Benefits- Are They Working for You?
🎉 The new year is quickly approaching, which means it’s time to review your business’s benefits package! Often small businesses just stop at medical benefits or overlook these packages because they can be time-consuming and costly to implement. Benefits packages can play a significant role in employee retention and make your business look more attractive to prospective applicants. Choosing the right mix of benefits for your team could increase employee morale and productivity, which often provides companies with growth and cost savings.
Check out our tips below on how to make your plans work for you!
💥Tip #1: Know Your Team
Having a good idea of how healthy your team is, their hobbies, and demographics is essential when selecting the right combination for your team’s benefits. Providing life insurance for a generally young team could prove a waste of company dollars that combined into a bonus structure, or casual Friday (with catered lunch) may prove more beneficial. If your group consists of many employees with children, you may want to consider providing child care or a larger employer contribution for medical packages.
Getting to know your employees helps you select the right benefits for them and lets your employees know you care about them!
💥Tip #2: Know Your Market
Often, you get approached by sales representatives that offer packages that seem attractive but don’t provide much coverage in your area. Get to know the offerings in your local area; you may be surprised by some of the options available for you to consider, and having a local contact may be important to your employees.
After researching what’s around, you should look at what types of benefits your competitors and other businesses in the area offer. A well-rounded benefits package could be what makes a potential applicant choose your business over another.
💥Tip #3: Think Outside the Box
Okay, so you’ve done all this research, now what? Put it all together! Since you have a good idea of what’s available to you and what could benefit YOUR team, think outside the box. Do your employees have pets? Have a bring your pet to work day! Want to get your team together and do something for the community? Find a local nonprofit to volunteer with together, and offer a paid day to those who participate.
With benefits, the possibilities are endless, and we can help you make the right decision!
💥Tip #4: Contact Prism Consulting VA!
Gathering all this data and analyzing costs can be difficult and time-consuming; Prism Consulting can help plan and organize your benefits packages with ease! We have several years of experience selecting and managing benefits packages in the Valley. Our team can assist you with research, contacting vendors, and creating forms to help you every step of the way.
Click here to contact us.
