Here is a blog focused on a few tips on picking the best voluntary benefits options for your team. When your employees have an excellent selection of employee benefits, it makes staying at a job worthwhile. Our advice here is that quality versus quantity matters. It’s not about having all of the voluntary benefits there is to offer, but insurance plans that work well for your team, especially. Here are some useful tips.
Survey Your Team
The best voluntary benefits enhance peoples’ lives and help solve problems. The only way to know what those issues are and how your company can assist is to ask. A formal survey enables you to get the data that you need. We recommend that you have particular survey questions. While open-ended questionnaires can be useful, you want to ensure that the focus is on voluntary benefits. “Yes” or “no” or multiple-choice questions help you quickly get the data you need without needing to sift through information.
Study Industry Standards
If you’re looking to recruit new employees, you’ll want to look at what other businesses in your field are offering. Specific industries are competitive, and you don’t want to provide way less than what your competitors are offering, if possible. You don’t want to copy your competitors per se, but you should understand what voluntary benefits are valuable in your industry. Look at trends and keep your geographic location in mind. Try to meet at least three common standards and have a baseline for your benefits. In particular, a unique offering that not all small businesses offer is life insurance.
Think About Your Company Culture
Some voluntary benefits merely aren’t going to fit into your company culture. For example, if you don’t have any employees that are pet owners, it’s not practical to offer pet insurance. If none of your employees has a critical illness and most are in excellent shape, adding critical illness insurance to your benefits package may not be useful. Of course, you want to attract potential employees and help your current employees prepare for a rainy day. However, it’s always best to add voluntary benefits that affect your team presently. A mistake would be adding a policy that seems useful but isn’t. The goal is to add options that employees strongly desire.
For more valuable insurance tips, reach out to Malden Solutions today!
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Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.