How to Build A Cost-Effective Benefits Program
Do you know how important benefits are to potential employees? Our latest study, created in collaboration with Namely, reveals benefits as a make-or-break factor when job-seekers decide where to work. For many people, employee benefits aren’t simply part of their compensation – they’re a critical component of financial and personal wellbeing.
Here’s how your company can build a robust benefits package without breaking the bank:
1. Understand your company demographic. Ask employees about their needs regularly, with the goal of determining what benefits are most important — and which they care less about.
2. Find a great broker who offers you tailored solutions. Look for someone who understands your broader industry, your company’s growth trajectory, short and long term goals, budget and employee base.
3. Enhance your package with voluntary benefit solutions. Voluntary benefit solutions allow you to offer additional benefits that employees can opt to pay for themselves at affordable group insurance rates. This can include accident, disability or even pet insurance.
4. Think outside of the box. Consider offering other benefits and perks that don’t necessarily cost your company money, like flexible schedules for working parents or work-from-home days.
5. Communicate and engage often. Technology tools, including apps, can help you educate your employees on their benefit options and ensure they’re engaged and taking advantage of all that’s offered. These tools can also help streamline your enrollment and onboarding processes.
Learn more in our latest study, “The Benefits Paradox of 2017: How Companies Build Robust Benefit Packages without Breaking the Bank”, created in collaboration with Namely.
To explore benefit solutions for your small business, click here.