses, your organization may observe increased productivity, reduced stress levels and better attraction and retention rates.
How Much Do Employee Benefits Cost?
The cost of an ideal employee benefits portfolio may vary significantly depending on various factors, such as the size of your workforce. The overall contents of your employee benefits offerings will also influence costs. When budgeting, consider the details of each benefit, such as deductibles and copays included in employer-sponsored health plans. Your organization’s choices regarding financial assistance programs (e.g., 401k matching) and professional development opportunities (e.g., educational reimbursement), will also play a significant role in determining your overall costs.
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With over 25 years of experience helping employers address their insurance and employee benefits needs, the knowledgeable professionals at BenefitsDrive can help your organization secure optimal solutions. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.