How to Choose the Right Benefits Package for Your Employees

Offering employee benefits is essential to being a responsible, reputable and reliable employer. However, it can be overwhelming to decide what the best benefits are that won’t break your budget. Creating a benefits package requires a well-researched and thoughtful approach to balance the needs of your workforce and your company’s financial capabilities.

How to Create a Benefits Package

Consider the following tips to create a benefits package tailored to your organization:

• Assess your employee’s preferences. Research the benefits typically offered by employers in your industry and what benefits employees in your field value most. If you want to update a benefits package already in place, ask employees what changes they would like to see.
• Research competitor offerings. Explore what your biggest competitors offer their employees to ensure your benefits package is attractive and relative to top talent.
• Create a budget. Analyze how much your company can spend on employee benefits. If the company has significantly expanded, make sure your budget and benefits package reflect that appropriately.
• Review legal compliance. Verify that your benefits package aligns with federal, state and local laws and regulations. This typically includes understanding tax implications and following applicable benefits and employee leave laws.
• Understand common offerings. Typical benefits may include health insurance, dental and vision plans, retirement savings, paid time off and employee leave.

Where to Get Employee Benefits Packages Near Me

Contact Bovard Insurance Group to build or review your organization’s benefits package.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.