For businesses, both small and large, keeping employees happy is crucial to both productivity and growth. While this can be accomplished in a number of ways, an employee benefits package is perhaps the most common and most effective way.
As experts in the employee benefits and insurance industry, we at Sensible Benefits know that choosing the right employee benefits package can be confusing, convoluted, and frustrating. It is our mission to eliminate this hassle. We leverage our experience and expertise to tailor a plan that works for both you and your employees.
What are Employee Benefits?
Employee benefits are optional non-wage forms of compensation. They might include health, dental, vision, and life insurance, as well as disability, day care, tuition, sick leave, vacation days, and alternative or flexible work arrangements. Though not all employees take full advantage of their benefits, providing and communicating these benefits is important to business success.
Read on to learn about some of the advantages of creating a customized employee benefit plan.
What Can Employee Benefits Do for an Organization?
- Attract and Retain Top Talent – Top notch talent expects top-notch compensation. Benefits are becoming so important that many prospective employees will take better benefits in lieu of higher wages. Having an attractive benefits package will not only help your company stand out among the rest, but it will also improve your ability to retain your key talent once they are on board.
- Build Culture and Morale – You create a culture of caring when you offer quality benefits. This naturally makes employees more engaged with their work and feel tethered to the company for reasons beyond pay. When you have employees that feel like they are not fairly compensated, it can drive a wedge between them and the company and not bring out their best work. Employees who feel valued and rewarded are naturally going to produce better results.
- Improve Health and Productivity – Health and dental care is expensive. Receiving health care while uninsured is nightmarishly costly and stress-inducing. By offering employees sick leave and health and dental plans, you almost guarantee a healthier workforce. With a solid health insurance plan in place, your employees are more likely to have regular checkups and take preventative measures to stay healthy. This not only means less sick days and an increase in productivity but also peace of mind for employees and their families, who know they are insured in the event of an emergency.
- Tax Advantages – Not only are contributions to health care and retirement plans tax-free, but some benefits are tax-advantaged for both businesses and employees. For instance, life insurance, child care reimbursement, cafeteria plans, company-owned vehicles, and tuition reimbursement are all commonly tax-free employee benefits for both organizations and their employees.
An employee benefits plan is one area where you can’t afford to make mistakes. Without the right benefits plan, you cannot expect to attract and retain the best talent or create an environment that is conducive to employee-satisfaction and, therefore, productivity and growth.
As insurance brokers who strive to touch on all aspects of employee benefits, we can not only help tailor an employee benefits package for you and your business, but we can also communicate the true value of the benefits through regular statements.
Whether you are a growing business that has reached a point where not offering benefits is actually becoming more costly to your business or you’re an established company looking to refine and optimize your benefits package, choosing the right plan is a vital part of sustainable business growth and development.
Let the professional as Sensible Benefits help you sort out your employee benefits program. We will work with you to decide whether or not it’s time to start offering employee benefits and exactly what that plan may look like. Contact us today to set up a free consultation with an advisor!