While some universally famous global conglomerates often come into the limelight because of extravagant perks they give to their personnel, the majority of small – and medium-sized companies seriously doubt that they can afford even a basic set of benefits. Fortunately, such a belief is nothing but a widespread misconception, meaning even the smallest enterprises are able to show they highly appreciate their staff.
Thanks to the fast advancement of modern technologies, getting a fully tailored to your needs solution has never been less complicated, time-consuming, and, what’s the most important, less costly. Here is how to keep your tech employees covered without breaking the bank.
Apart from a range of benefits that employers are required to provide by law, there are a bunch of perks that are not obligatory, but the great bulk of companies strives to put them on their rosters of treats to stay competitive. In fact, this category boasts the most sought-after advantages: retirement and health plans, paid vacations and holidays, as well as life insurance and other popular options such as dental or vision plans.
Since demands for benefits vary greatly from one company to another, it makes no sense to look for a kind of all-size-fits-all solution, even if such packages can seem attractive at first glance. To make the most of your money, it is of great importance to get a coverage that is perfectly tailored for your HR system, which means you pay only for what your employees really need and want. For instance, if your workforce is made up mainly of young single people, they hardly will appreciate life insurance because they just do not feel they need it.
Benefits aren’t cheap that’s why it is crucial to strike the balance between your desires and financial situation. In other words, do not rush into conclusions and think twice before offering more than you can afford.
It’s safe to say that one of the most widespread mistakes made by small businesses is absorbing 100% of employee benefits costs. Despite what you may think, even larger companies ask for employee contributions toward health insurance. Naturally, the size of the contributions varies drastically, from a couple of bucks per pay period to several hundred a month, but the point is to exclude people who do not need coverage.
If you think of it, some of your employees can be covered by the policies of their spouse or parents, and if you offer yours for free, they will surely accept it. On the other hand, if they have to pay a share, all chances are they will skip it to avoid unnecessary expenses, at the same time saving you money.
Just a heads up, make sure the person who is in charge of administering benefits enrolls new employees in plans on time, in compliance with fixed time frames for open enrollment. As a rule, late enrollment requires proof of insurability resulting in pretty expensive litigation.
Creating Your Perfect Benefits Package
First and foremost, you have to learn the needs and desires of your workforce. Even though it sounds like a simple task, in reality, many small business owners fail to do their homework. If the needs of your employees hardly can fit the mold, consider surveying them with the help of a well-thought-out questionnaire prepared in advance.
Take advantage of modern technologies that literally bring endless possibilities right at your fingertips. Forget about paperwork and switch to one of the sophisticated digital platforms as these all-in-one online masterpieces offer a seamless experience for both employees and employers. You are welcome to leverage the full range of benefits and groundbreaking tools that ensure a holistic approach to your needs while employees get direct access to their perks anytime and anywhere using their mobile devices.
Saying thank you to your employees can go a long way, but expressing your gratitude for their good work in the form of a benefits plan can do wonders. Luckily, today it is easy to keep your tech workforce covered and it doesn’t have to cost you a fortune. Simply listen to your employees and look for options that can provide you with a reliable solution completely tailored to your needs and requirements.