If you are having trouble retaining employees, there is a chance it is due to your company's benefits package. The following are three steps you can take to improve the benefits you are offering your employees.
Make sure you are not offering unwanted benefits
It is easy to increase your benefits package. It is only a matter of financial investment. However, you want to get the maximum value for your investment. This can be measured by employee satisfaction, and this can be quantified with your turnover rate. So before you start thinking about which benefits you can add to your company's package, you need to first look at what you are already offering. It is possible that you have a benefit that is not wanted. One example could be a profit sharing program you have in place, but employees what rather have it replaced by a good 401k program. By eliminating an unwanted benefit, you can use these resources on something more desirable.
Add to or change a retirement plan …show more content…
In fact, without a retirement plan, you will not likely attract talented people. This is critical for a small business when it begins to grow. Right at the time you need your best employees the most, you lose them to another company simply because they have a retirement plan. If you already have a retirement plan for your employees, there are many ways to improve it. Namely, you can increase employer contributions to the plan. The best approach to implementing a new plan or improving an old one is to speak to a specialist at an employee benefits services
Make sure you are not offering unwanted benefits
It is easy to increase your benefits package. It is only a matter of financial investment. However, you want to get the maximum value for your investment. This can be measured by employee satisfaction, and this can be quantified with your turnover rate. So before you start thinking about which benefits you can add to your company's package, you need to first look at what you are already offering. It is possible that you have a benefit that is not wanted. One example could be a profit sharing program you have in place, but employees what rather have it replaced by a good 401k program. By eliminating an unwanted benefit, you can use these resources on something more desirable.
Add to or change a retirement plan …show more content…
In fact, without a retirement plan, you will not likely attract talented people. This is critical for a small business when it begins to grow. Right at the time you need your best employees the most, you lose them to another company simply because they have a retirement plan. If you already have a retirement plan for your employees, there are many ways to improve it. Namely, you can increase employer contributions to the plan. The best approach to implementing a new plan or improving an old one is to speak to a specialist at an employee benefits services