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How to Expand Your Employee Benefits Offering

iconPTO icon5 min read
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One of the most common questions in the HR world is "How do I keep employees happy?". Well, aside from having a great company culture, one of the significant ways of retaining your employees and keeping them happy is by offering them a good benefits package. 

Many small business owners make the mistake of thinking they cannot afford to offer benefits. The truth is that providing a robust benefits package to your employees will positively affect your bottom line. After all, it's your employees who keep the company running. Happy employees lead to a successful business. With how competitive the job market has become over the past few years, offering good benefits should be prioritized. Some traditional benefits are often included in a benefits package. 

These include health insurance, 401K, paid vacation time, health plans, dental and vision plans, life insurance plans, paid holidays, and so on. However, nowadays, companies are offering other benefits aside from the standard packages to stay competitive. If you already provide some benefits, expanding employee benefits can also help improve employee morale and productivity. If your employees believe you care about them and their well-being, they'll care more about the job that they do for you and be more invested in your business' success. The following are some perks and benefits you should consider offering to your employees.

Unlimited PTO

I know. The thought of this is scary. Why would you offer unlimited paid time off to your employees? What if they start abusing it? Research has proven that employees who vacation are happier with their jobs, more engaged, and less likely to quit than those employees who don't take time off. Companies that are actively seeking top talent are starting to make this a priority in their benefits package. Before you toss this idea out the window, it is essential to know that companies who offer unlimited PTO have had success by acting with the following guidelines:

  • Don't leave your employees guessing. When Salesfusion established their unlimited PTO policy, employees started taking less time off because they were unsure how much vacation was too much. How did they fix this issue? Well, they created a document outlining employee's most frequently asked questions. They detailed the maximum amount of days of vacation employees could take at a time and the process of arranging that time off.
  • Measure employee performance. Before establishing this policy, you need to make sure you have communicated your expectations regarding their performance with all employees. Obviously, if an employee has nothing to show by the end of the week, that employee should not be taking time off. Make sure that managers set clear goals for their team and constantly make sure those goals are being met.
  • Make sure they unplug. A vacation means clearing your mind from everything that causes you stress. Therefore, when an employee takes a break, make sure you encourage them to not check their email or even check in with their supervisors.

Not only is unlimited PTO beneficial to your employees, but it will make your job easier. By offering unlimited PTO, you will make your company stand out from competitors in the job market. What's more, research shows that employees rarely abuse vacations. If they do, it is usually a sign that something is wrong, and you're better off letting that employee go.

Wellness Programs

Having healthy snacks around the office, such as fresh fruit and granola bars, can be beneficial. Realistically, there may be days when an employee might have a rough morning and have to leave the house without eating anything. Having healthy snack options in the office may be helpful in this case. 

Also, some of us are stress eaters, meaning we like to snack when we are under stress. Instead of having your employees run to the vending machine to get a bag of chips, they can grab a granola bar or some berries to snack on instead. There are several ways you can improve the overall well-being of your employees, and when you do, you'll notice drastic improvements in productivity right off the bat.

Student Loan Debt Reimbursement

Fact: about four in ten adults under the age of 30 have student loan debt. According to U.S. News, research increasingly shows that student loan repayment benefit is a robust recruitment and retention tool. In fact, 76% of respondents to American Student Assistance's "Life Delayed" survey agreed that their choice to take a job would be considerably affected or decided based on an employer's willingness to offer a student loan repayment program. 

Snow Days!

Who doesn't love a good snow day? They are not just for students - or at least they shouldn't be. If your business is located in one of the snowiest states in the U.S., having policies in place to keep your employees safe when the roads are bad can do wonders. Consider offering your employees to work from home if possible. By showing employees that the company is willing to go out of the way to ensure they're safe and comfortable, you'll earn their respect and create a fun atmosphere around the office.

Once you have determined what benefits to offer your employees, you will most likely need Benefits Administration software to help you plan and administer employee benefits packages and ensure compliance with government regulations. Benefits administration software manages employee benefits, such as insurance plans and stock options, and facilitates open enrollment periods through an administrative dashboard. Organizations also use these programs to view and adjust employee benefits packages.

 Dominion's Benefits Administration Software is designed to be user-friendly. We've created an interface designed to simplify your open enrollment by creating an interface that reflects an online shopping platform. If you are interested in seeing how Benefits Administration software can help streamline your open enrollment and help administer your benefits packages, request a demo below!

 

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