Growing companies want to attract and retain top talent. Beyond health insurance, employees are interested in comprehensive benefits including 401K with a match program, dental, vision, flexible spending accounts, disability and life insurance, and more. With the growing millennial workforce, companies should also consider creative perks and benefits that connect personal passions with their work. By carefully curating an employee benefits package, you can build and reinforce a workplace culture that will be valued.
Now serving more benefits
In the past, offering voluntary employee benefits (also known as ancillary benefits) was not feasible for smaller companies. Employees felt lucky to get health insurance. Providing more expansive benefits was cost prohibitive and smaller businesses simply didn’t have the resources to sort through plan options, administration requirements and fiduciary responsibilities. Professional employer organizations (PEOs) have changed that equation. Companies can outsource their HR administration to experts. With a large pool of clients, PEOs have access to a broader array of benefits from leading providers at competitive rates. Working with a PEO allows companies to offer more benefits without breaking the budget.
Creative perks that work
Take the time to consider what is important to your employees and develop creative perks and benefits they’ll enjoy. Flex hours, free food and stand-up workstations are becoming more common in the workplace. Look at other perks that will make your company unique.
- Parental leave for primary and secondary care givers
- Assistance with paying back student loans
- Discounts to nearby athletic clubs or yoga classes
- Pet insurance options
- Gift card awards for a restaurant or massage
The possibilities are endless. Choose which benefits fit within your budget and best reflect your company vision.
Even smaller companies can now put together relevant employee benefit packages to make your company more competitive. Partner with MidwestHR, a top PEO in Chicago, to get access to more ancillary employee benefits at a lower cost than securing them on your own. Our experts can share industry best practices and HR guidance to support your growth. Give us a call 630-836-3000 to learn how employee benefits outsourcing can help your business stand out.