How to Keep Your Company's Benefit Package Competitive

One major way that companies today can gain an advantage over their competitors is through offering a great employee benefits package. A competitive package can boost employee morale and have a major impact on their lives in and outside the office. Companies know that offering a benefits package can be expensive, especially as the company expands. However, they know that this is a risk that must be taken in order to secure the best talent. Here is a look at some different components of an employee benefits package and what features can keep you ahead of the curve.

Health Insurance 

All employee benefits packages place a heavy emphasis on health insurance and companies have four different options to look at when it comes to health insurance. Preferred Provider Organizations are the most expensive option. PPOs give employees options in terms of finding a doctor and choosing a hospital. Health Maintenance Organizations are the most popular choice among companies. An employee can choose a primary care physician to manage health care costs by giving the employee a referral. The insurance will cover most of the treatment. For companies who are hiring a lot of young workers, it may be beneficial to go with a high deductible health plan, as young workers likely will not require a lot of health care on a regular basis. Companies can also choose to Self-Insure. With self-insurance, companies have more control over their coverage, so they create a plan that works for every individual employee. 

Retirement 

If the benefits package includes retirement, that can help companies keep their employees and drastically reduce the turnover rate. Most companies offer a 401(K) plan. A 401(K) plan allows employees to contribute a part of their pretax earnings. Employees can borrow and withdraw funds or wait for tax free distributions. A 401 (K) plan offers employees financial independence. 

Vacation Time 

Paid vacation time is included in the benefits package that most companies offer. Two weeks of paid leave is the most common option that companies provide, and employees can gain more time as they earn seniority. 

Flextime 

Flextime is an option that employees can earn as long as they are completing their assignments. Employees have the option of working a unique schedule such as working from home. This can be great for growing companies with younger workers.

Maternity Leave 

Most employers offer around 12 weeks of paid maternity leave. To make things even more comfortable for parents, some companies are offering nursing rooms to help with childcare issues. Think about some other benefits you might be able to offer here as well.

These are just a few options to consider as your company decides how to offer employees the best possible benefit package. Be sure you automate some of these processes as well. Companies like https://www.adp.com/solutions/large-business/services/tax-credits.aspx can help piece together you package and offer it all online, streamlining the process for you and your employees.

About the author

Eileen O'Shanassy is a freelance writer and blogger based out of Flagstaff, AZ. She writes on a variety of topics and loves to research and write. She enjoys baking, biking, and kayaking. Check out her Twitter @eileenoshanassy.

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