Creating an attractive benefits package is important for attracting top talent to work for your small business. A well-designed benefits package enhances employee satisfaction and also boosts loyalty and productivity. Here are some tips to help you create an effective benefits package for your small business.

Understanding Your Employees’ Needs

The first step in designing a benefits package is understanding what your employees value most. Conduct surveys or hold meetings to gather feedback on their preferences. Common benefits may include health insurance, retirement plans, paid time off and wellness programs. Tailoring your benefits to meet the needs of your specific workforce will improve your package.

Health and Wellness Benefits

A healthcare plan is often the most essential part of any benefits package. Consider offering a range of health plans that include medical, dental and vision coverage. Additionally, wellness programs that promote healthy lifestyles can reduce absenteeism and improve productivity. Wellness programs might include gym memberships, mental health services and health incentives.

Retirement Plans

Offering a retirement plan such as a 401(k) can help your employees plan for their future. Consider matching contributions to make the plan more attractive. Providing financial education sessions can also help employees make the most of their retirement planning.

Paid Time Off

Paid time off (PTO) is essential for maintaining employee flexibility. Consider offering a combination of vacation days, sick leave and personal days. Flexible PTO policies can help your teammates accommodate their needs and make your operation an attractive place to work.

Legal Compliance

It’s important to ensure your benefits comply with all relevant laws and regulations, which vary by state and region. This includes adhering to the Affordable Care Act (ACA) requirements, the Family and Medical Leave Act (FMLA) and other regulations your state may have. Be sure to consult with a legal expert to help you navigate the complexities of benefits compliance.

Communicate Your Benefits

Once you have your benefits package in place, it’s important to communicate it clearly to current and future teammates. Keep your team informed on each benefit, how and when to enroll, and who to contact with questions in your organization. Regularly update teammates on changes or new benefits.

Cadence Bank@Work

Consider making the Cadence Bank@Work program part of your company’s benefits package. Cadence Bank partners with qualifying businesses to provide exclusive financial wellness benefits to employees of participating businesses. Round out your benefits with special banking perks and discounts, Cadence Bank financial education seminars, and a team of Cadence bankers dedicated to your employees’ success. Companies that offer financial wellness as part of their benefits package help their employees gain greater financial stability. Greater financial stability can contribute to better company performance, including increased employee satisfaction and loyalty, heightened engagement at work and greater productivity.

Best of all? The Cadence Bank@Work is offered at no cost, and program setup requires no administrative effort. Together, we can help your employees reach their financial goals. Ready to get started? Click to learn more.

Sources:
https://www.forbes.com/councils/forbeshumanresourcescouncil/2024/03/15/15-tips-to-structure-a-budget-friendly-comprehensive-benefits-package
https://www.forbes.com/advisor/business/best-employee-benefits
https://www.cnbc.com/2023/12/21/no-1-job-benefit-workers-want-is-fully-covered-healthcare-premiums.html

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.