Ingram’s February 2023

SMALL BUSINESS ADVISER

by Susan Stasi

Adding the Right Employee Benefits

Here are five tips to help make sure any changes will provide the edge you want. When you are looking for a competitive edge to improve recruiting and retention, it’s easy to be tempted by the latest shiny new benefits. Here are some tips for making sure your investment will have the impact you expect. 1. Shore up your core benefits first. The most valuable and impactful benefits you offer are related to health care and disability. These are core benefits that affect people’s ability to work, continue paying their bills, and avoid med ical bankruptcy. But is your health-care pricing competitive? Is it afford- able for your average worker? This may be the place to focus before anything else. Adequate health-care coverage is a basic need for most workers, and it affects both recruiting and retention. Next, look at disability. What will happen to the employee

decisions based on the practicality and ost of potential options. 3. Look at the most popular volun tary benefits. Identity theft and legal insurance are two very popular vol untary benefits. Both are relatively in expensive and give employees peace of mind about any potential personal risks they face. If a large percentage of your employees have pets, you might consider pet insurance. Accident and critical illness insurance also can be valuable and help shore up your core benefits. 4. Beware of offering too many op- tions. One of the biggest mistakes com

panies make is adding too many volun tary benefits. What they don’t realize is that having a multi tude of options can give employees deci- sion fatigue. When employees can’t pro cess and understand all the options, they may shut down and choose none. Again, this is

if they get sick and can’t work? Who will pay their bills? This one isn’t so bright and shiny. Many young workers don’t choose it because they think they’re in- vincible. But not having it can hurt re tention. So, if you have extra dollars to invest, consider shoring up that benefit. And regardless of any changes, we sug gest putting it higher on the menu and promoting it more assertively. Vision coverage is another good place to invest. Even a basic eye exam can help you catch other health problems. And it’s an attractive addition for potential recruits. 2. Consider culture and demographics. If your core benefits are solid, evaluate ideas

Even the best set of benefits can’t over come a weak or demeaning culture. Employees stay when their jobs validate who they are and when they can see the value they add.

where knowing your demographics and asking your employ ees for input can help you determine which benefits they’ll value most. 5. Remember: Benefits aren’t every- thing. Even the best set of employee benefits can’t overcome a weak or de meaning culture. The No. 1 factor that makes employees stay is validation of who they are and the value they add. Think of your employees as customers, too, and make sure you’re meeting these needs. Take a look at how your managers are leading, and evaluate how well they’re recognizing their employees and reinforcing their value. Manager training may be in order.

for new benefits based on your current workforce demo graphics and those of the population you want to recruit. Be sure to line up any new benefits offerings with their needs. For example, a student loan repayment plan might be valuable if you employ or are recruiting a lot of recent college grads. But for others who are interested in contin- ued education opportunities, tuition reimbursement may hold more value for both the individual and the organization. Don’t just guess what benefits your employees want. We strongly advise that you ask current employees what they want. We know it can feel risky. What if they ask for some thing you can’t provide? We take the position that employ- ees are mature enough to understand they can sometimes have a voice but not always a vote. Just be sure to ex- plain—both up-front and when reporting on the results— that you will listen to all the input but will have to make

Susan Stasi is a senior account executive for The Miller Group in Kansas City. P | 816.308.4586 E | susans@ millercares.com

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I ngr am ’ s

February 2023

Ingrams.com