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Published on Oct 22
A high salary can be a big draw when advertising a new position or enticing a current employee to stay, however, many applicants and employees value the benefits that a company offers just as highly as their paycheck. While many small and medium-sized businesses (SMBs) may not be able to keep pace with the salaries offered by their larger competitors, working with a professional employer organization (PEO) can put Fortune 500-quality benefits packages within reach of an SMB. From health insurance to dependent care, here are three benefits to help you recruit and retain top talent.
Health insurance is the cornerstone of any comprehensive employee benefits package, preferred by the majority of people who work. High-quality health, dental, and vision insurance almost always top the list of most desired benefits. For the majority of job seekers, a benefits package that includes health insurance is a must when applying for and accepting a new job.
If you can only afford to offer one employee benefit, health insurance for your employees and their families is your best bet. Often available from your health insurance carrier, dental insurance plans are designed to cover the costs of preventative and emergency procedures for your employees. Vision insurance is often an optional addition to your health policy and helps cover the costs of regular vision exams and a percentage of the cost of corrective lenses.
Offering health insurance to your employees is the best way to demonstrate that you are committed to their well-being. In return, your employees will be loyal and productive in the workplace, without worrying or fearing how to pay for medical necessities. For more about the importance of health insurance benefits, check out Heart-Healthy Benefits for your Employees.
With an increasing number of workers responsible for the care of both their children and their parents, offering a Dependent Care Reimbursement Account (DCRA) allows employees to reduce their taxable income while setting aside money for child and elder care costs.
Employees can contribute up to $5,000 each year into their DCRA to help pay for dependent care. For dependent children, DCRA-eligible expenses include daycare providers, preschool tuition, after-school care, and summer day camps. For adult dependents who are incapable of taking care of themselves, DCRA funds may be used for adult daycare and in-home care. Contributions to DCRAs are made pre-tax, effectively reducing the tax liability for employees.
Planning for the future
When looking to recruit new talent and retain your top performers, it’s important to recognize that most employees are already thinking about the next phase of their lives – retirement. Offering retirement savings options, such as a 401k, can help provide security and consistency for employees as they plan for retirement.
By offering a 401k as part of your benefits package, you can stand out among your competitors. With nearly 40% of employees reporting that they would leave a current job that doesn’t offer retirement benefits for one that does, you may find that your 401k plan is a crucial part of your recruitment strategy. This benefit can also go a long way in building loyalty and retaining your current employees. Employees are typically less willing to give up jobs that offer great benefits. Help your employees prepare for the future by reading Common Retirement Concerns Every Employee Has.
Solutions that keep you ahead of the competition
By entering into a PEO co-employment arrangement with Sheakley, you can provide your employees with affordable, high-quality benefits that make your company more attractive to applicants. Whether you want to provide health insurance, retirement, or other supplemental plans to your employees, Sheakley can help you choose the right benefits package for your company. While the right combination can help you recruit and retain top talent, it’s also essential that employers make sure that their employees taking full advantage of these valuable benefits. Check out Help Your Employees Get the Most Out of Company Benefits to learn more.
Schedule your free consultation with a Sheakley PEO professional today. For more in-depth information about PEOs, download our What is a PEO e-book today. Stay up-to-date on all things Sheakley by subscribing to our blog and following us on social media. Join the discussion by commenting below.