Choosing the Right Benefits Package for Your Business and Employees – If there’s one thing that Covid and the pandemic have taught us about the workplace, it’s that salary alone isn’t enough to acquire or retain employees. More than ever, employees are seeking balance: whether in the form of remote opportunities, hours flexibility, or benefits that support quality of life. Yet, as the employer, choosing the right benefits package that supports employee needs and the company’s bottom line can feel challenging.
Choosing the Right Benefits Package
Unfortunately, in today’s business world, offering only the bare minimum of legally required benefits is rarely enough to attract new hires or retain current employees.
So, how do you determine which benefits are enticing yet cost-effective?
Consider these five PERKS factors.
Priorities: Consider your employee demographics:
- Are many parents that would appreciate flexible hours or work-from-home opportunities?
- Would company-sponsored after-work gatherings build a sense of belonging for those new to corporate environments?
- Discounts or memberships to local restaurants, gyms, yoga/pilates studios, grocery stores, or “explore your passions” monthly stipends encourage work/life balance.
- If on-site work is mandatory, gas or public transport stipends may minimize commute challenges.
- Monthly on-site chair massages can reduce neck and back pain which are consistently the top causes of missed work.
Essential: Certainly, the first step is understanding and meeting state and federal requirements regarding
- medical leave
- paid time off
- health & life insurance
- Social Security
- retirement savings
- unemployment compensations
Retention: Employees tend to feel more invested in the company’s success when they’re invested in the company:
- stock options
- equity
Knowledge: Whether it’s expanding job expertise or supporting personal interests, continuing education benefits both the employee and employer
- tuition reimbursement
- company-paid skill conferences, workshops, or classes
- on-site “lunch and learn” programs
- off-site unique team-building classes (cooking, fitness, painting, music)
Social: Connection to the world around us- locally or on a global scale- impacts employee morale:
- volunteer time
- charity events
- mentorship programs
To ensure you’re choosing the right benefits packages that match employee needs and align with company goals and budgets, our Crescent Franchise Solutions team is here to guide the process.
We know you’re passionate about your business, and your success is also driven by equally passionate employees. Our extensive expertise offers a comprehensive solution to meet your business’s unique needs and goals.
Contact Us
Contact Crescent Franchise Solutions at 941.923.3663 or visit us at crescentfrancise.com to create an enticing benefits package that also benefits company finances.
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