Is your employee benefit package looking old, outdated and inefficient? If you are currently offering a traditional employee benefits package that considers all your employee’s needs the same, it may be time to take a more modern approach to employee retention.
To start, you should consider one of the many flexible benefit plan options available to small businesses today. Your employees can choose the coverage that applies to them, for example, an older employee may place a higher value on prescription drug coverage than a young single employee. You can now meet the needs of both employees and stay within your budget by paying premiums on coverage that is actually being used!
Flex Benefits allow you to control costs and provide coverage that is relevant to your individual business needs.
In addition to providing relevant coverage, you also should consider the advances in technology that have vastly improved plan administration. Your HR department can relax with many of the tedious tasks being automated and moved to an online platform. Claims can be submitted via mobile phone, administrative changes can be made instantly and real-time analytics will enable you to make informed decisions about the direction of your benefits plan.
Your employees will also appreciate technology improvements like automated prescription deliveries, real-time benefit allowances and direct billing for paramedical services.
Modern employee benefit packages will also include many lifestyle options not previously available (or considered) in a more traditional plan. These can include:
- Fitness equipment allowances
- Pet care
- Green living rebates
There are too many lifestyle options to list, but the general idea is your benefit package can include so much more than just medical and dental coverage. Consider setting your business apart by adding options that improve work/life balance for your employees.
For more information on modernizing your employee benefit package, contact the experts at DENT Benefits and take your business to the next level.
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.