The Right Benefits Package Can Satisfy Your Employees and Your Budget
Attracting and retaining top-tier employees can be challenging if your small business does not offer a desirable benefits package. Fortunately, you do not need to overspend your budget to provide the best options to suit your staff’s needs. With thoughtful planning and creativity, you can give your employees the benefits they find most meaningful.
Analyze Your Employees’ Needs
Although you may think it is better to offer your employees comprehensive health, dental, and vision insurance choices, you may be spending needlessly if these benefits go unused. An employee benefits broker Santa Rosa can help you determine the most meaningful options for your employees and customize the most cost-effective plan around them.
Offer Wellness Programs
Taking an interest in your employees’ well-being by giving them the tools to make healthy lifestyle choices can ensure fewer sick days and health insurance claims. Consider offering free classes, seminars, counseling, and health screenings to include:
Weight and nutrition Smoking and alcohol addiction Cholesterol and blood pressure Yoga and meditation
Offer Health Savings Accounts
HSAs are one of the best employee tax savings vehicles available, and they can also cut employers’ costs by helping them avoid payroll taxes for funds employees place in these accounts. Offering this benefit, along with a high deductible health insurance plan, can also lower your health insurance premiums, thereby compounding your company’s savings.
Scale Back 401K Matching Contributions
The ease of saving for retirement by linking a paycheck to a 401K savings account is a significant perk for most employees because it reduces their tax obligation by the amount they choose to save for their future needs. Consider suspending a matching contribution or reserve it for employees after they achieve a specific year of service. This approach can prevent costly investments in short-term employees while rewarding those willing to make a long-term commitment to your company.
Offer Tiered BenefitsCompanies with employees at various skill levels can consider offering benefits according to pay grades and experience. For example, your business might reserve life insurance or disability benefits only for critical executives but contribute a portion of the funds in the pre-tax commuter accounts for entry-level employees.
Meet With an Employee Benefits Broker in Santa Rosa
Your business can ensure it is not misspending valuable funds by reassessing its benefits packages periodically. A benefits provider can assess how your employees value various features and make recommendations to reflect actual needs. You may wish to receive coverage proposals from multiple benefits providers to ensure that your business always gets the best possible rate and value.
Schedule time for a benefits representative to explain all coverage options to your employees before implementing any changes. You may find that your employees do not use certain benefits either because they are not aware of them or do not understand them. Employee feedback can help reduce your costs and eliminate wasteful spending on unused benefit categories.
Employee benefits are mandatory for any business that wants to retain valuable employees. For more information about how we can help your business offer employee benefits within its budget, contact us at (707) 823-3689 to discuss your options.
