There are several ways to scale the success of a business. Among the top indicators are revenue and profits. Another way to measure success is to see how many products and services a company has launched. A business can also be considered lucrative if they have a widely recognized and patronized brand.
Businesses can also be deemed successful if they have a good talent pool. One of the ways to attract topnotch talent and keep them is to offer a competitive benefits package.
Now, what does an attractive employee benefits suite look like? From having a reliable employee benefits platform to allowing additional time off, here are the qualities that make a compensation package irresistible.
1. Comprehensive Health Insurance
It’s a must for every employee benefits package to include health insurance. For some companies, particularly those that are just starting to grow, maintaining health insurance policies for their employees can be financially challenging. Due to the rising premiums, some businesses chose to drop health insurance.
However, it is because of such a trend that legislators moved to make sure that the provision of employee health insurance becomes mandatory. Now, companies are required to cover their direct-hire employees. There are several types of health insurance coverage to choose from. Among your choices is coverage from a health maintenance organization (HMO) or a preferred provider organization (PPO).
Now, it will depend on you up to how much insurance amount you’re willing to pay for. Other than the amount, employees will appreciate if they can register one or more dependent who can also enjoy health coverage as they could.
2. Disability and Life Insurance
Even if an employee already has their own life and disability insurance, they may still feel more secure when their employer provides them with one. This is particularly the case for those who work under risky conditions. Giving life insurance policy aside from the mandatory health insurance will help you attract and retain employees who put their safety and well-being in high regard.
3. 401(K) Retirement Savings Plan
One of the ways you can show employees that you want to keep them is to provide a considerable retirement benefit. With a good retirement savings plan, good employees will be compelled to stay, most likely until they retire. Furthermore, employees can also borrow against the value of their 401(K), giving them financial assistance in times of need.
4. Extra or Flexible Vacation Time
Another benefit that every employee is bound to appreciate has extra paid vacation leave credits. Two weeks’ worth of paid leaves a year is the standard, but you can opt to add more days for senior employees. Your staff might also love to have some flexibility as to when they can use those leave credits.
5. Flexible Working Hours and Option to Work Remotely
In the modern workplace, almost everything can already be done online. Depending on an employee’s role, you can provide the option to let them work from home every once in a while. The ability to offset working hours may also prove to be a welcome benefit.
Be Open to Suggestions
The best way to create an employee benefits package that will benefit everyone? Welcome suggestions from your staff. Every team is unique, so your employees may have some ideas that are worth considering.