One of the best ways to attract and retain top talent is by offering a comprehensive benefits package. This shows employees that you care about their health, recognize them as individuals and are invested in their future. How do you go about putting together an employee benefits plan that rewards your workers and is cost-effective for your company? Below are five crucial steps to follow:
- Define Your Goals and Budget
Start by reviewing the goals your benefits should accomplish. Do you want employee benefits that stand out from your competitors? Are they intended to retain your best employees? Knowing what you want from your benefits will help you decide what to include. Also, be honest about your budget and what you can afford to pay. You might not be able to compete with larger companies, but you can find other ways to make up for that.
- Know the Laws in Your State
By law, you must offer some employee benefits to full-time workers, though these laws vary by state. Generally speaking, most states require that companies offer social security, unemployment insurance, workers’ compensation, disability insurance and leaves of absence. Be sure to account for these in your package.
- Add Attractive, Optional Benefits
Once you have all the mandatory requirements in your plans, look to add optional benefits. For example, health insurance should be included to attract and retain quality workers. By joining a Professional Employer Organization (PEO) like Abel HR, you can offer health coverage without having to pay for your own plan. Other optional benefits worth considering are retirement savings plans and paid time-off.
- Point Out Employee Perks
As a small or mid-size business, you are more limited with your budget. So, highlight the special perks that employees get just by working for you! You may not be able to add them to the job ad, but you can bring them up during the interview. For example, do you have flexible hours? Work-from-home opportunities? Collaboration with the higher ups? Free training and seminars? Prove to candidates that your company is a GREAT place to work!
- Create a Total Compensation Statement
Benefits packages can be complicated, and you don’t want candidates to be unsure of what they’re getting. Each employee should be given an annual statement of total compensation that includes a salary schedule, health insurance, paid leave, disability insurance, life insurance and retirement contribution.
Planning out an employee benefits plan can look intimidating, but if you follow the tips above, you’ll find it goes quite smoothly. Working with a PEO can make the process even easier while ensuring that you’re in compliance with the state laws. #AbelCanHelp Contact us today! Visit abelhr.com or call 609.860.0400