Beyond Benefits: Creating an Employee Benefits Package That Pops

The modern workplace is miles away from what it once was.

An alluring salary is no longer the only thing that employees want. They’ve got their eyes well-placed on another factor: employee benefits.

If you think employee benefits are something you can just toss aside and ignore, you couldn’t be more wrong.

In fact, not giving proper care and attention to your company’s benefits package could be the very reason that quality employees choose another place to work.

Let’s dive into the various intricacies of employee benefits, and how you can put together a compelling package that’ll attract employees for years to come!

Don’t Just Say It—Believe It

It’s not enough to just put together a good benefits package. You also need to understand why it’s important, and imbibe that belief into your company philosophy.

Because beyond what’s on the surface, the core essence of a benefits package is a message to your employees that they’ll be well cared for and heard.

Fail to grasp this, and employees will see through your shiny veneer and ultimately walk. But if you internalize the importance of truly caring for your employees, they’ll wake up every day excited to come into work!

Offer a Good Health Insurance Plan

Putting together a good insurance package can be a tremendously appealing thing for an employee. In addition to the money that you’ll save them, a quality insurance offer can make employees feel special, secure, and even elite.

A good practice is to maintain a balance between premium costs and out-of-pocket expenses.

For instance, Health Maintenance Organizations (HMOs) are great for those preferring cheaper options, while Preferred Provider Organizations (PPOs) are for employees who want provider flexibility. You may also want to add high-deductible plans coupled with Health Savings Accounts (HSAs), which can be appealing to younger employees or those seeking lower premiums.

Breaking Down Other Insurances

After health insurance, it's beneficial to diversify your benefits package with other essential insurances such as life, dental, vision, and disability.

Offering a good life insurance package doubles down on the message to your employees that they’ll be well-cared for in the long term. Life insurance provides financial security and peace of mind, not just for your employees, but for their families—so employees who have dependents will appreciate it.

Although it tends to get overlooked by some, dental and vision insurance is also incredibly important. In fact, some employees will be particularly partial to a good vision plan (like those who wear glasses), and you’ll be a life-saver if you can provide them with good options.

Finally, there’s also disability insurance—which many people forget about. If, for whatever reason, an employee is rendered disabled and therefore can’t work, this insurance offers them income protection. This, too, is a gesture that shows employees that you care about their health and peace of mind.

Providing Employees With a 401(k)

One of the most common benefits in today’s modern workplace is a 401(k) plan.

Everyone wants to be protected down the line. All employees eventually want to retire and have life savings—and that’s exactly what you’re giving them with a 401(k).

You can offer them a Traditional 401(k), which allows employees to set aside a part of their salary on a pre-tax basis. The cool thing about this plan is that it’s flexible. Employers are not required to contribute to the 401(k), but either way both parties (employer and employee) are tax-deferred.

There’s also the Safe Harbor 401(k) plan. This is similar to the traditional one, but in this case the employer is required to contribute to it (either matching or non-elective). This will automatically satisfy any non-discrimination tests, which is a good thing if you have many employees that are highly paid.

Then you have something called the SIMPLE 401(k) plan. This plan was created for companies that have less than 100 employees, and the reason is because it’s a lot easier to administer. There are less IRS reporting requirements, so if you want less of a headache, you may do well to consider it. Like the Safe Harbor plan, employer contributions are mandatory as well.

All of these 401(k) options are beneficial for different reasons, and ultimately the best choice depends on your specific company needs.

Employee Wages—Giving Them the Power

There’s nothing employees love more than having more control over how they handle their hard-earned money. What if you gave them the opportunity to access some of their salary before they’re scheduled to get it?

Some employees might not need this perk, but others might consider it to be a game-changer. In fact, it can be the very thing that attracts a potential employee to work at your company!

Getting employee wages on demand, or “on-demand pay”, may seem straight-forward, but that doesn't mean it's easy to implement into your system. Luckily, many payroll service providers—including us here at Brand’s—offer solutions that make it easy to integrate.

The Benefits of Pre-Tax

Finally, one of the biggest cornerstones of a powerful employee benefits package is offering pre-tax benefits. It’s exactly what it sounds like—employees allotting some of their money into their accounts before it gets hit by the taxman.

Doing this gives both employees and employers the benefits of considerable savings, which can be quite a relief when you consider how much taxes are often deducted from a paycheck.

A Flexible Spending Account, or FSA, is a common pre-tax benefit that allows employees to set aside money for healthcare-related expenses. Another option is something called a Health Savings Account, or HSA, which can be used for medical expenses when combined with high-deductible health plans.

‍Commuter benefits can also be utilized as part of a pre-tax format. Employees who commute from far away can pay for transportation and parking with pre-tax dollars, making it a great perk for strong employee candidates who are on the fence about commuting to your workplace.

Good Benefits Are Hard To Resist

So if you’re still doubting how captivating a strong benefits package can be to employees, think again.

Employees in today’s day and age want to feel like they’re being taken care of, and the way to show that to them is by going the extra mile.

However, going the extra mile is time–consuming, and you might need outside help.

Here at Brand’s, we specialize in all matters related to benefits. We host an integrated system that's simple to use and leaves all of our clients' employees satisfied.

‍Talk to an expert now and learn more about how Brand’s can increase your employee satisfaction and retention by implementing a stellar benefits package!