5 Things A Good Benefits Package Tells Your Employees
Benefits bring employees tangible financial benefits, but they can also add to the reputation of your business in the minds of employees. What does a good benefits package say to both current and future employees? Here are five key things they'll take away.
1. You Value Your Workers
Most employee benefits aren't mandatory, and they cost the employer some money. So when you choose to provide them, your employees see that the company values them and their well-being. Actions, as they say, speak louder than words. So while a well-meaning company may throw a holiday party and make a speech about valuing their employees, a smart company pays for health insurance all year long.
2. Your Company Has Healthy Finances
An employer that can offer benefits is seen as one who is relatively stable financially. After all, if you can barely afford payroll, you can't afford to offer paid vacation or subsidize health insurance. The types of benefits can also indicate stronger financial footing. A robust health insurance plan is more of an investment for the future than an inexpensive wellness plan. And paid sick leave may be obligatory, but paid maternity leave is a sign of generosity.
3. You Think About What Employees Need
Keeping up with the types of benefits that today's employees look for means that your company has put thought into it. For instance, many employees came to value a flexible work schedule or remote work opportunities during the COVID-19 pandemic. A company that recognizes the value of this option to its employees is one that has listened to what they want and responded.
4. Your Company Is Flexible
A robust benefits package offers different things for different people. Some employees want subsidized parking or bicycle allowances while others appreciate more help with child care costs. Rather than simply offering a standard package of cookie-cutter benefits, an employer who is willing to respond to the needs of its changing workforce is one that employees will see as a partner for the long term.
5. You Are a Proactive Employer
Don't just chase what your competitors are offering their new employees. This makes you a reactive employer, in the eyes of employees, who will always be behind the times when it comes to their interests. Instead, learn from what employees and the industry are saying to find new benefits that anticipate modern needs. Consider forward-thinking benefits like employer matches, student loan repayment assistance, and HSA contributions.
Where to Start
Start crafting your employee benefits package by meeting with an employer benefits service provider in your state today. Together, you can learn what will appeal to your employee pool and not only help them but also make you look like a great choice to work for.