Most businesses are looking for ways to control costs, yet stay competitive. Attracting, rewarding, and retaining good talent is harder than ever before as employers look for creative ways to build a comprehensive benefits package.
Fortunately, having a skilled broker can help ease their minds with solutions that can be quickly implemented without significant costs or increased administrative burdens.
3 considerations that can help you enhance your current benefit packages:
- Health Insurance – Choice is important to most people, and most insurance carriers will allow you to offer more than one plan. If you currently offer a traditional plan, you probably have one HMO and one PPO option to choose from. Consider adding a richer ‘buy-up’ plan and/or a lower cost plan. By giving your employees choice, they feel empowered and comfortable knowing that they can choose a plan to fit their personal financial and health needs.
- Flexible Spending Account – Offering a Full Flexible Spending Account (FSA) is a low cost, powerful tool that employees appreciate. It allows them to defer their own money on a pre-tax basis to pay for medical, dental, vision, dependent day care, parking and public transportation expenses. Such plans are administered through a TPA and are simple and affordable to implement. There is usually a tax benefit to the company as well
- Voluntary Benefits – I’m sure you’ve heard of AFLAC, but they are just one of the many insurance carriers that offers individually purchased products, at discounted, group rates. There are many voluntary platforms available that include a variety of products such as disability, life, accident, cancer, critical illness, and long-term care protection.
Studies show that employees have increased job satisfaction when they view their employee benefits package favorably because of having plan choices, including voluntary options and other tax-free benefits.
Crafting desirable and affordable benefit packages can set yourself apart from businesses who only offer locked-in benefit plans. With these considerations in mind, businesses typically attract and retain talent in the marketplace by putting their employees first with great, affordable plans.
For more on all things payroll, benefits, and HR, sign up for our monthly newsletter!
