Keeping costs down for your business is always important, but when shopping for employee benefits, sometimes spending a little more can bring big returns.
The importance of choosing the right employee benefits package can’t be overstated. Especially considering the COVID-19 pandemic and the associated economic circumstances, it’s more important than ever for employees feel valued, and like their quality of life is being considered by their employer. According to IBM’s Institute for Business Value, only around 50 percent of employees are currently meeting employee’s expectations in this area. America’s Back Office can help you do better: read on and contact us at americasbackoffice.com/contact-us to find out how you can be one of the companies that exceed expectations.
When Thinking of Employee Benefits, Value Quality Over Quantity
While it’s great to offer choice (like a variety of different insurance plans), packing on the perks doesn’t always impress as much as you might think. Resist the urge to offer an overwhelming list of benefits to try to win talent and keep current employees happy. Sometimes, strategically selecting a few key employee benefits, like a really great parental leave policy, is much more appealing than a slew of smaller offerings that look flashier at a glance.
Make Employee Benefits Choices By Prioritizing Those That Align With Your Company’s Values
Before you sit down and start mapping out your plan for your benefits package, take a moment to reread your mission statement, and consider what your company values most. That’s a great way to get yourself thinking beyond what’s cheapest for your company, and towards what will actually lead to a happier, more productive workforce that upholds your values. For instance, do you value employee’s creativity? Try offering credits for arts classes at a local university or annual passes for a cultural institution. Do you value employees that are culturally conscious, curious and adventurous? Consider offering more paid vacation, a stipend or a bonus specifically earmarked for employee travel.
Get With the Times With Employee Benefits
The COVID-19 pandemic has forever changed the world, and notably, the way we work (take a deep dive with our piece on notable shifts). The needs and expectations of employees have evolved drastically: make sure you’re updating your employee benefits packages to suit the times and match what employees need now. If you’re expanding your employee benefits offerings because of the pandemic, you’ll be in good company: according to a survey of 500 HR leaders and C-suite executives conducted by Care.com (profiled in Harvard Business Review) a whopping 98 percent said that they plan to add or expand upon at least one benefit. We recently outlined some of the best employee benefits to offer, which delves into new expectations and requirements that employees have today. For example, flexibility to work from home is scarcely considered a perk anymore — it’s essentially an expectation. According to Pew Research, more than half of employees want to continue to work from home after the pandemic is over.
Employee Benefits Are Called Benefits for a Reason!
Ask yourself the following question: how much benefit is my employee actually deriving from this particular “perk” or offering? This can vary from company to company. For example, if you’re in an industry where your employees are required to be in the office as opposed to working remotely, maybe that free coffee and snacks policy means a great deal to your team. Maybe it’s the reason they avoid the afternoon productivity dip. If that’s the case, keep it! That’s a relatively low cost that brings happiness to your individual team members. Most of your employees working remotely? If they’re not in the office, this perk isn’t benefitting them at all, and it’s an optimal benefit to cut from your package.
When in Doubt About Employee Benefits: Ask!
The best resource on what your team wants is your employees themselves. If you don’t have a good read on what benefits matter to them, ask! Create a survey listing the employee benefits you’re willing to offer and let employees rank them by desirability and importance. Once you assess the results of the survey, compares the costs of each item and select a key few that are at the top of your price range. Then, fill in the rest with desired items that don’t break the bank. If this sounds overwhelming, turn to America’s Back Office – as a certified professional employee organization, we’ll help you feel confident that you’re making the right decisions.
As you know, happy employees that feel respected and valued as human beings, not just cogs in the machine, are essential to a healthy (and productive) business.
How America’s Back Office Can Help With Employee Benefits
Unlike 97 percent of PEO companies, we’re a CPEO: a certified professional employer organization, which means you can feel extra secure putting important choices like selecting the right employee benefits package in our hands. We’ll help you strategically construct a package that balances your budgetary needs with the right mix of benefits that will mean the most to your team. We’ll make sure your offerings are in keeping with current trends, right for your unique employees, and reflective of what your company represents. Contact us to get started today.
