Small businesses are expanding their employee benefits programs beyond medical in order to attract, retain and take better care of the people who make their businesses a success. Adding benefits like dental, vision, disability, life insurance and more doesn’t have to break the bank.
Here’s how other companies are doing it:
- Find out what employees want. According to MetLife’s 14th Annual U.S. Employee Benefit Trends Study, small business employees consider benefits like 401K (or other retirement plans), dental insurance, life insurance, vision care and disability insurance as “must-haves.”
- Work with a broker. They can help assess the right mix of employer and employee-paid options carefully. You may not be able to pay for a lot of additional benefits, but you can find creative ways to offer them to your employees.
- Revisit your plans annually. Circle back with your employees once a year. Ask them what benefits they’re using, and which ones they’re not. In some cases, you may simply need to educate your staff on a how a certain benefit, such as short term disability or life insurance, works. Also, connect with your broker to keep him or her updated on your staff needs and learn about new options.
Find out how real companies reevaluated their employee benefits strategies in our study, “Beyond Medical: Why Small Business Owners Offer Added Benefits — and How They Do It.”
Adding benefits beyond medical can help boost productivity and loyalty, giving your business a competitive advantage. Learn more.