How to Upgrade Employee Benefits

Regardless of the state of the economy, there will always be competition among companies for the best employees. All things being equal, the best employees will gravitate to jobs where the employee benefits are most attractive. Furthermore, those companies that offer the best benefits generally do not have to pay the highest salaries to keep their people happy. The trick is arriving at the most attractive mix of benefits, and it changes as the general economy changes.

Instructions

1. Consider upgrading the health care plan you offer to your employees. Costs of health care have been skyrocketing and it will increase another 10 percent this year. Many companies have either had their employees pay an increasing percentage of the premiums, each month, or they have reduced the benefits. There's no question that this is the most costly of all the benefits you offer your employees, but there is nothing that instills greater company loyalty.

2. Consider offering your employees the opportunity to work from home, and make flexible hours available to them. Some employers simply do not trust their employees to do a day's work for a day's pay at home, even though telecommuting is now the rage. Furthermore, some employees would rather work different hours than they do, either for family reasons or they would simply like to work longer each day and take Fridays off. If such flexibility is possible for your business, ask your employees if these changes are of interest.

3. Adjust your policy regarding vacation to allow unlimited rollover of unused time off. If yours is like most companies, your employees are limited in the number of vacation days they can rollover until the next year. Consequently, many of them take vacation days with little thought so they'll avoid losing them at the end of the year. To many employees, vacation time off is earned; and to them, the company is taking advantage of them with such a policy. From the company's perspective, it may be concerned that people will save up vacation time so they can take month off at a time. But for the rare exception, what valuable employee can afford to take that much time off in the first place?

4. Recognize that the cost of transportation is at the top of issues being discussed today since the price of gasoline is reaching $4.00 per gallon, or higher. There is nothing that will gain your employees' attention faster than vouchers for gasoline. This is especially valuable to the employees of a company located in the city because they will typically live a good distance away. What's more, if you decide to offer these vouchers, consider giving two to those people who agree to carpool. Your employees will appreciate the added savings, and you will be doing something good for the environment.