Is Your Benefits Package up to Par With Your Competition?

As an employer, you hold the key to ensuring employee happiness. This sounds obvious, but it’s important to remember. More than just how much you pay them, your team wants to work in a healthy and thriving environment where they feel heard and valued. They also want to feel they’re receiving decent benefits.

One of the greatest complaints in a workplace is benefits, with plans costing too much with too little coverage and limited options. Paid time off is a hot topic as well, with many companies not offering enough. While this might seems contained in your company, remember everyone is talking and sharing this information. If one of your employees finds out their friend works in a similar field and has double the time off and better 401(k) matching, they might be quick to look for a new job, even if they love working for you.

Don’t get left in the dust

Instead of waiting around, look at your benefits package annually and do some market research to compare with your competitors. Find out what they offer versus what you’re offering and decide if you can improve your plan. Not everything is feasible, but you want to make sure your policies aren’t outdated.

Failing to do this research could land you in a place where everyone is leaving for greener pastures. If you can’t match everything, find ways to improve what you offer and make it a unique offering to entice employees to stick with you. This can also give you an edge when recruiting. A competitive package is important for candidates to keep you as a viable option in a competitive job market.

Find out what matters to your employees

Certain benefits are universally desired, but audiences do differ. Perhaps most of your employees graduated within the last 10 years and live with large amounts of student loan debt. Pay attention to details like that, because maybe you can incorporate some sort of reimbursement program to ease their burden while they’re employed.

If education is important to your company, tuition reimbursement might be an excellent benefit to include. This not only helps further the knowledge of your team – you improve your company’s performance as well based on what they bring back.

A great way to keep employees involved is through a survey. Find out what matters most to them and decide if that involves reimbursement options, unlimited vacation, or matching 401(k) contributions. Whatever it is, you can tailor to keep your people happy.

Match talent to opportunity today

The best benefits package in the world won’t matter if you can’t find the right talent. LaJoy Group is one of the most trusted home health companies and staffing agencies in Michigan, and we’re here to find your next best employee today.

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