How To Design an Employee Benefits Program

An attractive benefits package is often the deciding factor for potential employees. While a competitive salary brings them to the interview, the other perks can seal the deal.

What Should Be Included in the Benefits Program?

The best employee benefits package includes both required coverage and voluntary options. Common benefits include:

  • Healthcare Coverage – The most important benefit is good healthcare coverage. Your employees want to know that when they need medical attention, their insurance plan will protect them. Adding vision and dental insurance to the package makes it even more attractive.
  • Profit-Sharing – Sharing a percentage of company profits with employees is a great motivator.
  • Retirement Planning – Some companies provide 401K retirement options to their employees. Workers are encouraged to save a portion of their gross salary in the retirement plan. This money is not taxed until it is withdrawn after retirement.
  • Voluntary Options – Other voluntary options can be offered to employees. The worker pays for these benefits at a reduced rate. Options include disability protection and supplemental life insurance, among others.

How Should You Decide Which Benefits To Offer?

Talk with your insurance agent about the benefits that are competitive in your industry. Consider sending out an employee survey to see which voluntary benefits are important as well.

Entice and maintain quality employees with a comprehensive benefits package.