In the battle of attracting and recruiting, you’re only as strong as your benefit package. Compensation is very important to let potential employees and current employees know they are valued. Benefits can speak loudly as well. They can only communicate their value to employees if they are clearly stated, however.
This is the reason Focus OneSource walks individual employees through their benefit enrollment package with a sit down one-on-one meeting versus expecting every employee, on their own with a computer, to understand the benefits that are available.
Understand, it starts well before the open enrollment meetings with employees. Focus OneSource also sits down with the employers and helps decide the best benefits package for their employee group. What benefits should be considered depends on the industry standard and how employers want to set themselves apart from the competition for strong workforce recruitment and retention.
Insruance is usually the first thing to come to mind when discussing benefits. As well as it should since our healthcare industry is changing quite rapidly. How much are employers going to contribute to healthcare costs? Are they willing to pay for the spouses and dependents?
Employers also have dental and vision plans to consider as part of their insurance benefits packages. Again, same questions: How much are employers going to contribute to dental and vision costs? Are they willing to pay for the spouses and dependents?
Short-term and Long-term disability insurance policies? What types of policies to offer, if any?
401(k) retirement savings plans can be a great added benefit. There are plenty of plan types, pre-tax and post-tax, along with employer matching contributions decisions. Even if employers are not able to complete a match of some sort, consider sponsoring a plan. This allows their employees the option to invest in their retirement savings plan with their paycheck before taxes are taken out (Note* If it is traditional 401(k)).
The less thought of decisions that need to be made that can make or break a benefits package are:
- Paid time off and vacation policy
- Flexible office hours
- Pet insurance
- Bereavement leave
- Wellness programs
- Flexible spending accounts
- Tuition reimbursement
- Raises and performance bonuses
- Additional training
- Telecommute opportunities
- Payroll advances in emergencies
- Phone reimbursement
- Vehicle reimbursement
- Waiting periods
- Profit sharing programs
These are all benefits that can greatly sweeten a benefits package even if the compensation is not ideal.
Focus OneSource brings years of expertise to assist employers in making the best possible decisions to attract and retain top employees. A strong benefits package is good for business overall.