4 Tips for Maximizing the Impact of Your Company’s Benefits Package

Offering a competitive benefits package is a strategic way to gain and retain quality employees. However, employers don’t often have an unlimited budget for benefit offerings, so it’s critical to make sure a company is making the most of its budget by aligning its benefits to employees’ wants and needs.

Here are 4 tips to make sure your budget for benefits is working in your favor:

Communicate regularly with your broker. Make sure you and your broker discuss all the options available to your employees. Have your broker price out other plans for you periodically so that you are confident you are in the best plan for your money. Ensure that you are taking advantage of all the perks that come with your plans—some brokers offer training or one-on-one assistance, and some plans provide access to special services that your employees may not even know about. Talk to a different broker every few years just to get another perspective.
Think outside the box. Consider a monthly wellness stipend if you can’t afford an employer-sponsored Health Insurance Plan. If you don’t offer an Employee Assistance Program (EAP), partner with a counseling service provider to offer mental health services. If you haven’t set up a 401(k), partner with a local financial advisor to offer financial counseling. If you have all of the basic benefits covered, think about other options, such as college savings plans, student loan repayment assistance programs, professional development offerings, gym memberships, or parking perks.
Improve your leave policies. Offering additional time away from work doesn’t really cost any more out of pocket but can have several positive benefits. See our blog, Employee Retention Tip: Improve Your Leave Policies, for additional information.
Survey your employees. Don’t just guess what your employees want—ask them. Put a benefits suggestion box out at a staff meeting or send out an anonymous survey. If your company is spending money on a benefit, it should truly add value to your employees’ lives.

Berger HR Solutions can help you brainstorm, research, and evaluate new and innovative benefits to keep your employees satisfied. Please contact us at info@bergerhrsolutions or (410) 695-9888 to discuss which sessions could have a positive impact on your team, and to discuss pricing and scheduling. Berger HR Solutions is here to help.

Next Reads

3 Signs Your Managers Need Training

5 Considerations for Creating a Solid HR Foundation in 2024

Employee Appreciation: 5 Strategies to Show Your Employees Gratitude

10 Ways to Effectively Manage a Remote Workforce

4 Tips for Planning Safe and Professional Offsite Work Events