Offering an high-quality employee benefits program is one of the best ways, outside offering higher wages, to attract the best candidates and retain current employees. Not having an employee benefits program cannot even be considered, especially in sectors where labour shortage is a reality, as this can even set you behind your competition.
In which ways is it possible to offer an enticing employee benefits program to your employees without it becoming a financial burden for your organization?
Here are a few things to keep in mind when implementing your own employee benefits program.
Is it required by law or up to your discretion?
There are two different type of employee benefits program: ones required by law and the ones you choose to offer.
The benefits program required by law must be offered to all employees. These include paid vacation, access to a VRSP as well as compensation benefits for work-related accidents in case of injury.
The ones that you choose to offer are there to help your organization entice potential candidates as well as retain and motivate current employees. These include :
- Health insurance plans
- Dental insurance plans
- Life and disability insurance
- Pension and retirement savings plans
- Wellness programs
- Paid vacation (additional paid vacation days and personal vacation days)
As an employer, you’ll need to present these benefits programs to your employees as being a part of their total compensation. This way, they’ll be able to comprehend the full value of evolving within your organization.
Designing your employee benefits program
The first step involves determining what you, as an organization, want this program to accomplish. Are you looking to appear more attractive in comparison to other organizations in your field? Are you looking to attract and retain the best candidates? Are you looking to reward your current employees?
After determining your objectives, you’ll then need to find out what your employees want in terms of benefits.
Young professionals, employees with families and staff members approaching retirement all have different needs. As such, it’s important to always take the time to ask the current members of your organization which benefits appear most advantageous to them.
Choosing your advisor
To aid you with designing your program, you can work with an advisor specialized in employee benefits program. This organization will basically play the role of “quarterback” when it comes to any questions may have regarding your program. Your advisor will also be the only person that will be able to send submissions to various insurers. When it comes to choosing an advisor, there are three essential criteria:
- Knowledge of employee benefits program
- Customer service
- Offered social benefit management software
How much does it cost?
What is the best way to minimize expenses all while ensuring that you’re offering the best employee benefits program possible to your employees?
If your organization offers complimentary health insurance, consider opting for generic medicinal products or excluding certain types of medication.You may also choose to increase your contribution to their health insurance plan.
Offering an employee wellness program is also another indirect way to reduce costs. These programs can help reduce employee stress and obesity as well as reduce the amount of chronic disease. These types of health issues will always tend to increase the cost of employee benefits program.
Your wellness program can include support for fighting smoking, mental health consultation services, physical training programs, cold vaccines and preventive medical consultations.
Low-cost social benefits to consider
Another option is to offer social benefits who’s cost in negligeable or completely non-existent for your organization. This includes:
- Flexible work hours
- Social activities chosen to please different age segments of your team
- Employee recognition programs
No matter which employee benefits program you choose to go with, don’t hesitate to get creative. This is your chance to create a unique organizational culture designed to reward your employees for their efforts.