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Q: What factors should be considered when assessing the Company Benefits Plan?

A: The Benefits Plan of a company should reflect the needs of their current employees while considering what may be enticing to new recruits. Outside of medical and dental insurance there are many other incentives that can be offered.  Retirement plans, paid vacation, holidays, sick leave, and bereavement time, are all things to be considered when evaluating your company’s benefit package. 

A company’s values can also be reflected through their benefits.  Health focused values may be shown by giving discounted gym memberships, healthy foods in the break room, and planning company sports tournaments.  For family-friendly companies, dependent coverage, day care, or flexible shifts may be offered to allow employees with children more support.  If a bulk of your employees are hired as recent college graduates, you may want to consider tuition reimbursements or company parties as a way to attract them to the team.

For a diverse staff it may be difficult to gauge what benefits would be most appreciated.  If you are unsure of what the best offerings would be, try conducting a company wide survey. This will direct your attention to benefits that are most valued by your employees, therefore utilizing your budget more efficiently and boosting company spirits too!