Finding the Best Benefit Packages for Your Employees

DMR_Week68_2In order to attract and retain the best talent for your company, you will need to take time to develop the best benefits package available. While it is true that there is currently a tight labor market in place and jobseekers are vying for the attention of employers, it is also true that the most coveted jobseekers are educated, skilled, experienced, and often have multiple offers. Even when you are successful at luring them to your office for employment, you must have a great benefits package in place to retain their talent.

When developing a benefits package, salary or compensation is critical. The salary or wages you offer should be competitive or even slightly better than what other companies are offering to top candidates. In addition, you should consider offering a flexible, affordable, and comprehensive insurance plan. This may include life insurance, health insurance, and disability insurance at a discounted rate. Many companies will also pay a portion of the premium on behalf of their employees, and the insurance may have comprehensive benefits. The retirement benefits should also be reviewed carefully. Pensions may be less commonplace now, but there are many other benefits you can offer, such as a 401(k) or employer-sponsored IRA. Implementing an employer-matching program for retirement account contributions can also be beneficial.

As a final note, consider the benefits you offer to your employees on-site. A great compensation package may be difficult to resist, but having an attractive office space with numerous benefits and features for employees to enjoy regularly can sweeten the deal. For example, a fitness room, a kitchen or break room, a relaxing lounge area, an outdoor garden area, and more are all enticing for potential candidates. Some companies offer casual Fridays, pop popcorn on paydays, and have group gatherings or after-hours social events to encourage bonding and build camaraderie among employees. These are just a few of the benefits you can consider adopting for your valued team.

Coco Quillen

Coco Quillen is VP of Operations at Davinci Meeting Rooms, LLC

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