If your company is in the process of crafting your next employee benefits plan, you may have already encountered some of the most employee benefit plan pain points and wondered how to work them out. Although there may be some tough balances to strike in making any benefits plan, you can find the right mix by following these tips and being aware of the following challenges.
Balancing Employees’ Core Needs and Expected Perks
One of the biggest challenges in making a benefits plan is finding the right mix between employee needs and desired or expected perks. You may want to consider including some or all of the following benefits in your package:
- Health insurance
- Vision and dental insurance
- Health club memberships
- Maternity and paternity leave
- Unlimited sick time off
- Mental health support coverage
Mitigating Costs to the Company While Providing Essential Benefits
Another important consideration is how many benefits your company budget can support. Calculate the cost of essential benefits while factoring in:
- Your number of employees
- The types of coverage you purchase
- Any bulk discounts you may be able to secure
- Additional add-on perks you may opt for
Balancing your financial constraints with your employees’ needs and wants can be a serious challenge for any employer trying to put together an updated employee benefits plan. Fortunately, you can overcome these common employee benefit plan pain points by being aware of the challenges involved and following the tips outlined above.