An expert from the Association for Consulting Expertise advises a reader whose business is looking to hold onto its workforce.
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Q: How can we choose a benefits package that will help us retain employees?
ACE advises: A benefits package can be one of your best workforce retention tools, and there are likely more options than you realize. It is worth a look to ensure you are optimizing this tool. Your business can offer different plans and/or services, and it should not take an unreasonable amount of time to figure out which is best.
Smaller employers may believe they are not ready to offer significant benefits, so they do not offer anything, or at most offer paid time off. They are unaware that there are benefits plans that support individuals’ health and welfare that do not require employer contributions.
The type of work your organization performs determines the best combination of benefits. When the benefits package feels useful and meaningful, it can have a significant effect.
A few things to consider
1. Seek guidance from a benefits professional: These professionals take into account what your business does and what you can afford and provide you with a list of options. They can tell you what is feasible.
2. Ask your employees what benefits they want most: You may be surprised, and it will help you decide between options.
3. Explore the next best thing: If you cannot offer traditional medical coverage, you should consider HRAs, individual accident, critical illness, cancer or disability insurance.
4. Set aside adequate time to weigh the options: Remember that the time spent making this decision is far less than the time lost replacing a valued employee. And if you can’t personally spare it, ask someone to do a review and report back.
A professional review, consideration of nontraditional options, and a one-pager for employees outlining available benefits will help you maximize this retention tool.
Angela Hansen, president of ACE, is the co-founder and chief business officer of Range Culture Co., which provides practical tools for employers to retain valuable employees. Angela can be reached at angela@rangecultureco.com.