Small business owners already know the current job market is competitive. Particularly in Utah where big technology companies like Vivint, Qualtrics, Amazon, and Adobe are competing for the same employee talent as small businesses.
One way to stand out with employees is through customized benefits packages. Each workplace includes unique individuals with diverse backgrounds and interests. So why opt for a one-size-fits-all benefits package? Instead, empower employees to choose their own customized benefits package by providing benefits options that are as unique as your employees. Doing this will help attract and retain the valuable employees you need to help your company thrive.
According to a MetLife survey, 73% of employees said having customized benefits made them more loyal to their employers. Additionally, the survey found that 83% of employees would trade a small pay cut for better benefits options.
(Stock Photo, Helpside) | Helpside has your business' needs.
The Value of Customized Benefits
One set of benefits offerings can’t satisfy everyone. For example, the benefit needs of a 50-year-old man will likely differ from the needs of a 25-year-old woman. If your organization is looking for new ways to appeal to current and prospective employees, consider increasing your benefits options. This could mean expanding existing plan options or adding more voluntary perks. Either way, the end goal should be to give employees greater control over selecting benefits that are most meaningful to them.
Customized Employee Benefits Examples
While every benefits option won’t appeal to all employees, this list shows some of the solutions employers can use to demonstrate value to their workforce.
Affordable health plans—Consider offering tiers of health plans, so each employee can choose the deductibles, co-pays, and premiums that make sense for their situation.
Robust retirement plans—According to a Willis Towers Watson survey, 67% of employees would trade a pay cut for richer retirement benefits.
Life insurance—Providing employees with life insurance options can give them and their families peace of mind.
Chronic condition management solutions—Chronic conditions affect millions of workers, so offering programs such as opt-in diabetes management plans can help save participants’ health care dollars.
Flexible scheduling—While not a traditional benefit, schedule flexibility is a highly sought-after perk that can help balance employees’ work and home lives.
(Stock Photo, Helpside) | Helpside has your business' needs.
Tips for Offering Customized Benefits
Before you make any changes to your benefits, learn from employees what they would like to see improved.
Survey employees- One of the best ways to discover employees’ benefits desires is by asking them.
Conduct focus groups- Consider meeting with employees in small groups to get benefits feedback.
Maintain ongoing benefits conversations- As your employee population evolves, continue to ask them about their changing benefits needs.
Consider feedback from employees carefully. Employees may not know what benefits they would use most until they are presented with available options.
Think about offering different types of health plans and a variety of supplemental options like life insurance, disability, 401(k), and accident coverage that employees can choose from. Many of these supplemental plans require little investment (if any) from employers, so they can be a great way to improve your overall benefits package without increasing the cost to the company.
Trying to please everyone may seem impossible, but the goal of offering a variety of benefits solutions is giving employees choice. This allows you to empower each employee to choose the benefits options that meet their financial and healthcare needs giving you a leg up on the competition when it comes to recruiting.
(Stock Photo, Helpside) | Helpside has your business' needs.
Employee Choice Makes Helpside Benefits Unique
Clients of Helpside have access to a variety of employee benefits plan options that each individual employee can choose from. This includes a choice of six different health plan options, four dental plan options, and three vision plan options. Additionally, employees can choose to participate in additional supplemental benefits such as life insurance, disability, critical illness, hospital indemnity, accident insurance, and more without any additional cost to the company. Helpside clients can also choose to offer tax-favored benefits savings accounts like FSAs and HSAs to give employees even more control of their healthcare dollars. Adding in a 401(k) plan helps employees plan and save for retirement. All of these options allow employees to create their own customized benefits packages that meets their needs and budget.
More employee choice doesn’t have to come with an increased cost to the company. Most businesses find that they save money and increase options for employees when they partner with Helpside.
Best of all, Helpside manages the employee benefits communications and deductions for all of these benefits options. So, rather than having invoices and customer service contacts for multiple vendors, your employees have one number to call for the answers they need, and the premium deductions occur right along with payroll.
If you have questions about employee benefits offerings, you can learn more at www.helpside.com/benefits or contact us at marketing@helpside.com to discuss potential benefits that can help satisfy the needs of your diverse workforce.