BUSINESSTOOLS GROW
| NETWORK
|
PROFIT
R ES O U RC ES T H AT H E L P YO U R B US I N ESS G RO W
I N S I D E T H I S I S S U E : Management Toolkit / Doing Good / Tech Strategies / Economy Central by Falcon Bank
MANAGEMENT TOOLKIT
Beyond the Basics Crafting a competitive and unique benefits package can boost recruitment and retention. By Stacey Seeger
A
re you struggling to find employees in an intense hiring market? Do you need to offer competitive benefits to recruit new candidates and retain your top talent? You are not alone. Navigating what you need to offer, can offer, and should offer can be an overwhelming task – but it’s
an important one. Benefits are a key part of your employees’ compensation package and can be a deciding factor for whether potential employees accept a job offer. First, start with the required benefits. By law, employers are required to offer a number of benefits, such as minimum wage,
Contributor ________ Stacey Seeger is a benefits manager at Pro Resources, proresourceshr.com
22
BusinessCentral Magazine.com // J U LY/ A U G U S T 2 0 2 4
social security, Medicare, workers’ compensation, and unemployment insurance. Though these seem like the basics, they are in fact considered benefits, as they act as a safeguard for employees. Once you have the foundation of legally required benefits, you can begin to build. Optional benefits can go many different directions depending on the additional wants and needs of your employees. If you are unsure what to offer, a simple survey asking employees to rate the value of a list of benefits you can provide will help give you some direction. More traditional optional benefits include health, dental and vision insurance; retirement plans; paid time off; holiday pay; and tuition assistance. In an attempt to be more competitive, employers recently began including free gym memberships, day care services, unlimited vacations, and company retreats/ bonding events as benefits. You don’t need to break the bank to create a desirable benefits package for your employees. Other opportunities could include flexible hours, work-from-home opportunities, unpaid time off, and employee discounts. For small businesses with few to no people dedicated to
human resource duties, benefits can be overwhelming. Some small businesses choose to partner with a Professional Employer Organization (PEO) to gain buying power when it comes to benefits. PEOs leverage the size of their entire book of business to negotiate competitive benefits at nearly unbeatable prices. Beyond the actual structure of the benefits and cost, a proper PEO will also provide all administration and compliance requirements on the plans. PEOs will be the experts of the plans, allowing you to focus on the core of your business and what is driving your revenue. In partnership with a PEO, you gain access to experts in the field keeping up to date with all recent legislative updates, as well as gaining access to a robust technology platform for benefits access. By bringing big business benefits down to the small business/non-profit world, PEOs allow you to compete with any company. No matter how you choose to manage your benefits package, the key lies in understanding what your employees value, and thinking creatively about how you can offer unique solutions.