Keys To Developing A Good Employee Benefits Program
If you are a business owner, manager, or human resource professional, the following information may help you find the best candidates to fill your open positions. Of course, you want the best possible people to work in your business, and having a good employee benefits plan can help you find the best employees for the jobs.
The value of employee benefits is demonstrated by the data. According to a study conducted by the Society of Human Resource Management (SHRM), 92% of employees regard employment benefits programs to be critical to their overall job satisfaction.
There are many advantages to a well-designed employee benefits program, including: employee retention, the ability to attract the best candidates, improved attendance, and increased employee productivity.
Most experts say job candidates place a good healthcare program at the top of their list when considering working for a company. Most reports state that over 65% of employees want a customized employee benefits program that offers them a choice.
Here are some of the top employee benefits ranked by human resource experts.
- Healthcare
- Culture of business
- Time off or flex time
- Dental program
- Wellness programs
- Retirement program
- Remote work options
- Paid parental leave
- PTO for volunteering
Components Of A Good Employee Benefits Program Can Include:
- Group Health Insurance – Covers health and medical treatments, drugs, and hospital services.
- Group Dental insurance – Provides coverage for preventative, diagnostic, and corrective procedures.
- Flexible Spending and Health Savings Program – A tax-advantageous vehicle by which to save for medical costs.
- Group Disability Insurance – Provides income protection for both short-term and long-term compensation.
- Group Vision Insurance – Covers costs for routine preventive eye care (eye exams) and prescription eyewear (eyeglasses and contact lenses).
- Life Insurance – Provides financial resources for loss of life.
- Long-Term Care Insurance – Covers the cost of care if an employee becomes ill or injured.
- Retirement Plans – Creates income for retirement.
An experienced and knowledgeable firm will create a customized employee benefit package for your business and keep track of your plans and benefits throughout the year to ensure you are always getting the best coverage and price.
Your Insurance Company should be a partner, not just a provider
An experienced firm:
- Works with your team to analyze your needs, develop options, and design your plan
- Brings to your business innovative insurance products
- Guides you through the enrollment process
- Looks for ways to create cost-saving strategies
- Helps you evaluate and consider various insurers
- Ensures your program is compliant with healthcare reform requirements
- Provides analysis of voluntary benefits plans
Proven Methods In Building A Good Employee Benefits Program
- Identify your benefits goals and objectives.
- Determine the optimal benefits offering, selection, and design based on the needs and preferences of your employees.
- Formulate and create an employee benefits plan.
- Create communication programs to inform and educate employees.
- Develop a process for determining the effectiveness of benefits on a regular basis.
Having a trusted insurance advisor means you don't need to be an employee benefits expert. Be sure your firm has the experience and expertise you need.
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Leap | Carpenter | Kemps Insurance Agency Helps Can Help Meet Your Needs and Those of Your Employees
At Leap | Carpenter | Kemps Insurance Agency, we provide quality life and health insurance, as well as complete employee benefits packages to meet your needs and those of your employees.
If you’re looking for ways to help reduce the risk in your workplace and make sure your employees are adequately insured, schedule an appointment with one of our insurance agents to discuss your current coverage and explore your best options.