How to Improve Employee Benefits and Compensation Packages

As a business owner, you’re aware of the costs associated with employee benefits and compensation packages. The amount of time and money it takes to offer these perks to employees can seem overwhelming, but there are simple ways for you to lessen the burden and improve your employees’ satisfaction and recruiting efforts. This process begins with analyzing your current offerings and employee needs and continues with establishing a program that is comprehensive, modern, and accessible to employees.

Encompass All Needs

Health insurance and paid time off are benefits expected by most full-time employees and it is important to ensure they are customized to meet your business’ needs. There are a variety of health insurance plans to offer, including Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Point-of-Service Plans, and more. Providing vision and dental insurance is another way to benefit your employees. Some employers even offer flexible spending accounts (FSAs) that allow employees to choose where their expenses are used, including at general practitioners, optometrists, dentists, and specialists.

To combat the spread of illness due to employees attending work while sick, employers can allow paid sick leave for a certain number of days. Traditionally, each employee gets two weeks to begin with and additional days as they gain tenure at the company. To combat the fear that this option will cause a loss in productivity and collaboration, establish a tracking system that allows for communication and the monitoring of employee’s projects and a secure cloud platform that allows access on the go.

Offer Outside the Box Perks

In addition to traditional benefits, there are many steps you can take to add value to your workplace. One of the most cost-effective ways to boost morale and loyalty is to recognize employees for their hard work during company meetings and via company-wide emails or announcements. Other options include investing in organizations that your employees can join for networking or to learn from. This is a popular option because it allows your employees to learn and network while promoting a strong brand in your community. Additionally, many companies are beginning to offer corporate wellness programs. Providing an in-house facility or discounted memberships will boost your retention and recruitment and many healthcare providers offer discounts to employees who exercise regularly, as it reduces the number of illnesses.

Provide Transparency

One of the most important steps you can take to modernize your benefits and compensation packages is to invest in cloud-based software that will store, manage, and distribute this data. This kind of software eliminates the confusing and unorganized paperwork that bogs down both HR employees and team members while keeping a record of and easily distributing notifications of each addition, elimination, or change.

It is important to take your time when developing this offering, as it is uncustomary to rescind these offerings and inconvenient to change them frequently. Establishing this type of employee benefit and compensation package will create more loyal employees and establish trust with potential team members, benefiting your recruitment and retention along the way.