How to Make Key Employee Benefits More Affordable

In the current job market, it can be difficult for employers to be competitive for the top applicants. Offering great benefits is one thing you can do to increase your chances of making a positive impression on the applicants you are most impressed with and decrease turnover in your organization. If you can find a good deal on the benefits you provide, you can keep your costs down while also staying competitive in the current market. 

Retirement Plans 

Modern employees are very invested in preparing for their eventual retirement. That makes it even more important to find an affordable way to offer key retirement benefits. One of the easiest ways to do this is to offer retirement plans through automatic employee reductions that come out of their monthly paycheck. You can also offer matching so that you only contribute an equal amount to what your employees opt to put in themselves.  Make sure that you cap the amount you will match at a comfortable place for your business, so you do not overspend on retirement benefits. 

Insurance 

Providing high quality insurance to your employees at an affordable rate is another important part of being a competitive employer. And if you can find a way to provide insurance without overspending, you can make your company look very appealing to the best candidates. Working through a broker can help you get lower rates on your health insurance. Sometimes you can even bundle all the insurance options you provide (like medical, dental, and vision) to get a discounted rate. 

Paid Time Off 

Paid time off is a benefit that you offer in house, and you don’t need to reach out to any other company to provide it for your employees. It can seem counterintuitive but offering paid time off and creating a culture of actually encouraging employees to use it can be a huge benefit for your company. You don’t want employees coming in sick, and vacations can actually increase productivity. So whatever amount of paid time off you offer, make sure that your employees know that you are happy to see them use it. 

The benefits you offer will not only help you to increase the satisfaction of your employees, it will also help you to keep them healthy and productive. By finding deals on the benefits you provide, you can also decrease your overall costs. This will come together to help your business in a variety of ways.

Read this next: 7 Tips to Balance the Demands of Modern Business Leadership

Categories

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Business Blogging 101: How to Create and Sustain a Successful Blog

Business Blogging 101: How to Create and Sustain a Successful Blog

For businesses, business blogging is becoming a powerful tool to not only attract and engage new customers but also to build brand authority and ultimately grow your brand.
This comprehensive guide will equip you with the essential knowledge and strategies you need to start and succeed in the dynamic world of business blogging.

How to Protect Your Merchandise From Theft

How to Protect Your Merchandise From Theft

Protecting your merchandise from theft is a critical aspect of running a successful business. In a world where security threats are ever-present, safeguarding your inventory is essential. Not only does it protect your bottom line, but it also ensures the safety of...

Experts You Need to Have at Your Business

Experts You Need to Have at Your Business

In the dynamic world of business, having the right team of experts is not just beneficial; it is essential for success and growth. For female leaders who are carving out their paths in business, marketing, or HR, knowing which experts to have on board can make a...

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

As a woman in a medical workplace, you have a lot of responsibility, not just to yourself but to other women who will come along after you. Asserting yourself in your workplace and gaining the respect of other employees and leadership is essential to a successful career. You have worked hard to get where you are, you don’t want to lose momentum.

Continue to grow with online leadership training and more. Follow these tips to assert yourself in the medical workplace.