5 Ideas for Creating a Robust Employee Benefits Plan

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In a previous blog post, I discussed offering disability benefits to employees. Thinking beyond just disability, it’s important to develop a robust benefits plan and consult experts to ensure your plan does not unintentionally run afoul of federal, state and local regulations. Creating a benefits plan may sound challenging, but it can be the difference in retaining your valuable employees and attracting new ones.

If you want to make a difference in clients’ lives, then you also should make a difference in your employees’ lives. If one of your business goals is to provide options for clients to achieve their financial goals, then perhaps there are similar options to consider for providing for your employees.

Here are some ideas:

Protection Options
In the event of an unplanned emergency or event, you could offer employees health insurance, health savings accounts, medical flexible spending accounts, life insurance, disability insurance and dental insurance. You may also want to consider preventative plans, such as vision, dental, or onsite flu vaccinations, for example.

Retirement Options
Consider offering retirement plans as an opportunity for employees to save for their futures.

Guidance and Tools to Be Effective
To help employees be effective in their work, consider bonuses and incentives tied to specific, measurable and understood results. Also consider flexible schedules, telecommuting and mentoring programs.

Giving employees work and personal life balance includes time off for vacation, sick and personal appointments, the opportunity to observe religious or personal belief days and extended leaves to care for sick family members.

Fringe Benefits
Sometimes, fringe benefits can help employees be more successful:

  • Education assistance, including tuition reimbursement, licensing and designation fees, seminars or self study courses to improve knowledge or abilities, conferences and  association memberships
  • Equipment  or product discounts
  • Parking or commuter passes
  • Fitness memberships or programs
  • Health and lifestyle coaching

Community Involvement
Decide if some benefits may fulfill employee beliefs and give back to the community in a way that aligns with your company values. Consider paid time off for volunteering or a paid time off donation program, where accrued (but not taken) time off is donated to charity in the form of money, or to another employee who is in need.

Consult group benefits providers and experts in human resource and law to provide feedback and offer options for implementing the benefits plan.

This is just an overview and is for informative purposes only.

Mary DunlapMary Dunlap, CFP®
Mary Dunlap Consulting
Pottstown, Pa.

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  1. Pingback: 5 for Friday: Employee Benefits Edition - MonsterThinking | MonsterThinking

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