Why Employee Benefits Planning is Important
There’s more to employee benefits than just enticing great talent to join your company. If your benefits package doesn’t keep pace with the industry you are in, chances are that your competitors will win over talented workers from you. All your investment in training and equipping them with business knowledge and skills will become an expense to be written-off – instead of an asset to capitalize on!
So, what does it mean for you and your business to have a great Employee Benefits plan? Better-quality employee attraction. Higher employee morale. Greater employee productivity. Stronger employee retention.
Things Business Owners Should Consider
Here are just some of the areas that you can consider when finding a solution to help your business grow and keep your staff or team motivated and committed.
- Traditional Group Benefits plans
- Employee/dependent Life Insurance coverage
- Short-term and long-term disability insurance
- Critical illness insurance
- Staff/Executive reimbursement plans
- Insuring against accidental death or dismemberment
- Prescription and non-prescription drug coverage
- Dental and Vision care
- Hospital coverage
- Health-care spending accounts
- Employee/dependent assistance programs (Grief counseling, Substance-abuse therapy, Mental Health advisories, Elder-Care counseling)
- Emergency travel assistance planning
Now, you don’t have to do all of them, which isn’t even practical for many businesses. But implementing one or two may make a world of a difference! If you choose to have more, phase them in over time.
Emphasis is always on:
- Finding personalized solutions, as opposed to cookie-cutter out-of-the-box plans
- Recommending solutions that help you reduce benefits management and administration costs across the company
- Offering benefits packages that are in line with what your industry peers are offering their employees
- Proposing plans that are low on red-tape, and high on delivering real value to your employees: Targeted benefits. Quicker processing. Seamless and secure access. Transparent reporting