An key factor in attracting and retaining the best employees is offering a comprehensive benefits package. While there are all sorts of ways to structure such a package, there are a few essentials that should always be included. Here are some examples of what should be in your company’s plan even if it’s not possible to offer other benefits right now.
Life Insurance Plan
A basic term life insurance plan that is provided at no cost to the employee is a great element for any benefits package. Many people don’t seriously think about life insurance until later in life. What would happen if an employee suddenly passed away and left behind a spouse and young children? The funds from that term life policy would help settle end of life expenses and provide some additional funds to help the family through a difficult financial transition.
Employee Assistance Program
Many life circumstances can make it more difficult for employees to continue providing the higher level of productivity that employers expect. In many cases, the issues can be addressed and resolved with the help of an employee assistance program. Programs of this type are designed to offer support when an employee is going through transition like a divorce, the loss of a loved one, or who is dealing with an addiction. By providing help during these difficult times, the employer does more than protect the company. Ultimately, the employee also moves through the crisis and is able to be happier and more productive.
There are many different forms of retirement plans that employers can offer their employees. Offering at least one provides the opportunity to amass financial resources that will come in handy later in life. Plans that allow employees to make contributions and also provide for employers to match those funds up to a specified annual limit are an incentive to stay with the company for at least the number of years needed to become fully vested.
Health Insurance and Related Plans
Working with professionals to create a custom health benefits plan for your employees is another crucial part of any benefits package. Health insurance that covers the majority of potential ailments paired with something like a health spending plan is a great approach. When employees don’t have to worry about how to pay for necessary medical treatments, it’s easier to get well and be back at work sooner rather than later.
Take a look at what you offer your employees right now. Can you do better? Do you have the resources to add something to the current list of benefits? If so, talk with an expert who can help you improve the benefits package. The effort will pay off by giving your valued employees a reason to stay with you instead of looking for work elsewhere.