Building A Benefits Package That Resonates With Your Employees

While benefits are an essential part of an employee’s overall compensation package, many businesses don’t give their format much thought. They may apply a basic template for healthcare or retirement savings options and leave the format untouched for years.

However, getting your benefits right from the start is crucial when trying to attract and retain high-caliber talent for your organization. Building a benefits package from the ground up that answers all your employees’ needs shows them that you value their contributions and want to support them wherever you can.

Thankfully, there are some practical tips you can apply that will help your benefits resonate with all your employees.

Set Your Benefits Strategy

Before you start choosing new benefit offerings for your employees, it can be really helpful to plan out a benefits strategy. This strategy should outline the main goals of your company and the different areas where the benefits you provide your employees can help those efforts.

Depending on the current growth stage your business is in, you may have different priorities. For example, you may want to grow your teams more quickly or bring in individuals with more specialized skills.

You may also want to consider outsourcing your benefits administration to help maximize your internal resources. Regardless of what your primary goals are, your benefit strategy will likely change to align with those goals.

By keeping your short- and long-term business goals top of mind when sourcing new benefits options, you’ll make sure the benefits decisions you make help you to achieve them.

Find Out What Job Seekers Are Looking For

If you want your benefits packages to really speak to your employees’ needs, then it’s important to hear from them first-hand. Putting together an anonymous pulse survey can be a great way to get feedback from your current employees while helping you position your benefits so that they attract a wider group of talent.

You should also keep an eye on what types of benefit offerings are becoming more standardized in the industry you’re in. Explore open job listings from other businesses and see what specific benefits they’re offering their new employees. This helps you to make sure your own benefits packages are competitive enough.

Another place you can look is online business review platforms. These are a great source of information for both your company and your competitors, as they provide an inside view of how employees feel about their benefits packages.

Provide Comprehensive Coverage

While many businesses are happy to offer basic benefits coverage options to their teams, it can be really beneficial to look for opportunities to offer more comprehensive options for employees. This is especially the case when comparing traditional health care plan options and looking for ways to add additional forms of coverage that support all types of employee needs.

If possible, try to choose flexible coverage options that allow employees to pick certain levels of coverage. You should also try to provide them with clear and easy instructions to follow when choosing the options that are best for them. This includes providing them with decision-support tools like premium calculators and plan comparison summaries to make it easier to pick options that bring them and their families the most value.

Consider Adding Unique Company Perks

When structuring your benefits packages, you could consider adding other nontraditional perks that can help to increase their overall value. These little extras can often make the difference for potential job applicants looking for organizations willing to offer them more than the average minimum.

For example, you may want to offer your new employees stock purchase plans. These are commonly used in startup businesses that are highly invested in keeping their employees long-term and want to help them feel more connected to company success.

You also shouldn’t underestimate how valuable additional time off can be to a lot of employees. By offering your staff more flexible working arrangements and generous amounts of paid time off (PTO), you can help to differentiate your brand from others while also encouraging your teams to stick around for the long haul.

Measure And Improve Your Approach Over Time

While you may have spent a lot of time planning and implementing an excellent benefits package, it’s essential to keep in mind that this process should be an iterative one. Employees’ needs and the business’s will inevitably change over time, and it’s essential that your benefits packages adapt with them.

To make sure your benefits continue to resonate with your employees, make it a routine to evaluate your offerings thoroughly every year. Consider gathering updated feedback from your employees and leveraging any analytics provided to you from your benefits technology platform that can highlight how benefits are being used throughout the year. This can help you to assess whether or not employees are finding their current packages valuable, or if changes might be necessary

Start Designing A More Effective Benefits Package

Taking the time to ensure your benefits package resonates with your employees can help keep your staff more engaged and committed to the business in the long term. By following the strategies discussed, you make sure your offerings remain competitive with other businesses while helping you to improve your staff retention rates.

About The Author

Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.

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