Offering a comprehensive benefits package to your employees is not only a great way to look after your employees, but it is also a great way to entice the brightest and best talent to your business.
Around 60% of all employees choose an employer based on the package that they’re offering.
When it comes to creating an employee benefits package, how do you know what you should include?
In this article, we’ll discuss how you can create a comprehensive employee benefits program that will help you entice and retain the best team.
Table of Contents
What Exactly Are Employee Benefits?
An employment benefit plan is a group of fringe benefits that you get aside from your wage package. The IRS sees these as a form of payment in addition to your remuneration.
A company benefit package might include:
- Dental and healthcare benefits
- Unemployment and worker’s comp insurance
- Paid holiday
- Disability insurance
The employee benefits will differ between companies.
What Should Be Included in a Comprehensive Benefits Package?
While most of the benefits in a package such as this could be considered perks, there are a number of benefits that should be offered. These include Worker’s comp insurance, health insurance, social security tax, and unemployment insurance.
Above these, everything else will be designed to be an incentive.
Decide on Your Goals
Before you decide exactly what to include in your comprehensive benefits package, you need to first understand your motivation for offering it. This will help you decide on what exactly should be included.
Are you just trying to comply with your local state and federal regulations? Do you want to attract the best employees? Are you trying to compete with rival businesses? Or are you looking to increase the productivity of your workforce?
Set a Budget
Offering a competitive benefits package will no doubt incentivize your employees to join your company and work hard for you. Before you promise them a lot of attractive benefits, you will first of all need to decide how much you can afford to spend.
Once you have set a budget, you can start to create your plan and wrap document.
Work out the actual cost per employee for each benefit, then think about how much the entire package will cost in total.
Compare this with the projected increase in productivity that you hope to achieve by offering it and decide whether what you’re proposing is financially viable.
Include Additional Benefits
In addition to the benefits that the state insists you offer your employees, think about the additional perks that will motivate them the most.
These might include stock options, the flexibility to work from home, a reduction in tuition costs should they wish to study, and retirement plans.
Of course, there are many more things that you could include in your package. Try and consider what your employees need the most.
Employee Perks: The Bottom Line
Offering a comprehensive benefits package is not only a great way of ensuring that your employees have all of the benefits that they need to keep them healthy and productive during their time with you, but it’s a great opportunity to show that you care. But also, make sure to get the best out of your investment in your workforce and run an employee benefits benchmarking analysis to get a better idea of the kind of benefits you’re offering. Learn more on this and click here.
For more great articles, be sure and explore the rest of the site.
