How To Choose the Right Benefits for Effective Employee Retention and Recruitment
When you have a small business, it’s essential to hire the right employees: people who work hard and are dedicated to your company and mission. One of the ways to find and recruit these high-quality workers is to offer the right benefits. Certain employee benefits, such as group health insurance, competitive wages, and perks, are proven to have a significant effect on a company’s ability to hire and retain hard-working, happy employees. Read on to learn how to structure a benefits package that will support your employees without breaking your budget.
Wage Increases
Wage increases can improve employee morale and can also help you during recruitment. With the onset of online recruiting and tools, such as Glassdoor, that enable candidates to view average salaries for their industry and locale, it’s more important than ever to keep your compensation competitive.
Retirement and Education Benefits
Many employees rate retirement and education benefits high on a list of favorable offerings. With the difficult economy of recent years, more young people are placing value on retirement benefits, such as a employer sponsored 401(k). Likewise, educational benefits are extremely important. Research shows that employer support for education, through career development opportunities, professional training, or tuition reimbursement, is extremely important to employees. One survey found tuition reimbursement tied with salary increases for second place (behind more vacation time) in a list of most-desired benefits.
Perks
You can improve your current employees’ morale and help attract up-and-coming candidates through unique perks. Transportation benefits and Bring Your Own Device programs can help make your company seem adaptable and thoughtful.
Group Health Insurance
Of course, one of the most important employee benefits is group health insurance. The rising cost of health care makes this an extremely important issue for most people. Providing this benefit to your employees can bring other advantages for your company as well, including a healthier and more loyal workforce.
Creating the Right Benefits Package
If your company’s budget doesn’t allow for a comprehensive set of employee benefits, you may try an alternative you may try an alternative such as supplemental insurance options, self-funded plans, FSAs or HSAs.
Sackett Insurance Services can help you find the right health insurance coverage for your employees. Since we operate independently, we can offer small business employee coverage from multiple private-sector providers as well as through the California health exchange. To get started finding the right health insurance benefits for your company, contact us at 707-823-3689. You can also connect with us through social media: Facebook, google+, and our blog
