Covering All The Bases With Employee 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. 

Here are 5 classes of employee benefit that should be included in any full-fledged repertoire:

1. Health-related Employee Benefits
This has got to be your number one, central, most basic benefit offered. Why? Because health is the biggest thing on most employees' minds when it comes to benefits packages.

But don't think of just group rate health insurance opportunities. Also mix it up with secondary insurance types like accident or indemnity insurance, dental and vision coverage, health club memberships, wellness programs, and more.

There are too many coverage gaps with primary health insurance to not add some additional option on top of it.

2. Family-oriented Benefits
For workers who have families, there are many employee benefits that are particularly appealing.

First off, there is free day/child care services during working hours. That's huge. Next, there is having the option of working form home at least part of the time. Carpooling or transportation reimbursement also makes it easier and cheaper for busy parents to get to/from work on time consistently.

3. Student Benefits
With so many people loaded down with large student debts these days, any company that offers tuition reimbursement, student debt relief, free or discounted training that can lead to promotions instantly makes itself more appealing to a large class of job-seekers.

If you are wanting to grow your company by acquiring fresh, new talent straight out of college, grad, or tech school - this is a prime way to fuel the fire.

4. Work-related Perks
In your rush to get creative and find all kinds of new and attractive benefits that will raise employee satisfaction rates (and increase employee retention long term), don't neglect some of the "old standbys."

More directly work-related perks such as employee discounts on company products/services, regular pay raise and predictable bonuses, and flexible, family-friendly scheduling are always popular. Paid time off, even if it has to be earned first, is also a great way to keep your workers happy and productive.

5. Retirement & Related Concerns
For older workers, for those who have been with you for many years, or for anyone who is thinking long term - looking for a career and not just another job, you have to have retirement-related employee benefits on the table.

Add such benefit options as pension plans, a 401K, fixed index annuities (FIAs), and discounts on term or whole life insurance policies. The last thing you want to see happen is your most tried and true talent fleeing to your competitors as soon as retirement begins to appear on their radar screen.

For additional help on formulating a balanced, well-rounded employee benefits program that works for all your workers, contact Summerlin Benefits Consulting today!