If you have plans to secure benefits for your employees, taking the correct route can make all the difference. Whether you’re looking to reward existing employees or provide an incentive for new hires, the right employee benefits can be a significant way to improve loyalty and enhance motivation.
We cover everything you need to know about the different kinds of benefits, how to choose, and the process of securing the most suitable benefits for your staff:
What Employee Benefits Are Available?
The first step to setting out a benefits package is knowing what benefits may be available. Usually, the benefits that businesses can secure fall under these four categories:
Retirement
The 401(k) is a standard benefit that many employers offer and that many employees expect when they sign up as a new hire. Retirement benefits provide long-term peace of mind and encourage employee retention within your business by providing them with benefits that offer long-term support over short-term rewards.
Insurance
Health insurance, dental insurance, and similar medical plans are effective ways to differentiate yourself from the competition. Life insurance, disability, or even sickness insurance are common insurance benefits. As a quality-of-life benefit, insurance helps your staff care for themselves and their family, which allows them to do their best work.
Compensation
Money, training, or gifting are all forms of compensation rewards that directly benefit employees for work achieved. These kinds of benefits may be milestone or achievement-based, in the form of fixed bonuses, raises, or cash sums. Compensation is often used to drive performance and encourage employees to go above and beyond in their work.
Time Off
Paid time off is invaluable to employees, whether in the form of a specific number of days or parental leave, or mental health days. Paid time off helps to improve productivity and employee happiness. If other businesses in your market don’t offer paid time off, this benefit can give you a strong advantage when implemented correctly.
How Do I Choose the Right Benefits?
If you’re considering the best benefits option for your business, the best thing to do is to look internally first and foremost. By looking at current employees and what may benefit them, you’ll have a stronger idea of which benefits may be most suited. Once you have more of an idea of what may be suitable, you can speak directly to a benefits advisor to choose the right companies, right coverage, and most relevant package for your business needs.
How Do I Secure the Benefits I Want?
Securing your new benefits is easier than you may think with professional advice and guidance. An advisor won’t just provide you with a general idea of what you can get for benefits – they’ll also be able to advise on future benefits you could offer or routes you could take in the future to improve your benefits package.
Our team at Congevity is here to help you every step of the way. We use our experience, knowledge, and skill to help you secure the right benefits at the right time. We focus on helping businesses to give the benefits their employees need, serve their staff, and improve upon existing packages effortlessly.