How to Improve Employee Benefits
If you’re contemplating how to improve employee benefits as the boss of a small to medium-sized company, you’re not alone. As the economy speeds up following the easing off of the pandemic, there are many changes in the workplace. Employers are adapting to changing attitudes and employment habits, while employees are re-evaluating previously entrenched attitudes to their careers. While the most immediate attitudinal change is the approach to working from home, there are many smaller shifts in workplace values, and many employees across the USA are struggling to fill posts and retain key staff. As a result, bosses and company owners are turning to benefits packages to win over new hires looking for jobs and long-standing employees considering moving in. From healthcare to flexible hours, 401(k) provisions to sick pay, read on to learn how best to improve the benefits your company offers employees.
How to Improve Employee Benefits: A Breakdown
From working environment to paid time off, from matched pension contributions to maternity leave, there are dozens of benefits to consider when someone contemplates taking a job, many of which shift in significance as life stages change. For example, older employees returning to the labor market after taking time off to raise a family will be less preoccupied with paternity policies and more interested in pension contributions. Alternatively, flexible hours and a family-friendly approach to working from home are more likely to attract younger applicants, for whom raising children is an immediate and significant concern. Likewise, ambitious executives in fast-growth industries will be attracted by no-compete clauses. At the same time, applicants with a history of illness may be tempted by a generous, known-brand health insurance policy. That is to say, deciding how to improve employee benefits is less about blanket policies and more about considering the specific requirements and realities of the employees you are hoping to attract or retain.
Take a Holistic Approach to Budgeting
While many managers may be reluctant to budget for increased employee benefits, this view may provide financially imprudent in the medium term. Although paying form ore significant benefits for staff does require a financial outlay, it is worth considering it as an investment rather than money down the drain. For example, subsidizing health and fitness costs will incur company expenses in paying for a gym membership, but healthy employees are productive employees. Most gyms and sports centers will give managers a substantial discount on a multi-employee pass. As a result, the company will soon reap the benefits of an energized, healthy, and enthusiastic workforce. Accommodating and even subsidizing continuing education is another benefit for employees, making sound sense for the business model. Investing in a worker’s education is an excellent way of showing them that they’re respected and valued while also increasing the skills in your organization.
Listen to Staff, Rather than Telling Them What They Want
Many managers assume they know how to improve employee benefits without taking the time to listen to staff feedback or sit down with employees and solicit their input. Often the benefits preferences of even long-running staff members will surprise management, so it is worth talking to them, rather than assuming you know the best ancillary ways to show that they are valued. For example, some employees value career advancement ahead of higher wages. In contrast, others will respond to increased responsibilities, the opportunity to leave early one day a week, or a referral scheme for new hires. Remember that it is a false economy to spend money on a benefit that employees don’t appreciate. Building flexibility to reward staff will pay dividends to the company and turn a business expense into an asset.
Take a Long Term View
Incentivizing staff with ancillary benefits is a long game rather than an easy fix and works best if you take a suitable approach. Luring employees in with a company car may enable you to fill gaps in your payroll at short notice, but it’s not a successful long-term strategy. Instead, take a longer-term view by respecting employees and new hires with health care, pension schemes, and supportive policies, which help staff to feel valued and supported. Taking a five-year-plus strategic approach to employee benefits is much more sensible than short-term thinking.
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Whether you’re a well-established business with many years or even decades under your belt, or an entrepreneur who is relatively new to the game, it is well worth getting in touch with Canal HR for assistance with various elements of business administration. From health insurance to payroll solutions, Canal HR is a PEO with expertise in multiple areas of business administration and a proven track record of assisting companies of all sizes.