In a Q4 2015 Glassdoor survey, 57% of candidates reported benefits and perks amongst their top considerations when weighing a job offer.
In the past, most businesses adopted a one-size-fits-all benefits package. Today, these traditional employee benefit packages aren’t as popular among employers seeking to meet the diverse needs of their staff.
Instead, custom benefit packages are quickly becoming the new standard in employee benefit offerings.
If you’re only offering employees what’s required, it’s time to take stock of your plan. These days, voluntary benefits are becoming more and more necessary for those hoping to offer competitive benefits packages.
1. Custom Employee Benefits Are A Must
Custom benefits are a smart way to create added value at little cost to the employer. Here are a few ‘voluntary’ benefits you might want to consider adding on to your custom benefit plan.
2. Supplemental Health
Offerings such as Critical Illness or Accident insurance are by no means new to the market, yet they gain in popularity year after year. This is because supplemental health products help fill in the gaps of traditional coverage plans are designed to help mitigate out-of-pocket medical costs.
3. Retirement Plans
Now more than ever, financial wellness is a priority. A healthy retirement savings plan can help with employee recruitment and even reduce turnover. If you have 100 or fewer employees, you can get a maximum tax credit of $500 for the first 3 years after starting a plan such as a 401(k) or SIMPLE IRA plan.
4. Employee Perks
Employee perk programs such as “flextime” (or a flexible work environment) and free office lunches are perhaps the most obvious optional benefits a business can offer. Although employee perks are not closely related to core medical benefits, they can be a valuable leveraging tool when recruiting new talent.
5. How Do I Customize My Employee Benefits Package?
Navigating the world of health insurance and employee benefits can be complicated – and we’re here to help. Shop Benefits saves your business time and money while offering your employees the power of choice.
Using a secure online benefits store created just for your business, employees can build custom benefit packages that are unique to their needs and budget.