Employee benefits are among the primary tools used to attract and retain a top-notch staff for any organization. Creating a plan that balances the goals of both the organization and its employees requires a thorough analysis and review of benefit options and costs. Without the assistance of skilled benefit plan professionals, creating and managing the plan can consume much time and money.
Whether you’re in charge of a small start-up company or a large enterprise, we have the proven knowledge and experience to develop an employee benefits package that will optimize the best benefits possible for your company at the lowest available cost. You will receive strategic planning advice, creative benefit design, and financial management to help you meet your plan objectives and long-term goals.
Why do benefits matter?
You may wonder to yourself why benefits matter. What exactly about employee benefits gives you an advantage when in many cases it is a lot of spent money. The fact of the matter is there are some employees that will pass over you or eventually leave if they feel their benefits packages are not at the quality of a competitor.
Benefits packages are one of the many ways that companies try to stay competitive with each other in certain industries. They can also be a major sunk cost if you do not have the proper package for your business. You do not want a package that doesn’t match the needs of those you employ.
You should always do a self assessment before offering any kind of benefits package because that assessment gives you a chance to look at who you are as a company. What do you offer and what is your identity? If you are a small business of maybe 20 people and you want to start offering benefits then you do not need the same employee benefits as the company down the street that employs 1000 people.
We can help you with that self assessment. Here are some of the areas in your company we will look at when trying to give you the best advice when it comes to employee benefits.
Who you employ
It is important to self evaluate when you are looking into investing in a benefits package for your employees. One of the areas you will need to self evaluate in is who exactly you employ. What are your general demographics and what are your employees’ usual needs?
For example, if you employ people in their 40’s then they’re going to be much more likely to demand a strong benefits package to come work for you than say someone in their early 20’s when they might still be on their parent’s insurance. It all comes down to the need of your employees.
If the large majority of people you employ are in a certain age range then take the general needs of that age range into consideration. Families, tendency to need doctors appointments, and how often they might need dental work.
It’s also worth considering what the experiences of your employees are going to be. Are you in an industry that’s filled to the brim with 10-20 year veterans that have been around the block, or is it more of a stepping stone job that people use to jump into larger careers?
These are questions that you need to ask yourself when you are looking into how to provide the best and most practical benefit packages to your employees. While a 401(K) package with the best health insurance in the area, and an amazing dental plan is going to appeal to someone in the prime of their career it might not be as high on the priority list of someone just entering the job market. Look at who you employ and take that into consideration.
What you can afford
You must also be wary of what you can afford. Even if you are offering a benefits package to a group of people that are indeed in the prime of their career it will be all for nothing if the package is something that is constantly costing you more than you should be setting aside.
You should always offer the best possible benefits whenever you can, but if it is not in the realm of possibility then you may want to take a step back and look at what you can conceivably offer without putting yourself into the red.
Will you lose out on employees sometimes because of this? Possibly, but it is better to lose out a potential hire than it is to run your business into the ground. Make smart decisions and go with plans that you know are both effective and affordable.
We may be able to help you make those plans while also helping point you in the right direction. We want to help you find an employee benefits package for your business that is the best for everyone.
What industry you are in
What industry do you work in? While this may not seem like a big deal there are some industries that are extremely competitive to the point where a great benefits package can be the deciding factor between a hire and losing all your best employees to your main competition.
If you work in one of these industries then tell us and we may be able to help you find an employee benefits package that will close the gap a little between you and your competitors. This might mean doing a little research into what the typical industry standards are.
If everyone in your industry is offering a dental plan then you should do so yourself. On the other hand if nobody in your industry is offering one then you might want to consider if it is necessary. If you do feel it’s necessary then how much do you want to spend on it and are you willing to risk that cost to make sure you have an advantage in hires over competition. Of course, there is also the question of affordability that you must always consider.
At the end of the day, the affordability of whatever benefits plan should be your top priority. We may be able to help you find an employee benefits plan that is perfect for your finances. Until you speak to us though there is no way to know for certain.
We will evaluate your business and learn about its needs, offering creative and affordable solutions to maximize your employee retention and profitability. We are experts and our expertise in this means we can look at your situation and immediately have ideas about what is best for you. We’ll have multiple ideas and potential plans in our mind that we can suggest to you. Then, at the end of the day, it will be your decision to make. We can only push you in a certain direction. It will be up to you to make a final choice.
If you want to speak with us about how you can get the best employee benefits package to retain employees, improve in your hiring process, and continue to remain profitable then go ahead and make an appointment by giving us a call at 561-744-0500. You can also choose to use our online contact form. We will get back to you as soon as possible.
Comments are closed.