How to Assemble an Unbeatable Benefits Package

posts by ElinaSivak

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Date(s) - 06/14/2017
12:00 am

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One of the most important things that an employer can do in order to attract new talent is to put together a benefits package that compares favorably to or exceeds the offerings of the competition. While salaries remain a primary reason why people move to a new job, benefits are as important a tool when it comes to recruiting the best possible candidates. When planning out your benefits package, here are some things you should consider.

Response Time is Important

If an employee suffers an accident and needs to use their medical insurance, the last thing either you or they want is a long delay in response from the provider. A provider who processes claims slowly makes it more difficult for your employees to recover quickly and maintain good peace of mind during the process. It also means that you might not be able to get your people back to work as quickly as you normally would. When looking into benefits providers, make sure that you check their reputation, the speed in which they respond to claims and queries, and their general level of customer satisfaction. Knowing this information ahead of time allows you to maintain a positive long-term relationship.

Consider the Array of Different Benefits

Benefits programs are not strictly defined by medical and dental care. When examining the different package possibilities that you might want to offer, be sure to look into the full range of choices offered by the company you select. This should include not only medical options but also retirement packages, EFAP program, and so on. While you can change your benefits package down the line, doing so is an unnecessary expense that takes both time and money. It is best to make sure that you make the right choice the first time, and you will have a better chance of creating a competitive benefits package if you look at the big picture and not just the most traditional highlights.

Think About Long-Term Changes

Even if you find the perfect benefits package for your business, you need to consider the big picture when you make your selection. This means that you have to think about the long-term possibilities for both the benefits you choose and the shape your company may take. If you expect your business to grow dramatically, then a package that you select now may not be something that suits your needs in another decade. In order to give your business the flexibility it needs to grow and change, you should make sure that you are aware of the renewal process for your benefits package. Additionally, you should know how easy it is to change or cancel the contract if you need to do so.

The more you plan for the big picture, the stronger your benefits package can be. Make sure that you consult with an expert to get the breadth, affordability, and array of options that your expected employee body needs for a benefits package. This will help attract expert talent to your staff and make your business extremely competitive.