Employees like to know they are being taken care of, and an employee benefits package assures them of that and is better able to retain your key employees before they find security with a competitor.
When employers usually talk about their “compensation packages,” they don’t only mean the salary given. The compensation package includes an employee’s pay, plus a number of perks, which may include things like paid time off, health insurance, and retirement plans.
But an impactful employee benefits program goes above and beyond just medical coverage. It is a tool that employers can use to engage and retain your workforce. Without such benefits, nothing is really holding back employees from looking elsewhere as they use your company to pay the bills in the meantime. This goes double for Millennials, who are taking over the workforce, and bring their own set of unique requirements just as the generation before them, and the generation before that one. Millennials like to feel like they matter, and, really, who among us doesn’t want that feeling?
If your objective is to attract and then retain top-level employees, here are a few tips on how you can build the fantastic employee benefits package your business and employees deserve.
- Health Insurance – Including medical, vision, and dental
- Retirement Savings Plan – Most commonly in the form of a 401(k)
- Paid Time Off – Things like vacation, sick, and personal days
- Flexible and/or Work From Home Options – In order for employees to save on commuting costs
Going Above and Beyond
These plans are only for those employees who seriously want to retain the best and brightest of their employees.
Listen to Your Employees – The more you understand the benefit priorities of your employees, the better you can actually meet your priorities. Only about half of all employees feel relevant to their job, and if your employees are mostly millennials, you are essentially digging your own business grave. Employees like to feel like they are important and helping the bigger picture.
Offer Choices – Voluntary benefits can really make your employee feel like you care about them outside of what they do at work. Offering things like low-cost loans for employees to leverage in times of personal crisis can lead employers down the path of greatest retention.
When looking for the right business insurance in Glendale, CA to meet the standards of top employees, contact the independent insurance professionals at Massive Insurance. We can tailor the right general liability insurance policy for your business.