The reason most small business owners provide an employee benefit plan is to attract and retain great employees. Matching your competition often requires you to provide some drug, vision, dental and medical coverage. You might also realize that retirement savings and long-term disability insurance provides a smooth transition out of the workforce.
But how do you become the employer of choice for key staff? While most employers provided an insurance package, you can customize your benefit plan to target your benefit budget at achieving specific results. A flexible benefit plan that focuses your benefit budget on key segments of your workforce reduces your benefit cost.
Supporting your corporate culture with a benefit plans that employees are proud of improves employee retention and reduces employee turnover. Employees feel valued when there are heard, they feel respected when they have choice, and they feel special when you provide exactly what they believe they need. Designing your benefits plan to reflect these values will differentiate you from your peer employers and help make you the employer of choice.
Create a workforce advantage by customizing benefit coverage for segments of your workforce that are critical to your success. Learn what type of benefits these key employees want and provide them as a reward as well as a method of retaining them.
Create a cost advantage by differentiating yourself from the competition through a lower expense structure. You can often save some money by changing your benefits plan but the biggest payoff is when you target your benefit coverage to attract and retain your ideal staff.
The Strategy Alignment Process® provides more information on aligning your employee benefits strategy with your overall business goals.