Invest wisely in your greatest asset
The costs of benefits are rising, and so are the stakes for attracting top employees. Here are some suggestions to help you balance the need for competitive benefits with the cost of offering them:
- Don’t automatically dismiss HSAs as too complex
Heath Savings Accounts (HSAs) are a viable option for you to keep healthcare benefit costs down. In fact, the National Federation of Independent Business, an advocacy group for small businesses, lobbied hard to make HSAs available. To learn more, read our article, “HSAs: A Healthcare Reinvention" that appeared in the Twin Cities Business Journal.
- Unique benefit options
Consider offering uncommon benefits as a way to improve employee loyalty at a lower cost. Many employees find value in nontraditional perks, such as:
- Job sharing
- Flex time or work-from-home options
- Professional memberships
- Parking or public transit passes
- Direct deposit
- Tuition reimbursement
- Health club discounts
- Interest-free computer loans
- Opportunities for charitable work
- Optional life insurance
- Plan your own retirement benefits carefully
In order to ensure the lifestyle you would like after retirement and to offer the maximum benefit to your employees, it is smart to meet with a financial planner who is familiar with your business strategies and plans. They will construct a plan that will work as hard as you do.
- Regularly review and improve your retirement plan.
Changing your retirement plan doesn’t cost a thing, yet can offer employees more flexibility and savings options. You may even be able to get the same fund families or funds that perform similar to your current ones. With tax laws constantly changing, there are usually ways to make improvements.
If you’d like to discuss any of these issues or learn more about how employee benefits can affect your business, contact one of our privately held business experts.
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