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Published on Jul 15
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As any human resources professionals can tell you, employee benefits play an important role in making your business more competitive in a hot job market, but they can be a win-win in other areas as well. An attractive employee benefits package can give you a leg up on the competition and increase your company’s productivity. Your well-rounded benefits package can create a combination of improved work habits, reduced employee turnover, and a sense of security and increased engagement from your employees. Here are three examples of employee benefits that can help make your business more competitive.
Health care plans with the right options
If your company can only afford to offer one employee benefit, a health care plan for your employees and their families is your best bet. When employees are covered by a quality health insurance policy offered by their employer, they can spend more time and energy focused on work and less spent on worrying about how to pay for medical expenses.
As a professional employment organization, Sheakley is able to utilize the collective bargaining power of the 50,000 employees we represent to negotiate Fortune 500 level employee benefits for small and mid-size companies. The costs associated with offering health insurance benefits, including dental and vision coverage, are prohibitive for many small and mid-business owners, but Sheakley can make them affordable for your company. Whether you’re interested in Dependent Care solutions, Healthcare Flexible Spending Account (FSA) options, or Health Savings Accounts (HSA), Sheakley has a wide range of solutions to help you offer the right health benefits to your employees. Check out these tips to Help Your Employees Get the Most Out of Company Benefits.
Retirement strategies that work
Due in large part to being unprepared for the financial demands of retirement, today’s older workers are staying in the workforce longer and their younger counterparts are already expecting to do the same. Retirement benefits can help ease your employees’ transition into the next phase of life, helping them become financially prepared for retirement without stress or undue burden.
The traditional 401k plan is the most popular employer-sponsored defined contribution plan for small and mid-size companies. Not only does every contribution that the employee makes to their 401k plan entitles them to a tax deduction, but 401k plans are also a convenient way for your employees to save for their retirement. Contributions to an employee’s plan are automatically deducted from their paycheck and deposited into their retirement account, making 401k plans an essential component to the success of an employee’s retirement goals. Additionally, offering a 401k retirement plan gives your business an edge in employee recruitment and retention, offers significant tax advantages for both your company and your employees, and helps secure your and your employee’s retirement. Read Smoothing the Retirement Transition for tips you and your team can use to help prepare for the retirement of top employees.
Policies that promote balance
Recognizing that greater work-life balance is increasingly a must for workers, flexible work policies, including time-off policies, flexible work hours, and work from home options, are being offered by a growing number of companies across the country. While younger workers like Millenials and Gen Z may have led the charge in pushing companies to adopt these policies, it’s actually experienced working parents who place the greatest importance on these employee benefits (even over health insurance).
These policies reduce stress for employees while providing great benefits for companies. Generous vacation policies improve morale, wellness, retention, and performance, while sick time allowances help prevent the spread of illness and absenteeism in the workplace. When employees don’t feel guilty about taking an hour out of the office for a needed doctor’s appointment or to attend a child’s school function, they are more likely to remain loyal and productive employees at your company versus leaving for a company with greater pay but fewer work-life benefits. To learn more about how policies that promote balance can benefit your company, check out Flexible Work Policy Considerations.
Solutions that keep you ahead of the competition
Keeping your company competitive both in the job market and with your competitors is a constant concern for business leaders. With a growing number of employees viewing healthcare, retirement, and work-life benefits as standard, it’s more important than ever for employers to meet the expectations of their workers to help recruitment and retention efforts and to increase productivity and engagement to help you stay ahead of your competitors. By entering into a PEO co-employment arrangement with Sheakley, you can provide your employees with affordable, high-quality benefits that make your company more competitive in today’s market.
Schedule your free consultation with a Sheakley PEO professional today. For more in-depth information about PEOs, download our What is a PEO e-book today. Stay up-to-date on all things Sheakley by subscribing to our blog and following us on social media. Join in the discussion by commenting below.
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