Beefing Up Your Benefits Package

You know that employees today want the most comprehensive benefits package possible, but how exactly can you put that together to cover everyone in your company?

Today's workers expect their employers to offer more than just basic health insurance. They want comprehensive benefits packages that help them lead healthy and productive lives.

The laws mandate that you offer a minimum level of benefits, but beyond that you can choose how to tailor your offerings. Additional benefits can range from pet insurance to on-site child care, so how do you decide which ones to provide to your employees? HR professionals offer the following advice:

• Make sure the benefit is important to a large number of your employees.
• Choose benefits that work well with your corporate culture and your business cycle.
• Decide if your benefits package will offer a good return on your investment.
• Let your benefits package evolve with your company and employees.
• Perform a cost analysis of each benefit to determine how it will affect your bottom line.
• Be certain that you understand why you are offering a benefit.

New Benefits Ideas
Call your health-care provider and ask how you can supplement existing benefits. You may be able to offer your employees new benefits and perks without spending a lot of cash. Some traditional providers offer such benefits as prenatal care, smoking cessation and weight loss programs, gym subsidies, on-site flu shots, CPR training, and retiree health-care benefits. Then try adding a few new perks that your employees will appreciate and enjoy.

Offer assistance to new out-of-town recruits. In addition to offering a relocation package, consider providing services that will help spouses of your new employees find jobs. Family transition packages help family members find jobs, schools, activities, and churches or synagogues.

Give perks to business travelers. Encourage employees to use their company-earned frequent-flier miles to bring their spouses and children along on business trips. And offer to pay for their long-distance calls and dry cleaning while they're on the road.

Incorporate "lifestyle" benefits. Add benefits that help employees simplify their personal lives. Consider offering dry-cleaning services, legal assistance, on-site cash machines, and health insurance for pets.

Offer domestic-partner benefits. Many businesses include packages that accommodate an employee's significant other, regardless of their marital status.

Create a time bank. Build a sense of loyalty among coworkers with a time bank. Encourage your employees to donate sick, vacation, or personal days to others in the company who are in need.

Match employees' charitable contributions. Donate money to your employees' favorite charities, and offer employees paid time off when they volunteer for a charity.

Use the Web. There are a number of Web sites that help you supplement your benefits package. Sites like BenefitsLink can help employers create perk programs for their employees.

Explore options for child care. Company child-care centers help cut down on absenteeism. If your company is too small to provide on-site care, consider offering referral services and subsidies.

A note about temporary labor: If you happen to be a business that is tied to a seasonal workflow, you may be forced to rely on temporary labor. However, if you use or are considering temps as a way to cut your operating costs, think again. The Cost of Temporary Workers explains why avoiding offering benefits doesn't necessarily save money when you take the temp route.

Get more information on salary and compensation and employee benefits at AllBusiness.com.

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