Are You Offering the Right Type of Employee Benefits?
As we are nearing the close of 4th quarter, I find myself reflecting on all of the work that our team, clients and vendor partners have done in 2017 to ensure organizations are offering the “right” employee benefit packages to their employees. The “right” type of employee benefits package can look very different from organization to organization, but the level of importance of offering the “right” package is at an all-time high.
Employee Benefits can include everything from non-wage benefits, like insurance and paid time off, to others that are mandated by law, including minimum wage, overtime and leave under the Family Medical Leave Act. Employee Benefits Advisors tend to focus predominately on the medical, dental and vision insurance because of the cost and typical utilization (which is very important), but sometimes it is the other benefits that employees value the most. The type of employee benefits being offered continues to evolve, as the race to be the “employer of choice” increases in the current candidate-driven market. Now, not every employer can afford to compete with the employee benefits packages at Google or Facebook, but being creative and intentional with your current resources is important for all employers.
In a recent article from Forbes, Zack Friedman describes how to transform your organization into one that is “employee-centric” through employee benefits, as well as how to think like a startup. The article is a great reminder to take a step back and be thoughtful and strategic in our planning beyond the traditional benefits. The article challenges us to ask the following 3 questions:
- What kind of company do you want to be?
- Ask your employees what kind of company you should be.
- Find the benefits that help both employees and the company.
Whether you are a startup tech firm or a 100 year old non-profit, it is important to continue to evaluate your overall benefits offerings to reflect your company resources and culture. Need help in creating a strategy?…Contact Exude today.