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The Role of Benefits in Today’s Job Market
Employee benefits packages play a major role in today’s competitive job market. If you’re a business owner, attracting and retaining great workers is about much more than a paycheck. For many people, health insurance, retirement plans, and employee wellness programs can be the deciding factor in whether they accept an offer or not, as well as the length of time they stay at that job.
If you own a small or mid-sized business, you likely know how challenging it can be to compete with the benefits packages that larger corporations can afford to offer their employees. Professional employer organizations (PEOs) give businesses access to high-quality, cost-effective benefits solutions for their workers. Let’s take a closer look at what employees want in terms of benefits and how PEOs can help your business offer extensive and affordable packages.
What Employees Want: Key Benefits That Drive Retention
Employee retention is a necessary part of any business. It costs money to hire and train new employees, so retaining the top talent you have is imperative for the growth and success of your organization.
For many people, a great benefits package is one of the major perks of working for a company rather than being self-employed. While having a steady income is crucial, most people want the full experience when it comes to working for an organization. A comprehensive benefits package is important for employee satisfaction and retention.
Health Insurance
When you think of a fantastic benefits package, that likely includes high-quality health insurance. As important as health insurance is, however, paying for coverage as an individual rather than through a company can be incredibly expensive. Without coverage through work, many people have to make tough decisions about their future by weighing the pros and cons of being protected.
401(k) Retirement Plans
Employees are increasingly prioritizing retirement planning. As a business owner or HR manager, offering 401(k) administration can make a huge difference in your organization. Retirement plans show your workers how important they are to the company and how much the business supports their futures.
Employee Wellness Programs
Employee wellness programs are often unique to each company. Companies may offer wellness initiatives that mean getting money back for regular visits to the doctor or maintaining a healthy lifestyle. Additionally, many workplaces are now offering tools for stress-reduction like access to counseling or yoga classes.
How PEOs Help Businesses Offer Big-Business Benefits
As a small business owner, you likely have a lot on your plate already. Managing benefits packages for each of your employees can be daunting and expensive. The more time you spend on benefits management, the less time you have to focus on the mission of your company.
Additionally, small or mid-sized businesses typically don’t have access to the same level of extensive benefits that larger corporations can afford to offer. When you partner with a PEO, not only do they step in to help with the administrative tasks of your business—from payroll to risk management, but they can also ensure you have access to the best comprehensive benefits possible for your workers.
PEOs work with many different businesses. Because they have such a large client pool, they receive access to great insurance plans at incredibly affordable pricing. This means they have the ability to keep costs low for the benefits they offer.
Partnering with a PEO as a small business can mean staying competitive with larger corporations that typically have more to offer their employees in terms of benefits.
Enhance Your Benefits Offering with PEO Support
Top talent workers have a plethora of options when it comes to choosing the right company. As a small business owner, one of the most powerful ways to stand out to job-seekers as well as retain fantastic employees is by offering a competitive benefits package.
Working with a PEO can give your business the advantage it needs against larger corporations—access to premium benefits, HR expertise, and streamlined administration processes. Partner with a trusted PEO to get the support your small business needs so that your company and its employees can thrive.
Contact us today to get the coverage and support you need!
