October 25, 2022

How Does Your Benefits Package Rate?

Competitive Benefits Package?

Benefits are regularly named by job seekers as the number one factor considered when accepting a position, and so to attract the best employees, it’s vital that businesses offer a robust benefits package. As a recruiting and retention strategy, benefits planning is key – certainly – but what exactly comprises a competitive benefits package and what if you can’t afford to offer one?

Competitive Benefits Packages

The most comprehensive packages usually include the following:

It’s arguably recommended that to attract the best talent, the least amount to offer in a benefits package are health insurance and a retirement plan.

If You’re Trying to Cut Costs

First, keep in mind what it would mean for your company to have the best employees you can find work for you. Many times, the return on investment in these employees works out in your favor.

However, with rising premiums, it’s natural to look for ways to keep costs under control. With most small companies allocating between 10% to 15% of payroll costs to health care, this expense can be daunting.

Here are some tips:

Offer the right – and most desirable – benefits, and you’ll draw top candidates to your door, while your existing employees will tend to be more productive. And that pays off for everyone.

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