A Guide to Implementing an Employee Benefits Package

July 21, 2021

Employers face increasing pressure to attract and retain the top talent in their industry, and one of the ways to get ahead of the competition is through a phenomenal employee benefits program. There are a number of different elements that could be included in employee benefit plans, and there are several mandatory benefits for employers to provide. The final selection determines and enhances an employee’s compensation, with the ultimate goal of recruiting and retaining talented individuals to the company.

What Should a Benefits Package Include?

As you seek to devise the best benefits plan for your employees, you need to take into account both required elements and supplemental benefits that are attractive to job seekers. The cost investment on the part of employers is significant, so each benefit needs to accomplish specific goals. This can be done by first identifying the objective and budget for the organization and its benefits plan. Each benefit should meet an objective, even if is an overarching compensation philosophy of protecting an employee’s need for protection during health concerns, the need for paid time off or supporting the need for an employee to plan their financial future.

Fulfillment of a Needs Assessment

Each benefit chosen should fulfill an aspect of a needs assessment done on the employees of the company. Factors to formulate the assessment could include:

  • Industry expectations
  • Tax laws
  • Competitor’s benefits plans
  • Employee benefit needs

An employer can find out what employees desire or expect through market research for the organization’s industry, questionnaires or personal interviews. Reviewing a current plan and determining which parts are valued or underutilized can also be informative.

Compliance With Regulatory Expectations

The first inclusions, regardless of the needs assessment, should be those required by state or federal law. The most basic requirements mandated for employers include workers’ compensation insurance, Social Security contributions and unemployment insurance. The other inclusions vary but commonly include medical, dental and vision insurance, life and disability insurance, paid time off and retirement income plans. Medical insurance, in some states, is a legal requirement.

Enhance Employee Health and Wellness

Many companies are finding that investing in the health and wellness of their employees enhances productivity and improves workplace morale. Some of the benefits that promote the positive, holistic well-being of employees include tuition reimbursement, workplace wellness programs, remote or flexible work schedule and casual dress. These options help lower workplace stress and give employees are more positive attitude toward both their job duties and employer.

What Other Options Are Attractive?

In addition to a formal benefits package, workplace perks also go a long way in attracting top talents without costing a company a significant investment. Sign-on bonuses reduced membership to local gyms, mobile provider discounts and more can be additions to the insurance provisions and other established benefit plans. Whatever you decide, designing your plan around the needs of the talent you have and wish to recruit will be crucial in developing a benefits plan work investing in.

About Brooks, Todd & McNeil

Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated facilitators are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.