Tips for Reviewing Your Employee Benefits Package

If you’re a business owner wondering how to review employee benefits, learning more about the basics of putting together a solid employee perks and benefits package may interest you. There are numerous reasons to review your employees’ benefits, but perhaps the most important one is that it can help you remain competitive and reputable within your industry. With a strong employee benefits package, you may be able to attract new employees, hold on to top performers, strengthen your public image, and much more. Even if you’ve never conducted a benefits package review before, you can successfully do so by following these basic steps.

Check To Ensure You’ve Included Essential and Standard Benefits

Before you can consider adding extra benefits, you’ll need to ensure that you include all essential and standard benefits in your package. These typically encompass benefits such as:

  • Health insurance
  • Paid medical leave time
  • Parental leave time
  • Disability insurance and workers’ compensation
  • Overtime wage guarantees, in some locations

Garner Employee Feedback to Assess the Adequacy of Your Current Package

One important step in evaluating your employee benefits packages is garnering feedback from your employees. You may want to conduct a thorough employee survey to determine the effectiveness and adequacy of the current package. Survey questions and further research could pertain to:

  • Your employees’ overall satisfaction levels
  • What the most popular current benefits are
  • What types of benefits your top competitors are offering
  • What types of benefits are standard in your industry
  • What perks and benefits your employees want to see in your company’s packages

Consider Including Extra Perks and Employee Benefits to Maintain Your Workforce

Lastly, if you’re looking for simple ways to expand or improve your benefits package, you may want to consider adding in extra perks. Additional perks and popular benefits can help to sweeten the deal for your workforce, which may result in quicker hiring processes and higher rates of employee retention. Some of the most attractive benefits options you could consider adding include, but are not limited to:

  • Employer-sponsored childcare and pet insurance
  • Dental and vision insurance
  • Matches for company retirement plans
  • Student debt relief
  • Whole or term life insurance
  • Extra paid vacation time
  • Fitness club memberships

As a business owner, you may already be aware that having an extensive and attractive employee benefits package can be a powerful tool in hiring top talent and strengthening your company’s public name and image. Now that you know the basics of conducting an employee benefits package review, you can analyze your current package to determine which aspects may need tweaking or changing altogether. Ensuring you’ve included the essentials, gathering employee feedback, and adding some extra perks can all be helpful steps in assembling a top-notch benefits package.

About Haughn & Associates

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.