To be truly effective, your employee benefits program must meet three goals: providing financial protection for people in the event of illness, disability, death or unemployment; promoting positive morale while supporting company profitability; and serving as a recruitment tool to attract and retain top talent.
Now may be a good time to step back and take a look at your benefits program. Identify what’s most important – and affordable – and then build or revise it, over time, to keep it sustainable.
Going Beyond the Basics
Of course, you have to provide basic, federally mandated benefits including unemployment and workers’ compensation insurance, and Social Security. Beyond this:
- Consider which additional benefits are necessary to offer. Health and life insurance, paid sick leave, and retirement and flexible compensation plans have become business standards.
- Go above and beyond. Evaluate tuition reimbursement, child care subsidies, retail discount programs, telecommuting, bonus plans and wellness offerings. Options like these provide an additional competitive edge when recruiting and also help boost morale and reduce turnover.
- Ask your employees what matters most to them. Survey current and potential employees to find out which benefits hold the most value for them. Be ready to tailor packages to each person you hire while staying within your budget parameters.
Employee Benefits Circa 2018
It has never been more important to keep up with recent trends surrounding employee benefits. As businesses, employees and technology change, your benefit offerings need to change with them. To appeal to the employee of today and tomorrow, you may want to offer:
- This method of taking typical elements of game playing – such as contests, scoring and rules of play – and applying them to real-world situations is quickly taking hold in the workplace. A good example is the corporate wellness program Fitbit Group Health. Incorporating gamification into benefits is not only fun for employees, it also builds workplace culture and productivity.
- Financial wellness. Your traditional 401(k) plan is a given, but it may not stand up on its own. The need for financial wellness has stemmed from the direct correlation between financial and physical health. Financial wellness programs address the underlying issues behind money-related stress, such as not paying bills on time or budgeting correctly, which can create serious stress and distract people from their work.
- Family leave benefits. Now is the time to increase paid leave if your company is looking to retain its best performers. When employees feel they’re not taken care of when they need time to care for others, it decreases their level of loyalty. Increasingly, and not surprisingly, research shows the benefits to your company of offering generous time off far outweigh the cost.
- Eldercare resources. Every day for the next 10 years, 10,000 people will turn 65. The Gen Xers you employ – anyone aged 35 or older – are often sandwiched between caring for their children and their older relatives. It’s a real challenge for them to handle their dual roles and still be productive at work. Identifying a high-quality eldercare assistance program is key in providing the best benefits for these employees.
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Your company is unique – and so are your staffing and employee benefits needs. The experienced professionals at Lyons HR can work with you to provide the best in HR management services, freeing you up to run your business. Contact us today to learn more.