ANSWER➡️: The right benefits package can help you attract and retain talented employees. But keep in mind that it can cost up to thirty-five percent of an employee's salary so you need to make sure that your benefits are serving your organization's best interests in attracting and retaining key employees.
Benefits programs vary greatly, but typically they include medical insurance, life and disability insurance, retirement income plan benefits, paid-time-off benefits, and educational assistance programs.
An important first step in designing an employee benefits program is to identify its objectives. This will provide overall guidance in establishing the selection and design of the benefits program. Your HR strategy will help guide the development of the benefits objectives, as these objectives should help achieve the overall strategic goals. Factors such as employer size, location, industry and collective bargaining agreements should be considered in the development of the benefits objectives.
The benefits objectives are not static and should be evaluated and revised to reflect the current business strategy and your employees' needs.
Do have questions or need help with selecting the right packages for your business, DeAnna King, with King HR Services can help. We are connected to benefit providers so we can help get you the best and most appealing packages for your hard working employees.
For more information or assistance with your human resource needs, contact DeAnna King, at (941)518-9679 for your free consultation and review of your organizational life cycle.