A company benefits package is almost as important to your employees as their salary package. If you get this right, you will attract the best employees to your company and make it a place they will want to work for a long time. This will save you a fortune on staff turnover in the long term and put you ahead of your competitors because you will always have the best team around you. Read on to discover how to build a competitive benefits package for your employees.
Insurance
Although employees work hard, they will always worry about what will happen to them if they can’t work for any reason. This is one of the top concerns of America’s workforce today and this can make the difference between a good benefits package and a great one. An employee benefits insurance package can be set up for you by an outside company such as gnapartners.com. It should include things such as medical insurance, sickness insurance as accident insurance. This will make sure that your employees will have some money coming in if they are unable to work and that their medical bills will be covered. The best companies to work for will all provide this, so you should too if you want to stay competitive.
401 (k)
This is another thing that employees worry about. They will spend a lot of their lives working and they want to know that they will have enough money to live on when they are too old to go to work every day. A competitive company benefits package should include a 401 (k). You can have this managed by an outside company, so you do not need to get involved with the headache of running the scheme on a day-to-day basis yourself.
Wellness
Wellness is a huge issue for both employees and businesses. A lot of executives suffer from the effects of stress and take time off work because of it. This in turn costs businesses a lot of money in lost revenue. Providing wellness benefits such as a weekly yoga class or discount on membership at the local gym could work out being very cost-effective for the company as well as being a great employee perk.
Flexible Working
These days, more and more people are attracted to the idea of working from home regularly. This has become a lot more popular recently as the covid pandemic kept people inside their homes more. However, a lot of employees have discovered just how much they love working from home. They do not need to commute daily, buy an expensive lunch, or hire a dog sitter. Employers have saved themselves a fortune on utility bills and building rental as they don’t need as much space. Some of the best companies to work for offer flexible working as part of their benefit package and this makes sense as it saves rather than costs them money. Include this as part of your own package to attract and keep the best employees.
Create a Positive Environment
Using a benefit package to create a competitive benefit package can be a great way to create a positive atmosphere in your company and make yours a great business to work for. This does not have to break the bank either, which is great for your overheads. ‘Dress Down Fridays’ will keep staff morale high, and you could even create a light-hearted theme and competition to build camaraderie within the office. Another popular choice is ‘Food Friday.’ Splash out on some pizzas and a crate of beer or two for an after-work party on Fridays. This is a fantastic company perk as well as it being something that will help to unite your team at the end of a hard week. Employees like to feel appreciated and this low-cost way of saying thank you will go down wonderfully.
Promote Unity
Promote unity as part of your benefit package and you will also create a happy working environment that people enjoy being a part of. You could save yourself a lot of money doing this as you will find it easier to retain staff and attract the top employees to your company. Setting this up does not need to cost a lot of money either so it is a great benefit for the company too. Promote unity through your HR department by setting up social groups such as a book club, squash club, or baseball team. Clubs are a fantastically competitive benefit as there are not many companies who offer this. It does not need to cost you a lot of money and it will encourage your employees to work as part of a team to get things done. This is great news both on and off the pitch as you are likely to see more unity in the workplace and this will make problem-solving and sharing ideas between departments a lot easier.
Childcare
Childcare is an important benefit to employees who have children and many companies have already made provision for this. Many day-care centers offer incentives to be recommended to employees and offer discounts if these are taken up, so it is worth checking your local facilities to find out what incentives you may be able to offer your employees as part of a competitive benefits package.
Another perk that many parents will appreciate is the use of a parent room for new parents which will ease their transition back into work. This could even have a separate section for nursing mothers who need to express milk during business hours.
Building a competitive benefits package for your employees need not be over expensive or time-consuming. Once the basics such as insurance and 401 (k) have been taken care of, most employees want to feel appreciated and nurtured within the workplace. If you can offer this, you are well on the way to being one of the best companies to work for and attracting some great quality employees.
