Comprehensive Group Benefits
Comprehensive group benefits are critical if you want happy employees and a competitive edge, especially during the hiring process. Having these services is important, but it’s only the first step. How can you get the most out of group benefit solutions, and which have the most impact?
Identify Your Employee Needs
Assembling your group benefit package will require some initial introspection. What do your employees need most? This will depend largely on your company demographic: for example, a young and relatively healthy workforce may need less health care coverage, while a company that has older employees should provide more comprehensive health offerings. Industry considerations are also important. An industry that has a higher risk of injury, like construction, should offer comprehensive long-term disability options.
The best way to get to know your employees’ needs is to ask them. Conduct a brief employee survey to identify their preferences and expectations. Compare that information to benchmarks other companies in your industry have set.
Ask Some Simple Questions
Once you have an idea of what your employees want and what other companies are offering, look at what you want for comprehensive group benefits. Do you want a package that will recruit and retain promising prospects? Do you want to increase employee productivity and efficacy? Will coverage effectively meet the needs of your current workforce and future workforce as your company evolves? Is your solution scalable? Talking to a benefits administrator can help you answer these questions.
Which Benefits Have the Most Impact?
For compliance reasons, most companies offer health care coverage, and businesses are increasingly adding things like dental and vision to their offerings. These are attractive options to employees, since they minimize their out-of-pocket costs for necessary services. Disability and life insurance is an attractive option for industries that are high-risk, and domestic partnership benefits are an important consideration to those who employ younger workers.
A benefits administrator can provide valuable guidance about the best group services for your company. Get in touch with Cypress Benefits to discuss your options today.