Building an Attractive Employee Benefits Package
Businesses of all sizes have a lot to benefit from when it comes to… benefits! A strong employee benefits package can not only improve employee satisfaction in the workplace, but also make businesses more attractive to incoming talent.
For these reasons, along with several others, business owners should strive to create the best possible benefits package for their employees. But what benefits are offered in an attractive benefit package? How do businesses get access to these top-tier benefits? Read on for answers to these questions:
Selecting Your Benefits
For most businesses, the selection of benefit options comes down to budget. While there are several benefits that are mandated by the federal government, including workers’ compensation and Social Security taxes, other optional benefits can come with a high price tag. These benefits can include the following:
- Health insurance. Offering a full suite of insurance solutions can provide employees, and their families, with peace of mind. An attractive benefits package doesn’t just include major medical insurance, but also insurances such as dental, vision, accident, supplemental, and disability.
- Employee perks and discounts. Providing health insurance isn’t the only benefit that can provide employees with peace of mind. Insurance revolving around pets, auto, and home, along with discounts towards legal and identify theft resources, can further protect your employees’ assets. You can also offer employees and their families discounts to hotels, amusement parks, museums, and more.
- Retirement packages/401(k). A client sponsored 401(k) plan is another attractive benefit to employees, giving employees access to tools and resources that can help them start saving. Some businesses take the perk even further by matching a certain percentage of the employee’s contribution. Whatever retirement solution is introduced in your business, employees will be grateful that you are helping them with their future.
- Paid sick leave and vacation. Whether it’s a trip to an urgent care office or a day to relax, employees are often in need of time off. While businesses aren’t required to provide paid time off (PTO), doing so can be seen as very appealing to employees. The more PTO, the more attractive the organization.
Getting Help with Benefits
Most large businesses can simply gain these benefits through a variety of insurance providers. The process is a bit more complex for smaller businesses however. In fact, most employers are often not able to spare the resources to get benefits. Partnering with an HR outsourcing organization, or a benefits broker, can provide businesses with access to top rated benefit offerings. These types of organizations can also help build plans specific to a single business, offering flexible packages and sensible pricing.
About GIGA Solutions
A partner such as GIGA Solutions works closely with business owners to identify cost savings and administrative efficiencies in the areas of services around benefit administration, education, implementations, and benefit enrollment. The Benefits team at GIGA will also reach out to a variety of insurance providers for a business, matching them with only the best benefit packages.