Saving Money on Employee Benefits

Offering employee benefits is a humble gesture for any company to make; it shows your employees that you care about them on a human level and that you are willing to go the extra mile to compensate them for their time. While it is a great thing to do, different incentives can add up fast. If you want to offer your employees great benefits and save money at the same time, here are a few tips to help you know where to start.

Invest in a Group Life Insurance Plan

Insurance is the first thing that employees look forward to when it comes to a benefits package, and the good news is that it doesn’t have to drain your funds, either. Group life insurance is an option that many employers choose to offer their staff, and it’s a beneficial plan for a couple of reasons. Because it’s one policy covering multiple individuals, you and your employees can get coverage without having to go through a medical exam and health history report, so the premiums won’t be raised for someone who is of an older age or in poor health.

Second, the employer is not required to pay for all of it; you can have your employees pay a small percentage that can come directly out of their pay checks or their Super account. It helps protect your employees and their families, and it can also help protect your company from having to fund a lengthy sick leave.

Create a Pick and Choose Option

Standard benefits packages might seem like a good thing to implement, but aside from being costly, they can also be wasteful. Some of your employees might already be on their own insurance policies and private health care plans, so instead of distributing them evenly among all your workers, allow them to pick what ones would be the most useful to them. Also, set a standard that you will pay for a certain percentage (maybe half), and they would be responsible for the rest. It’s still a great incentive because they’d be getting what they choose at a discounted rate, and they could make sure it’s something that they would actually use.

Offer Direct Deposit

Direct deposit is a valuable resource that saves your employees time and hassle, and it saves money for the company. It’s a win-win for everyone, and more employers are starting to utilise this option every day. According to The Electronic Payments Association, companies with 100 employees can save up to $3,000 per year by going green and skipping the paper check. You’re giving your staff back the time they’d have to wait in line at the bank, and you’re helping the earth; it’s a favourable choice for all parties involved.

Flexibility

Flexibility is a great benefit to offer your workers, and for the most part, it’s completely free. Flexible dress code, hours, days off, and break/meal time are simple, easy ways to let your employers know that they are valued. A relaxed atmosphere does wonders for stress relief, and it makes coming to work in the mornings much easier. Being an employer who understands that a team member needs to take half the day off to see her son’s play will set you apart from competitors and ensure that your staff stays happy where they’re at.

There are many options available for you to provide useful incentives for your employees without going overboard on the company’s budget. As long as you’re willing to get creative and listen to input from your staff, you should have no problem showing employee appreciation in a way that’s beneficial to both your dedicated workers and your company.