It may be tempting to cut corners and justify a conservative budget in these difficult economic times. But, with the healthcare renewal season fast approaching, planning employee benefits should be an opportunity to support the people who help keep your business running well.
In a time when employees need more support than ever, find ways to care for your team without surrendering to obscene healthcare costs. Studies show that 87% of employees are loyal to organizations that help them balance work and life. Consider modern voluntary benefits such as 401(k) retirement plans, student loan repayment programs, or flex spending. These are paid for mostly, or 100% by, employees via payroll deductions. This is a very inexpensive way to express care for your team and help retain valuable employees during such an unpredictable time.
Do you know what benefits matter most to your employees? Do you know if your benefits align with what your employees actually want? Don’t go blindly into this healthcare renewal season without understanding your employee demographic. Getting feedback on your benefits offering is a simple way to help shape a more utilized and more economical benefits package for your team. Consider preferred perks by generation, too. Generation Z’ers love competitive salaries and student loan repayment programs. While Baby Boomers prefer retirement plans and medical insurance. An anonymous survey is a great way to get insight from employees prior to renewal time.
Managing a business in this COVID crisis means lots of time and money is spent on busywork. Take yourself out of the equation and hire an HR company to ensure your employees receive the best benefits you have to offer at rates you can afford. Now more than ever, your employees are looking at how you make decisions, and whether they’re better off because of those decisions. Some HR companies, like ProService, even offer free training to keep your employees safe in the workplace. Hiring a HR company easily contributes to a more rich benefits package for your workforce.
Want to learn more? Download our free guide: How to Create a Benefits Package That's Right for Your Business.