June 14, 2018
Unbiased Financial Information Provided by Financial Finesse
Employees tend to expect certain benefits from employers. These typically include group life, medical, and dental insurance, as well as a retirement plan. If you already have these basic benefits, what else could your employees possibly want?
The Key to Attractive Benefits: Relevance
Some benefits professionals recommend that you ask your workers to rank current and potential benefits in terms of desirability. If your workers' needs cover the gamut, think about offering a cafeteria plan or flexible benefit plan package, which gives them a fixed amount to spend on any combination of possible benefits.
"Give employees the benefits they value, and they will be more satisfied, miss fewer workdays, be less likely to quit, and have a higher commitment to meeting the company's goals," observes Joe Lineberry of Aon Consulting, a human resources consulting firm.
In today's workplace, competition for good employees is a challenge but the amount of money companies have to enhance their benefits packages is often limited. It may be time to get creative with your benefits options. Here are some great ideas:
- Financial wellness. Your employees' financial worries hurts their productivity and health. Offering them unbiased help can dramatically improve their lives and loyalty to their employer and optimize benefit usage and cost.
- Casual dress. This one costs you nothing but can save your employees money on clothing and dry cleaning costs.
- Transport passes. Passes aren't costly and many workers would be thrilled to have their commute paid for.
- Gym membership. This perk assures good health for your employees and may even increase productivity. You can offer reimbursement up to a set dollar amount to any gym, or get a group discount from a specific gym.
- Food and drink. Whether you stock the company kitchen with free food and drink or take employees out for a free lunch, you're giving employees a chance to interact and availing yourself of a possible tax write-off.
- Massage. A professional massage can be a great stress reliever. And less stressed employees are usually happier, more productive employees.
- Tuition reimbursement. You can offer to pay for work related classes and degrees, and even allow time off to attend class.
- Professional memberships. Encourage employees to get involved in professional associations by paying the dues. Your business will benefit from their increased knowledge and networking.
- Laundry/dry cleaning pick up and delivery. A great time saver!
- Purchasing clubs. Memberships in clubs like Costco are another inexpensive investment that makes people happy.
Knowing your employees' preferences and combining them with your unique company environment can also give you great ideas for benefits. For example, Starbucks offers great benefits, paid vacation, a retirement plan - and a free pound of coffee beans to employees every week. What unique benefits can best draw your employees close to your company?
Don't Keep Your Benefits a Secret
Your employees can't appreciate the benefits you do offer if they don't know exactly what they are and how to use them. So make sure you communicate your benefits regularly, to new and long-term employees. Reminders of how much you value them can increase employee retention and make your benefit investments pay off.