Companies work hard to create a benefits package valued by employees. Salary will always be a top priority, but that’s not the only driver. You may think you know what benefits your employees want, but have you asked? Tailoring your package to the needs of your workforce might tip the scale in your favor in many ways.
Employees keep up on industry news and hear from friends about benefits trends. By surveying employees regularly, you can discover which benefits are valued and not valued. Carefully designed packages and unique perks can be big motivators. By checking in to understand what’s important to your staff, your company can:
- Boost morale by showing that you are listening and truly care
- Be in sync with and responsive to staff needs
- Remain relevant for top talent you want to attract and retain
Once surveyed, resist putting the benefits program on cruise control. Consider incorporating the survey into the annual review process. This can reveal shifting attitudes and give you time to research accordingly. It also demonstrates the company’s ongoing commitment to addressing what’s important to employees.
Working with a CPEO (certified professional employer organization) or PEO (professional employer organization), small and medium sized companies have more options than ever. Previously, it was cost prohibitive to offer ancillary benefits for critical illness, vision, dental, disability, life and other kinds of voluntary insurance. Enrollment requirements and high premiums are no longer a barrier. With a large pool of clients, CPEOs/PEOs offer buying power and access. Often times it doesn’t even cost companies more money to offer voluntary benefits.
Don’t ignore the importance of creative perks as well. Flex hours, telework options, free food, comp time, discounts at nearby businesses, gift cards, regular team lunches and more can go a long way in boosting loyalty. Also, create policies to ensure employees can sustain a good work-life balance. These affordable enhancements will reinforce the company culture you’re trying to build. Always use annual survey results as your guide.
Replacing good employees takes time and money, so invest in benefits and perks that resonate with your staff. MidwestHR, a top Chicago PEO, can help you create a targeted program with the right mix of sought after benefits. Our experts in employee benefits administration will guide you every step. Give us a call 630-836-3000 to start creating your company’s competitive advantage.
