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Proper Employee Benefits for the Position You Are Filling

August 15th, 2014

June 16

Offering an appropriate employee benefits package is a necessity if you want to recruit the best of today’s talent and keep them in your organization over the long term. And it is important to realize that benefits packages can and should include more than just medical coverage. Use these tips to better configure the benefits you are prepared to offer.

Health Insurance

Employers have two options when selecting a health insurance provider – traditional and managed. Traditional health insurance plans typically come with higher premiums but offer a wider selection of doctors and hospitals. Managed plans, by contrast, have lower premiums, but also fewer choices. Keeping your employees happy obliges you to find a plan that offers the widest array of benefits at the lowest cost to your employees, but that is often cost prohibitive for the business. You will have to scrutinize your finances to determine how much you are able to pay, and what level of health insurance benefits you can realistically offer. You can keep your costs down by adding a “wellness component” to your benefits package that encourages fitness and preventative medicine.

Retirement

Even with rising levels of career mobility, appealing recruits will be looking for retirement benefits. Most companies these days choose of to offer a 401K rather than a traditional pension. You can make these plans more appealing by offering matching contributions to the employee’s 401K. It is common for businesses to make a 3% contribution when an employee contributes 6% of his paycheck to his retirement plan, so consider offering a higher matching contribution. Again, it’s important that you scrutinize your finances before settling on an specific number. It’s not worth it to compromise the financial stability of your company just for the sake of recruitment.

Specialty Benefits

Specialty benefits include things like disability insurance, life insurance, and dental and vision coverage. This is one of the areas where you can really differentiate your benefits package from the package being offered by competing companies. Even if employees never or rarely take advantage of these benefits, it is a sign that the employer is making strides to cover them against any possible contingency, which is important for morale and loyalty. Most experts agree that disability insurance should cover at least 60% of an employee’s salary and that life insurance should pay out at least $20,000. You can increase these numbers to help your recruiting efforts, just make sure you educate potential employees about the details. There is a lot of information flying around during the recruitment process, and it is easy to overlook the details of a specialty benefits package.

Learn more about employee benefits and effectively recruiting the very best talent out there by working with the experts at the Concorde Group.

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