How to Offer Employee Benefits 101

Have you found yourself asking or Googling any of these questions:

  • How to offer employee benefits?
  • What benefits are the most important to have?
  • How to offer benefits to employees that I can afford?

If so then you have come to the right place. Below we have outlined some of the most common questions and concerns we hear from businesses. If you have anymore questions that are unanswered feel free to contact us.

What benefits do I need to offer to find and keep great employees?

Finding great employees can be a tall order, especially if you don’t offer any benefits. With the minimum wage going up across the country, the best way to attract talent is by providing a benefits package they value. So what do employees think when they hear “benefits”? Several things come to mind, but paid time off, health insurance, and retirement plan options are usually the three main benefits employees want.

How to offer employee benefits without breaking the bank?

As an employer, you are already seeing an increase in front-line workers’ salaries with the minimum wage increases. Add to that the payroll taxes and worker’s compensation insurance. The costs of employees become higher than in the past. So adding benefits to the cost of employment can be very challenging.

Focus on the benefits that employees value most. This strategy is the best approach to control the prices and provide a benefits package that attracts great employees. Paid time off is the most common employee benefit. Every company has some paid time off program, whether it’s vacation time after one year of employment or sick time. If you are not offering paid time off (PTO), then you will struggle to find quality candidates to hire.

Being able to provide health insurance benefits does not have to be 100% an employer expense. The employee and employer can actually share the costs of Health Insurance. Merely providing the employees with the option for supplemental insurance can benefit from additional costs to the employer. For the more valued medical insurance, options range from telehealth to major medical with price points keeping costs low to more expensive products. So putting some form of health benefit into your employee offerings is available even at a low cost.

Building a benefit package candidates and employees will value:

Having great candidates apply for a position at your company is a necessity. It allows you to build the workforce your company needs. Having those candidates pass on a job offer because the benefits did not align with their expectations can be frustrating. Even worse is losing great employees to other jobs because they offer better benefits. Hiring and training employees takes time and money. So hiring the right person and keeping them long term is vital to your business’s growth and success. When building a benefits package, it is crucial to keep in mind the goal of the benefits.

By providing employees paid time off, you’re giving them the freedom to travel, spend time with loved ones, or get over a cold without worrying about how to pay next month’s bills. Health insurance will help lower medical bills and provide health security to the employees, bringing peace of mind. And a retirement plan option gives them a way to plan for their future. Benefits should enhance your employees’ well-being, which encourages them to focus on making your company better because they know your company values helping them.

It doesn’t have to be complicated.

A successful employee benefits package really needs to have three things: paid time off, health insurance benefits, and a retirement plan. Each one can be designed specifically to meet your needs and be within your budget. At My HR Professionals, we work with you to create a benefits package your employees will value. Thus, helping you recruit the employees you want and keep the vital employees you need.

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