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Everyone wants great employee benefits - it's a huge part of how many modern job-seekers choose one employer over the competitors. But the difficulty lies in the fact that one employee's "perfect" benefit is another employee's "not worth it" option.
One of the keys to growth for your business as we go into a new year and a new decade is to successfully compete for top-of-industry talent. And today, applicants look for far more than just a good basic compensation agreement - they also demand a great employee benefits package.
Last time, we looked at a certain class of employee benefits that might be called "fringe benefits" or "perks." These tend to be shorter-term benefits that are valuable and attractive to workers, but the best benefits package needs to be balanced.
Employee benefits cover a wide range of possibilities, and there are several ways to classify them, but one of the most important benefits as traditionally classified is called "fringe benefits."
It goes without saying that your workforce is eminently diverse, and with that diversity comes a corresponding diversity in the kind of employee benefits they would most prefer. The answer is clear: a benefits package that is only intrinsically valuable but that is also broad and variegated so as to cater to diverse needs and preferences.
It's not enough to just offer great benefits to your employees and to make them aware they exist. The third leg of the stool is being available to help educate your workers on the ins and outs of each benefit and give them the knowledge they need to make wise choices in this arena.
Employers who are trying to formulate the ideal employee benefits package should take advantage of professional benefits consulting to give them ideas and to guide them through the legal and HR details of turning such ideas into successful realities.
Bolstering the appeal of your business to potential new workers is a two-way street. Both employees and employers stand to benefit from a smartly developed and creatively deployed benefits package.
As your small business grows, the need for a distinct HR Department to handle hiring, firing, employee training, payroll and deductions, employee benefits, and compliance becomes obvious.
The Affordable Care Act's (ACA's) annual updates in cost-sharing limits for group health plan coverage impacts employers, as they could face steep penalties for failing to provide affordable coverage under the ACA's shared-responsibility provisions.