Last Updated on February 24, 2023 by asifa
One of the biggest mistakes businesses make when trying to build a benefits plan is simply looking at the standard options and mix-and-matching benefits based on what they feel their employees will like. Others will try to offer the strict minimum, while some will try to copy the package of their competitors. But you have to go deeper than that when building a benefits program. You need all the essentials to be covered and look at the specific needs of your employees first. Let’s take a look at how to design the perfect employee benefits plan for your employees.
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Make it Accessible
One of the most frustrating things as an employee is having to jump through all sorts of hoops to access benefits or having to meet ridiculously high thresholds. You have to make it easy for your employees to get their benefits, or they will be seen as largely useless to them, and they might resent you for that.
One of the ways to improve accessibility is to offer employees benefits cards that they can use with service providers in your network. This is something you could get from a few different providers, but it would be wise to look at WEX competitors and alternatives too, as platforms can vary greatly from one another and some will have much better features. Take your time looking at different options and see which one would fit your team the best.
The demographics of your workforce will be extremely important, and you might want to offer different packages to different employees depending on things like age, income, and marital status. Some benefits might be great for younger employees who may still be going to school but largely useless for older employees preparing for retirement, for instance.
There may also be benefits that would make sense for a high-salary employee that other employees in your organization could not access. Some companies may want to offer discounts for traveling for instance, when some of their employees may not be able to afford traveling much. These are things you’ll need to think about so that some of your employees don’t again see many of the benefits as inaccessible. This will also allow you to only put benefits that your employees are likely to use and not have to overpay.
It’s fine to look at what the competition is doing, but you shouldn’t copy them. After all, you don’t know if their benefit structure is optimal. But one thing you have to pay special attention to is whether all of your competitors are offering benefits that you’re not offering your employees.
This could become a serious issue for you at some point in time. Your employees may start discussing benefits amongst themselves, and some of your employees may decide to leave as a result. Look first at where there could be deficiencies in your program, and maybe look at some interesting benefits other businesses are offering.
Building a good benefits package for employees is important if you want a happy workforce and you want to ensure their loyalty. Take the time to look at different options, and constantly work to better tailor your benefits to your employees’ needs.