Placing a value on something intangible like employee benefits can be challenging. Depending on what type of benefits are offered, certain benefits can be more valuable to some employees while different benefits are of more value to others.
For the sake of argument, let’s consider a standard employee benefits package. A typical employee benefits plan will likely include:
- Health insurance
- Dental coverage
- Life insurance
- Paid vacation
- Paid sick days
- Disability insurance
These are just a few examples of some of the perks that can be found in a traditional benefits package. Any plans you want to offer may vary – and for good reason. Your staff will value certain benefits more than others. Some will value vacation days more than any insurance plan while others may prefer a Netflix subscription over dental coverage.
Why should you offer employee benefits ?
There are some very compelling arguments to offer some form of benefits to your staff. For example, offering a comprehensive benefits package can help:
- Attract and engage the type of employee you are looking for
- Keep effective employees on your staff long term
- Improve workplace productivity
- Maintain a healthier staff
- Build a better future for your company
Many studies indicate that employees over value benefits compared to salary increases. The value of, say a dental plan will out weigh the cost of the plan itself – often equating to thousands of dollars in value.
Once you’ve decided to offer benefits, the next step is deciding which benefits to offer your staff. The process for devising the right benefits package for you involves:
- Benefit options
The first step in building an effective benefits plan is to look at and assess your business data. How many staff members need coverage? Do you want to segment your team into groups and offer different levels of benefits? What impact will these benefits have on your payroll?
It is important to note that any benefit you provide will have tax consequences for the employee and potentially your business as well. Integrating benefits with payroll will save you (and your accountant) hundreds of hours of additional work. PaymentEvolution has fully integrated benefits and payroll that streamlines this process for thousands of businesses like yours.
Other data to be analyzed may include work place incidents, past employee claims, employee requests, and health issues. All this data also helps to create a benefits package that stays within your budget.
PaymentEvolution uses cloud-based software to create and manage benefits and payroll. This innovative process is streamlining the way benefit services are handled across Canada. By working directly with the largest and most innovative insurance carriers, PaymentEvolution gives you a simple way to compare and build your own custom benefits plan. This cutting-edge technology not only makes the benefits process more efficient but also more effective and cost-conscious.
Business owners will have the option to select the benefits that are most useful for the workplace, to create a more stable and attractive environment for workers. For simple solutions, conventional benefits packages are available. For a more personalized approach, there are many flexible options to choose from to ensure you get the employee benefits you require.
Look for a provider that gives you an easy, online way to customize your benefit plans. You should be able to compare prices instantly and get a custom package ready in seconds. Check out https://PaymentEvolution.com/Benefits to get started.