When was the last time you gave any thought to the benefits offered to your employees? If coming up with an answer is difficult, that’s a sure sign you need to do so soon. The process does not have to be difficult. All it really takes is time and attention to a few details. Here are some tips that will help you with the task and make it easier to determine if you should add benefits like HSA accounts or other perks.
Assess What You Have in Place Right Now
The best place to begin is always the beginning. Take a close look at each component that’s currently part of your employee benefit package. Do you think that one or more of those benefits could use some updating? For example, are the covered events included in the Benecaid EAP benefits all you think they should be? If not, that’s a sign you do need to add to or change parts of that package.
Compare Your Benefit Package With the Direct Competition
Along with an internal evaluation, it never hurts to see how your benefit packages compare to the offerings of those who compete for the same customers. The goal is to make sure your employees have incentives that keep them from moving on to other employers. If the options for HSA accounts is lacking somewhat in comparison to the benefits you offer, now is the time to make some changes. If your plan happens to be at least as good or even better than the HSA account options your direct competitors offer, this part of the employee benefit package should remain as is.
Consider The Circumstances of Your Employees
Benefit packages don’t necessarily have to be the same from one company to the next. They should be competitive, but they should also address the needs of your employees. Consider the way that Benecaid EAP benefits can work. Did you know that you don’t have to settle for a standard plan that may or may not include benefits relevant to most of your employees? It’s possible to customize a plan that happens to be a good fit for employees within a certain economic bracket or who live in an area where certain services are less affordable. Know what would help your employees the most and adjust the benefits accordingly.
Think About the Revolving Door
Every employer knows the expense involved with training new employees. That’s one of several reasons to provide incentives for employees to remain with the company for the long term. By increasing employee retention, you actually save the company money. Something as simple as adding Benecaid EAP benefits to the package offered could be reason enough for a valued employee to remain rather than seek more lucrative positions elsewhere.
The right type of employee benefit package accomplishes quite a bit for the employer as well as the employee. Take a look at what you offer today. Would adding HSA accounts or an employee assistance program make a difference? If so, talk with a professional today and make some changes. In the long run, the investment will be worth it.