When you are embarking on setting up an employee benefits plan for your company there are a few goals and objectives you should consider. Remember, first and foremost, your new benefits plan is for your employees, present and future.
1. Attract high quality employees.
To attract high quality employees you need to be competitive in the marketplace at all sorts of levels. Businesses that draw from the same talent pool have to find ways to stand out from the crowd – and a well crafted benefits plan for your employees can help.
A value-added employee benefits plan – perhaps one that includes a Health Care Spending Account (HCSA) – can add tremendous value to an employment package that may otherwise be similar to your competitors. From a younger generation, who like to make and manage their own decisions, to an aging demographic who may need coverage for health expenses outside the mainstream, the flexibility of a Health Care Spending Account makes sense.
2. Retain & reward existing employees.
With the high costs associated with employee turnover, retaining and rewarding existing employees is often at the top of the reasons to offer a well-rounded and inclusive benefits plan.
In addition to the financial value inherent in an employee benefits plan, a flexible plan can help you manage your existing employees' productivity. If your employees trust that there will be assistance with their health expenses when they need it, a level of emotional and psychological stress is relieved. And, if you do choose an HCSA which offers employees the opportunity to proactively manage their well-being with coverage for alternative health services (i.e. acupuncture, naturopathy, orthodics, etc.), this can lead to better morale and ultimately, better productivity and job performance.
Simply put, a happier, healthier and more productive workforce will decrease your turnover rate. This saves money on training and recruiting in the long run.
3. Budget for a balance between business & employee needs.
Employee benefits packages can be an expensive cost of running a successful business – and for many businesses, the challenge of balancing the bottom line against what's best for their employees is tough. There is a science behind offering the best possible benefit package to your employees and meeting your corporate financial objectives.
Making sure your benefits plan maximizes the reward to your employees, while minimizing the after-tax costs and mitigating the increases in premiums can be a complicated process.
Aspects of the plan such as budget per employee, cost sharing with employees, future cost containment, flexibility in coverage and tax considerations should be taken into account when creating a plan that will work for all stakeholders.
This is where the Collins Barrow team, with our financial and accounting experts, can help. We look at your benefits plan in the context of your entire financial picture to minimize waste and ensure you maximize the ROI on your benefits spend.
4. Ensure long-term ease of administration.
After your plan is launched, ease of administration becomes paramount. Too often, we've heard stories from clients that have been 'abandoned' and left without any post-launch support.
When you work with Revolution, our team will continue to be there for you, offering on-going support and advice as you grow and develop your business.
Plus, as part of our service promise, we offer continued management of the financial aspects of the plan to ensure that it remains the cost effective, recruiting power tool you intended it to be in the first place.