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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.
That's why longer-term benefits need to be integrated into your overall offerings. Top talent is not going to stay with you for the long haul unless they feel their long-term prospects are superior to what your competition is offering.
Professional benefits consulting can assist you in mapping out your benefits strategy, including long-term benefits - but here are 5 major ideas to consider!
1. Opportunities For Advancement
The biggest benefit that will keep new recruits with you for decades is to provide them with a clear path by which to advance in your company.
A well-defined system of promotions, employee training and educational opportunities, and regular pay raises and benefit increases is like a magnet to keep serious employees with you for a full career.
But the moment your company is perceived as a "dead-end job," you risk encouraging employees to use it as a mere stepping stone to seemingly more promising opportunities elsewhere (your competition!)
2. Health-related Employee Benefits
Health is a long-term concern, to say the least. And as we get older, it can become more difficult to find good, affordable health insurance and other health-related benefits.
Letting workers know they can protect themselves from overwhelming medical expenses via group-rate health insurance discounts, health savings accounts (HSAs), dental and vision plans, and more will make them much more likely to stay.
3. A Life Insurance Plan
Life insurance is obviously a long-term benefit. People who are thinking about it have the long view in view for sure.
But don't think only older workers will be interested in a good discount on a term or whole life insurance policy - young people are thinking about this too nowadays. No one will want to lose their life insurance or see a big premium increase because they switched jobs, so this is definitely a factor in retaining top-of-industry talent.
4. A Valuable Pension Plan
Today, people move from job to job so much that pension plans seem to be "going out of style." In this case, going against the current trend will set you apart from your competitors in a positive way.
Allowing employees who have been with you, say, at least 5 years to begin contributing to a pension plan that will provide them with valuable retirement income in their golden years is a smart move. So few have pensions these days that the prospect of having a truly valuable one is a huge factor.
5. Offer FIAs As A Retirement Savings Option
Another way you can help out employees who are thinking about retirement is by getting them into a quality FIA (fixed index annuity) program.
FIAs are a safe investment that won't risk employees' principal but can still yield big gains during a bull market. They also act as a tax shield and can include a lifetime income feature that keeps on paying even when other retirement income sources might begin to run out.
For more ideas and some helpful, experienced benefits consulting advice on formulating an employee benefits plan that doesn't neglect long-term benefits, contact Summerlin Benefits Consulting today!