When crafting the perfect employee benefits package, there is a lot to consider. The main concern being: are we getting the most for our money? But let’s set the money aside for a second and think about the effect benefits packages have on employee satisfaction, company culture and general recruiting. Are your benefits packages competitive? Trustworthy? Do they really have the employees best interest in mind?
Here are a few qualities of good employees benefits packages vs. qualities often found in not so good benefits packages.
The Good
Diverse
Do your benefits include employees of all backgrounds? Making sure that your benefits are written in a way that does not exclude any group is crucial. For example, be sure that your parental leave policy incorporates the LGBTQ+ community by including adoption or surrogate births.
Transparent
Your employees should know exactly what they’re getting and why. They should also be confident in their choice if their employee benefits package requires a decision on their end. It’s your job as their employer to be transparent and open about the benefits, whether they’re something to be proud of or not.
Progessive
Good employee benefits packages should be relevant to the times. Student loans have become a large issue over the past 10 years and it’s only getting worse. Incorporating a benefit that addresses student loans or tuition is a great way to competitively stand out.
The Bad
Poor Communication
Communicating your benefits to employees is huge, even if the benefits package isn’t great. When a business makes a point to draw little to no attention to the benefits or changes in the benefits employees lose trust in their employer. This also leads to confusion, which leads to appeals, ultimately creating more work for the business.
Ulterior Motives
Using benefits like free snacks or casual dress to make up for poor compensation or poor workplace culture is never the right thing to do. This is a tactic often used by companies who heavily recruit recent college graduates. While it seems like an easy fix, it only leads to high turnover rate and low retention.
Craft good employee benefits that balance the employee experience with the most competitive options for cost and coverage. Contact HRO Resources to get started today. Request a free demo and get a free quote today.