This is the time of year that many companies begin reviewing their current benefits offerings and makings decisions about what changes to make for the next year. A recent blog from Employee Benefits News highlights one of the things small business leaders should keep in mind as they explore possible benefits options. According to research by Prudential, offering a customized benefits package with a full suite of benefits designed to work together increases employee retention and engagement.
One of the things required for an employee to be engaged with your organization is a sense for security. Offering benefits such as health, life and disability insurance along with a 401(k) can help your employees feel secure, allowing them to perform at a high level. This type of security and engagement is what will help you retain your best employees. Educating your employees on these benefits is also important. When employees understand how their benefits can work together, they will see the real value in what you offer.
Speaking of value, offering a full menu of benefits options that employees can customize to their needs doesn’t have to be expensive. You might be surprised how inexpensive it can be to add a 401(k) or company sponsored life insurance to your existing benefits package. If you are interested in finding out more, contact a member of the Account Management team at 801-443-1090.