Employee benefits policy

We all know that the ideal job does not just pay very well; it gives you little extras that can go a long way. The right employee benefits can be a huge factor in your family’s happiness and wellbeing. Many older employee benefits packages used to just cover the basics like a pension plan, health and dental insurance. Today the average worker needs much more than that to be able to survive and function in today’s world.

A good employee benefits package, for someone sourced through one of the better HR consulting firms, would include things like identity theft protection, financial advice, accountants to help you with tax questions, legal aid, medical insurance, and even roadside assistance. Those may seem like odd things to throw into as options, but when you look at the entire package, these are all things that could greatly assist the average family for years to come, and help you save money on these services if you had to pay for them yourself.

 

Which employee benefits should be offered?

The type of benefits offered varies from one company to another. Choose them wisely because employee benefits are a significant investment in your workforce. Construction companies, for example, may want to offer short-term disability insurance options because injuries are common. Stressful office environments, however, may need to offer additional vacation time to help employees unplug and distress. The one thing that any company worth its salt should offer, though, is family insurance. Retirement plans are also at the top of the list.

Why is family insurance important?

Medical insurance, life insurance and other types of policies that affect the health and livelihood of an employee’s family are a top priority. Private insurance allows employees to see the providers of their choice, and in some cases, to receive treatment more quickly than with public health insurance. Supplementary employee benefits such as dental insurance, vision insurance and drug coverage are especially important as these are not always covered by other types of family insurance policies.

Why does this matter to an organisation?

As more and more organizations try to cut corners and reduce expenses, employees are becoming increasingly unhappy. Offering a solid employee benefits package with family insurance is essential to keeping employees happy, yes, but it’s more than that. Unhappy (and unhealthy) workers come and go in jobs. That means additional expenses for the employer because there are significant costs associated with recruiting and training replacements. Without benefits, you have no chance of attracting highly qualified employees because they’ll just go to agencies and firms that offer family insurance and the other employee benefits they want.

Will the benefits package ever change?

The benefits an employer, especially if they have listed through HR consulting firms, will change over time. Whether you have to cut costs for a couple of years by reducing benefits, or you want to be progressive by offering more benefits than your competitors, you must be flexible. Bear in mind that limited benefits limit your ability to attract talented achievers. The more benefits an employer offers, the more attractive the firm becomes. Employees place a high value on family insurance and other hard-to-find perks.