A thriving company is only as successful as its least satisfied employee. In our post-COVID world, employees seek jobs with the best possible benefits package to ensure a better work-life balance. That’s where a tailored employee benefits package can set your organization apart from the rest. Keep reading to learn how your organization can personalize its employee benefits package from the experts at Prescott HR!
Why you should personalize your benefits package?
Before we begin, let’s start with why you should personalize your team’s benefits package. When your executive leadership team takes the time to truly tailor your employee benefits package, it sends the message that you highly value your team members. Real-world examples have shown that personalized employee benefits packages can:
- Increase employee and overall team satisfaction
- Boost employee engagement
- Increase retention rates
How to personalize your approach
Now that you understand the positive outcome that a personalized approach can have on your team members, here are several ways to start:
Employee benefits packages are not a one-size-fits-all deal. With a team of diverse professionals from all different backgrounds and lifestyles, there is never going to be one employee benefits package that works for everyone. For example, younger employees may be focused on paying off student loans, whereas older employees may be more focused on financial planning for retirement. That’s why it’s important to be flexible by offering multiple options for your team to choose from.
Offer Wellness Benefits
Wellness means something different to each individual person. A wellness benefit could mean an exercise stipend or mental health counseling services. Your organization should offer some type of wellness benefit, but be willing to share multiple options with your team. One easy suggestion is to pay a monthly stipend and allow your team members to decide what works for their wellness journey.
Don’t Overlook Financial Wellness
In addition to offering traditional financial benefits, like a 401K or health insurance, your organization should consider offering financial wellness benefits, too. This can include financial planning services, debt-consolidation counseling, or financial workshops to help your team members reach their financial goals.
Ask Your Team
You don’t know until you ask! When it comes to providing a standout and tailored benefits package for your team, feedback from the team members is crucial. Conduct one-on-one interviews or group surveys to decide which benefits are a priority for your team. After you’ve established a benefits package that works for your team members, don’t forget to continually evaluate that the benefits are working. Get feedback from your team members about what’s working and what might need to be altered to better fit their needs.
Work with Prescott HR
Does your organization need help with personalizing your employee benefits package? We are here to help! Prescott HR offers a wide range of services that can help your organization evaluate your current policies and incorporate new ones, as needed. Our unintimated HR practices allow us to be focused and effective, providing your business with precisely what you need. Give us a call today at 443-351-8818 or contact us online.