Are you worried about retaining your key employees because the economy heats up? Or do you want to draw new workers to assist with growing demand to your services or products, or to expand your online business? In either case, employee benefits are crucial consider whether employees prefer to join your organization, stick with your small business for the long haul or jump ship.
How did you know in case your employee benefits measure up?
SHRM’s 2013 Employee Benefits research report can offer some insights. While nearly all of companies responding to the survey had over 100 employees, some 22 percent were small businesses. Below is a glance on the basic benefits most companies were offering, plus some “extras” that can come up with an edge.
So How Do Your Employee Benefits Compare?
Health and wellness
The basics: Medical health insurance is a vital benefit for workers, and it’s offered by almost every business. The most typical health benefit was prescription drug coverage, offered by 98 percent of businesses. Ninety-six percent provide dental insurance, and 86 percent offer PPO healthcare coverage, while 33 percent provide an HMO plan.
Pump it up: Preventive or wellness programs were at the rise during the last five years, SHRM notes. These offerings, that could help cut health-care costs, can range from bonuses or incentives for reaching health goals (including quitting smoking) to wellness coaching or subsidized gym membership. About two-thirds of businesses offer some kind of wellness program.
Retirement savings and planning
The basics: Retirement is another big issue on employees’ minds as they try to get over the recession. Employer-sponsored retirement plans are shifting toward defined contribution retirement savings plans and 401(k) savings plans. Nearly all (92 percent) of employers offer an outlined-contribution retirement savings plan, and 73 percent provide an employer match to employees’ contributions.
Pump it up: More companies are offering investment assistance, from online advice (59 percent) to at least one-on-one investment advice (53 percent) and specific retirement-preparation advice.
Financial and compensation benefits
The basics: Incentive bonus plans are offered by 55 percent of companies
Pump it up: Employee referral bonuses, for referring a role candidate who’s hired and passes the probationary period, have gained in popularity during the last year and are actually offered by 47 percent of businesses.
The basics: The majority (53 percent) of businesses offer some variety of flextime. Fifty-one percent allow flextime during core business hours, while 26 percent offer it outside of core business hours. Much more popular is telecommuting, which 58 percent of businesses offer in some form, whether ad-hoc (45 percent), part-time (36 percent) or full-time (20 percent)
Pump it up: Over one-third (35 percent) of businesses offer compressed workweeks, where full-time employees can work longer days for a part of every week or pay period in exchange for shorter days or an afternoon off during that week or pay period.
The basics: Nearly all (90 percent) companies provide professional memberships, 85 percent provide off-site professional development opportunities and 78 percent pay for certification fees.
Pump it up: Just 44 percent of businesses offer cross-training in skills indirectly concerning the job, and an insignificant 20 percent offer mentorship.
Three Steps to Get probably the most From Them
Whatever employee benefits you offer, SHRM’s report recommends three steps to getting the foremost from them as a recruitment and retention tool:
Develop a Workplace Flexibility Policy
Past SHRM research shows flexibility is a totally low-cost technique to drive increased employee job satisfaction, lower turnover and lower insurance costs.
SHRM studies show employees consistently rank benefits many of the top contributors to their job satisfaction, but many employees don’t fully understand all in their benefits, their value and their options.
Make sure you communicate, through meetings, workshops and other means, concerning the worth of what you’re giving employees and the way they are able to maximize their benefits’ value. Toot your individual horn.
Review your benefits at least one time a year to ensure they’re still competitive with other businesses, that their costs are in line, and—most of all—that they’re serving employees’ needs.
Getting employee feedback is a vital a part of this assessment.
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