Providing benefits programs for your employees is essential for employee satisfaction. And as we’ve discussed before, employee satisfaction is the driving force behind your company’s success. Unfortunately, not every company can be Google, but a generous and suitable employee benefits package is a great way to keep the talent you have and attract other top employees. Employee benefits packages aren’t a ‘one-size-fits-all’ solution—They need to be customized to suit your employees and business. Here are a few tips on how to build a benefits plan that is suitable for your business:
Plan your finances
In order to offer a generous employee benefits package, you must first get your finances in order. Most benefits packages are not cheap, and as your company grows, so will costs. Make sure you plan for the future because if you have to take benefits away due to no longer being able to afford them, your company culture can be impacted severely. On the other hand, your company can get a reputation for offering great benefits, which means it will be easier to recruit the cream of the crop and you may see a return on investment in the long run.
Find out which benefits staff request most frequently
There are certain employee benefits that are required by law. These include time off to vote, serve on a jury and perform military service—as well as complying with all workers’ compensation requirements, withholding FICA taxes from employees’ paychecks, paying your own FICA taxes, providing employees with retirement & disability benefits, and paying state & federal unemployment taxes.
However, the most desired employee benefits are health insurance, dental & vision, a 401(K) retirement savings plan, paid time off, and life insurance. Make sure you find out what’s most important to your employees. You could even conduct a company-wide anonymous survey to help you understand how they feel about the current benefits, as well as which ones they want most.
Tailor employee benefits to suit different age groups
Older employees don’t want the same things as younger employees . Employees over the age of 50 are looking for healthcare savings benefits, retirement benefits and savings plans, whilst younger employees want more flexibility in their work schedule, student loan help, and access to gym memberships. According to a report by Business Management Daily, “nearly a third (32%) of HR professionals plan to alter their total employee rewards programs with generational preferences in mind, according to the new Top Five Total Rewards Priorities survey by Deloitte LLP and the International Society of Certified Employee Benefit Specialists.” as the workforce is becoming more multi-generational, that percentage is likely to increase in the future. Many companies today are customizing employee benefits programs to accommodate the different generations, considering that even low-budget packages can offer benefits that appeal to different generations.
If you’re looking for the perfect employee benefits package, you can trust FBC to provide you with a plan that suits your business. FBC is Arizona’s oldest and largest locally-owned benefits consulting firm with extensive knowledge and experience in employee benefits & consulting. If you want to know more about what our company has to offer, download our Solutions and Services Guide or request a meeting with us.