5 Small Business Tips for Building a Competitive Benefits Package
Employee benefits can lead to high levels of job satisfaction, which can boost engagement and productivity. So, it is crucial to evaluate whether your company’s existing plans are competitive in the job market. Read on to learn more about ways to create a competitive benefits package for your small business.
1. Understand Your Demographic and Competition
Before you can craft a competitive employee benefits package, understand your demographic. What kinds of benefits will be suited for your workforce?
Customize the benefits package according to the demographic. For example, family and retirement are best for baby boomers and Generation X. On the other hand, younger audiences are more responsive to wellness and work flexibility benefits.
2. Embrace Diversity and Don’t Underestimate Millennials
Millennials are the largest generation in U.S. labor force history. Statistics show one in three is a millennial, and 56 million are jobless or looking for work. Unfortunately, it is also the generation with the highest turnover rate and lowest levels of overall well being.
Nonetheless, millennials are often more engaged in a flexible work environment. Additionally, surveys show Generation X and baby boomers are also more productive in a similar working environment. Therefore, building benefits for millennials is catering to the entire workforce.
3. Facilitate Remote Work and Flexible Work Schedules
The lockdown has opened up new opportunities for employees to work remotely. Statistics suggest a positive shift in attitude in light of the remote work arrangement. As such, companies are adopting hybrid workplaces to enable staff to work from home.
While introducing flexibility in the workplace, you must manage the process effectively. Coordination is critical to avoid oversight that would compromise business operations.
4. Involve Your Staff in the Process
Managers can get ideas on how to improve their benefits package from employees. Companies should encourage staff to give feedback and offer suggestions.
Consider organizing surveys to capture feedback and incorporate it into your new benefits package. You can send out surveys periodically to gain their feedback and see what they’re asking for. By incorporating employees’ feedback, the organization can demonstrate it cares about the welfare of its staff. It can also have an impact on new hires, boosting motivation and increasing retention.
5. Consider a Packaged Employee Benefits Solution
You will also need to conduct a cost-benefit analysis to determine packages with the highest value. The process may involve developing focus groups and creating surveys. You may want to consider getting a packaged solution from True Texas Benefits.
True Texas Benefits offers solutions customized to address challenges faced by small organizations. A personalized, one-on-one approach can provide the guidance you need to find the best package for your small business.
Always take the time to research and plan the benefits. Your staff can be a source of ideas, so incorporate their feedback. The team at True Texas Benefits is here to help guide you towards taking a customer-first approach for both your clients and your employees. Give us a call today to learn more!