The start of a new year is a great opportunity to re-evaluate your current employee benefits package. A competitive employee benefits package can help recruit new talent, retain your best employees, and increase office morale. If you are ready to re-evaluate your employee benefits package in 2023, keep reading for some helpful tips from the experts at Prescott HR!

The Importance of Employee Benefits

As briefly mentioned above, employee benefits are an incredibly powerful hiring and employee retention tool that deserves your organization’s full attention. Your organiztion should prioritize a time to re-evaluate the benefits you offer at least once per year to ensure you are remaining competitive with other companies. A strong employee benefits package can help your office run more efficiently by conveying to your employees that you value them. Without a strong employee benefits package, you may see employee retention decline, lower recruitment rates, and low employee engagement.

How Can My Organization Re-Evaluate Our Employee Benefits?

Now that you understand the importance of a strong employee benefits package, what should you do next? We recommend taking the start of the new year as an opportunity to sit down with your upper management team to discuss potential changes to your employee benefits. Here’s how: 

1. Arrange a time to sit down and discuss only the benefits package. Do not try to fit this discussion into a meeting with several other topics. Employee benefits will require the full attention of a dedicated meeting in order to be successful.
2. Think about what your employees want. Try to put yourself in your team members’ shoes. What sort of perks do you think that your team would benefit from?
3. Research other organizations. In order to remain competitive in your field, be sure to research other employee benefits packages from businesses like yours. 
4. Don’t be afraid to ask your team! Send out an anonymous survey or poll your employees. Ask them to weigh in on the kinds of employee benefits that matter to them. You may be surprised how they answer.
5. Clearly write out your employee benefits package. In order for this to be successful, you need to clearly state your employee benefits in writing. Also, be sure to include when a new employee will start receiving benefits after being hired. 

What are Some Common Employee Benefits?

The COVID-19 pandemic dramatically changed the way that employers and employees think about their benefits packages. Here are some common employee benefits that you may want to consider adopting at your organization: 

• Extended paid-time-off
• Flex or remote work options
• Paid maternity and paternity leave
• Childcare compensation
• Employee wellness packages
• Continuing education reimbursements
• Student loan payment assistance
• Retirement account contributions

Work with Prescott HR

Does your organization need help to re-evaluate your employee benefits in 2023? 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.