How to Make Key Employee Benefits More Affordable

January 24, 2022

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

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