What Are the Best Employee Benefit Plans for a Company of Our Size and Industry?

It Depends on The Type of Employee Benefits Services You Need

We say NEED here because, just because an employee benefits solution falls under the top offerings to consider for your company, it does not necessarily mean that it will fit your organizational and employee needs. So, consider what you should get based on your desired employee benefit plans.

There are Mandatory Employee Benefits Services

These are benefits you must have because they are required by law. They may change based on your state or region, but the three mandatory employee benefits solutions you must have include:



Workers Compensation Insurance 

Apart from Texas, every state in the United States requires employers to provide workers' compensation insurance. It takes care of medical expenses and out-of-work care plus wage contribution when an employee is injured on the job.



Social Security and Medicare Contributions

The law requires employers to provide social security and Medicare to ensure employees with disability, the elderly, survivors, or retirees have medical and financial protection through FICA.



Unemployment Insurance Contributions

This ensures that employees who lose their jobs through no fault of their own have something to tide them over until they get employed again.



Of the three, unemployment insurance is the only contribution made by the employer. Employees and employers contribute to Medicare, Social Security, and workers' compensation. In other states like New Jersey, New York, and California, it is also mandatory for employers to provide disability insurance.

Other states also require employers to provide Family and medical leave as per the Family and Medical Leave Act or Health Insurance as per the Affordable Care Act.

Some Meet Your Industry's Standard

Several employee benefits are not mandated by law but have become industry standards, especially in competitive sectors aiming to attract and retain top talent. They have become benchmarks in many industries for companies seeking to stand out as employers of choice.

They reflect a commitment to employees' well-being and satisfaction, directly impacting recruitment, retention, and overall company culture. Here are examples of such benefits:

 Health and Wellness Benefits

Beyond basic health coverage, offer comprehensive health insurance plans that cover dental, vision, and mental health services. Corporate wellness programs have also become significant for creating a competitive edge. This can include initiatives such as gym memberships, fitness challenges, on-site wellness activities, or stipends for personal health and wellness use.



Retirement and Financial Planning

Contributions that sometimes include employer-matching, like 401(k) Plans or Similar Retirement Savings Plans, fall under this category. As part of your financial planning services, offer access to financial advisors or planning tools that help employees manage their finances, including retirement planning, investments, and savings strategies. If your budget allows, make your contributions exceed the minimum requirements.



Work-Life Balance

Allow employees to adjust their working hours to suit their personal lives better. Provide the technology and support for employees to work from home or other locations as a permanent option. Also, incorporate generous PTO policies, including vacation days, personal days, and sick leave, that go beyond legal requirements.



Professional Development

Programs to support employees who wish to pursue further education related to their field of work, like tuition reimbursement, give an organization an edge in recruitment. Don't forget training and development programs: On-site or online courses, workshops, and seminars contributing to professional growth and skill development.



Then Others Are Perks to Retain Your Modern Discerning Worker

Known as fringe benefits, these are extra perks that you can add to your traditional employee benefits solutions to set yourself apart from competitors. Typically, fringe benefits are holistic, meaning they cover every employee's mental, physical, emotional, and social aspects.

Over the years, some fringe benefits have made it to the list of employee benefits solutions considered industry standard. Some of these include work-life balance benefits, health and wellness benefits, and personal development or educational benefits.

So, this is where tailoring your employee benefits solutions to meet your immediate employee needs becomes critical. Focus on benchmarking benefits when considering what to include in your industry standard benefits. But here, really hone in on what your employees need and what your organization requires to be one step further in being an employer of choice.

For instance, if you provide corporate wellness programs, go a step further and provide paid leave for new parents, including adoptive and foster parents, which is more extensive than the FMLA requirements (where applicable).

Add daycare and eldercare programs for mothers and caregivers in the office. To support mental health initiatives, offer weekly counseling employee benefits services. Have a monthly program dedicated to health discussions like addiction or chronic illness, etc. You can also add benefits such as on-site childcare, child care expense reimbursement, or flexible spending accounts for dependent care.

The Strategic Advantage of Partnering with Employee Benefits Brokers:

The strategic selection of employee benefits services cannot be underestimated. This is where the advantage of Employee benefits brokers comes in: a broker's insight into employee benefits solutions can identify plans that scale to your size and resonate with industry-specific challenges, ensuring every dollar invested in benefits works harder for you.

Employee benefits brokers also bring a wealth of knowledge and expertise that allows them to offer invaluable insights that can help tailor a benefits package that not only meets the diverse needs of your workforce but also aligns with your organizational goals and budget.

Employee benefits brokers additionally have experience dealing with employee benefits companies and different employee benefits providers. One of the critical roles of employee benefits brokers is to provide businesses with access to a broad spectrum of employee benefits providers.

Brokers maintain relationships with numerous providers, from insurance companies offering health and dental plans to organizations specializing in retirement savings and wellness programs. This extensive network enables brokers to present multiple options, ensuring employers can compare and select the most suitable benefits offerings.

But maybe the most crucial benefit of using employee benefits brokers is that they understand every company is unique with its own challenges, demographics, and industry-specific needs. As such, employee benefits brokers excel in customizing benefits packages that address these unique characteristics.

They work closely with employers to understand their specific requirements and leverage their connections with various employee benefits companies to personalize a package that resonates with the employees' needs.

Whether it's incorporating flexible working arrangements, mental health support, or unique wellness perks, brokers can facilitate a customized approach that stands out to current and prospective employees.

And because the cost of benefits packages is a significant concern for many businesses, employee benefits brokers play a crucial role in ensuring cost efficiency without compromising the quality of benefits offered.

They possess the negotiation skills and market knowledge necessary to secure competitive rates from employee benefits providers. Brokers can often achieve more favorable terms and pricing than a company could on its own, thanks to their understanding of the market and their relationships with providers.

Therefore, employee benefits brokers can and will help you set up the perfect employee benefits solutions for your employees and organization based on your company size and industry. And because employee benefits brokers are not liable to one or specific employee benefits companies, you can be sure they will provide the employee benefits providers that suit your needs.

Conclusion

The right benefits package can significantly influence your position as an employer of choice. Additionally, the size of your company and the sector it operates within are crucial determinants of your benefits needs. This is where the strategic advantage of partnering with employee benefits brokers comes into sharp focus. By leveraging their expertise, employers can unlock a pathway to choosing the right benefits and ensuring these benefits provide a competitive edge in the talent market.

A broker's role extends beyond mere selection; they align your benefits offerings with your overarching organizational goals. Whether you aim to enhance employee satisfaction, improve retention rates, or attract top-tier talent, brokers can tailor their approach to meet these objectives, providing a clear path forward in a complex landscape.

So, for employers looking to refine their benefits strategy or overhaul their current offerings, the call to action is clear: reach out to us today for a comprehensive benefits review and consultation.