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With 60% of employees saying that benefits are a very important contributor to their job satisfaction, it’s critical that your business has an established benefits plan that works for your employees as well as your business’ bottom line. [1]
Continue reading to learn more about how to establish or improve your business’s employee benefits offerings.
Once you’ve decided to create or update your business’s employee benefits package, you should consider your objectives for offering these benefits. Many businesses will update their employee benefits package to either attract new talent or retain current employees.
It’s also important to set a budget for your business to spend on benefits. If your business currently has a benefits package, look at your current budget and determine how much it would cost to add new benefits or improve existing ones. If your business does not currently have a benefits program, you can look to get estimates for a few main benefits in order to help get the most accurate budget.
“We facilitate meetings between our clients and our outside broker to discuss budget, needs, and risks to ensure our clients are getting what they need out of their benefit packages,” says Veronica Ramos, Senior HR Generalist at PER.
You should assess your business’ current benefit needs and consider the wants of your employees. At this stage, you should examine competitors’ benefits offerings and consider who your employees are. Younger employees may value more paid time off (PTO), while older employees may prefer a more robust retirement savings plan.
Your business can also consider sending out questionnaires or holding interviews to assess your employees’ satisfaction of their current benefits and take suggestions for how to improve your business’s offerings.
If your business currently has a benefits plan, you can take a look at how much your employees are using certain benefits and decide where you may be able to cut back or where you should improve.
It’s also important to note that there are some basic benefits your business may be legally required to offer. Social security, unemployment insurance, workers’ compensation, and Medicare are all mandatory benefits for businesses of any size and in any state. Other benefits, such as health insurance and family and medical leave are only required for business with 50 or more full-time (30 or more hours weekly) employees.
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How a PEO can help your business with benefits administration
Once your business has decided on a budget and conducted a needs/wants assessment, it’s time to finalize your new benefits package. Using the needs/wants assessment, you can decide which benefits you’d like to offer or improve based on your findings.
When you have finished compiling your new offerings, you should notify your employees to discuss the details of their new benefits offerings and notify them of any changes from their previous package.
PER has provided outsourced HR services to small and medium-sized businesses across Central Florida for over 25 years. We offer the extensive capabilities of a full-service PEO, while maintaining the personal connection of a small business.
Our team of qualified benefits specialists can assist you and your business in optimizing your employee benefits package. Through our benefits administration services, we provide access to high-quality health, vision, and dental insurance for employees and their families that include HMO, POS, and PPO plan options.
PER can help your business by handling new hire eligibility and enrollment, qualified employee changes, and processing employee deductions and employer contributions. As part of our comprehensive services, we also offer payroll management, workers’ compensation, 401(k) retirement plan, and more.
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Source:
1: SHRM | Better Pay and Benefits Loom Large in Job Satisfaction.
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