Setting up a Strategic Benefits Plan

In today’s hiring market, a benefits package is essential for attracting and retaining top talent. Once you have great employees on board, how do you keep them from jumping ship? Here’s what you need to know on setting up a strategic benefits plan:

  • Don’t do too much too soon – Start with the fundamental benefits, many operators start with a management only plan and grow from there. If you’re taking over a store, disruption of payroll, retirement and healthcare benefits may be vital to keeping employees happy and engaged.
  • Discuss benefit offerings with other operators. It’s important to then look at what you want to compare to. There isn’t a one size fits all or copycat approach that will necessary work, but there will be some obvious benefit choices based on your business and financial priorities of your employees.
  • Set a budget – Determine on what you can afford, not what other Operators are contributing.
  • Provide plenty of options – Choice is so important. An inflexible benefits program will be viewed far less positively then one with options. It’s fairly simple, the wider the offering, the increased likelihood you can meet the individual needs of your whole employee base.
  • Where to go – Once you know what you want, it’s good to go with a trusted partner to create a health and benefits solution that meets your goals.

The key point in offering benefits is not about cost or extravagance. Instead they demonstrate an employer’s investment in its people.