As the costs of providing quality employee benefits continue to rise, businesses are finding it increasingly challenging to offer competitive packages without breaking their budgets. For companies looking to provide total rewards that attract and retain top talent, what options exist?
Research Your Options
When looking for the right employee benefits plan, be sure to assess your team’s needs. If you have a young, healthy workforce with low-maintenance medical needs, a high deductible health plan will help lower costs for your business. Remember that employee benefits are not a one-size-fits-all solution, and often times your company can end up paying for benefits that are rarely used. Shop around, research, and compare plan prices to make sure you find a solution that matches your employees’ needs while staying within your budget.
Investing in a healthy workforce is a win-win for your employees and your company. It’s no secret that by staying healthy, you reduce your employee benefits costs. Consider tactics like an employee fitness challenge, an on-site trainer, and healthy snack options to encourage your employees to stay active and make healthy choices.
It’s also important to encourage your employees to get annual checkups, biometric screenings, and even pledge to stay tobacco-free. Not only does this give your employees the opportunity to take charge of their health, but it can also result in incentives and savings from your employee benefits provider.
Creating a Co-Employment Partnership
Outsourcing human resources functions can be an effective way for your business to offset escalating benefits costs. When you partner with a PEO, it pools together employees from client companies to negotiate substantially lower rates from vendors for health insurance, retirement plans, workers compensation, and more.
PEOs have the expertise to help customize benefits offerings that align with the unique needs and demographics of an organization’s workforce. This strategic alignment results in improved employee satisfaction and engagement without unnecessary spend on unused offerings.
The takeaway? Investing in outsourced HR could be a game changer for controlling costs while keeping employees satisfied. Partnering with the right co-employment organization allows your business to provide a robust benefits package your team will appreciate while maintaining your budget. Visit our services page to have our HR experts provide strategic recommendations tailored to your needs.