Successful business owners are often judged on their profitability, sustainability and new products they bring to the marketplace. Another key factor is the health, wellness and overall satisfaction of their employees. Employee happiness is affected by salary, corporate culture, work/life balance and corporate benefits. If you are looking to improve employee satisfaction, productivity and retention; here are some key components of a competitive corporate benefits package.
Health Spending Accounts
Health Spending Accounts (HSA) are an easy way to offer flexibility and choice to your employees. Plan sponsors allocate HSA credits into each plan member’s account every year. The plan members can use the credits as needed for health-related expenses that are not covered by a basic health care plan. This is especially helpful for when medical or dental expenses exceed the maximum coverage amount covered by the plan.
Similar to an HSA, see more details on Taxable Spending Accounts in an earlier article.
Short & Long Term Disability Benefits
Benefits for short and long term disabilities provide your employees with a safety net in the event they cannot work due to sickness or disabling injury. Studies show that one in five employees are unable to work (short or long term) due to a significant injury or illness.
The options here are endless, gym membership discounts, transit cost reimbursement, restaurant discounts, etc. The key here is to be creative and offer benefits that are both affordable (to you as the plan sponsor) and also support your organizational goals. For example, if part of your value proposition to your customers is supporting green initiatives, offer an incentive for employees who ride a bike to work. Perhaps create a reciprocal relationship with a local bike shop and create a positive impact in your community.
Nobody really wants to spend their entire life working. At some point your employees will need to retire and providing retirement benefits as part of a competitive corporate benefits package is sure to improve retention and morale.
For more on this subject, read our article on Why You Should Offer Retirement Benefits
There are many components to a competitive corporate benefits package. If you would like to learn more or for an assessment of your current benefits plan, contact DENT Benefits directly for the latest trends and cost saving tools in the world of employee retention.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.