With the right benefits package, you can attract top talent to your company, retain employees, and ensure your team has access to health insurance and other essentials.
At Villanova Insurance, which offers benefits consulting services, we help businesses throughout the King of Prussia area find flexible benefits packages. Here are our top 5 tips to follow when buying employee benefits:
1. Focus on value first
When companies come to us for benefits consulting services, we always remind them that buying benefits is a way to invest in quality employees. Those who feel valued are more likely to be more productive, and they won’t be tempted to look elsewhere for another job.
Keep this in mind when scoping out benefits packages. Although you might be tempted to go with the less expensive option, don’t forget that providing excellent benefits can create a supportive company culture that reduces turnover rates. Your company and your employees can reap the rewards with a top-notch benefits program.
2. Make it easy for employees to take advantage of their benefits
Excessive paperwork and complicated sign-up processes may cause employees not to participate in benefits programs at all. Instead, choose programs that make it as easy as possible for your team to participate.
To combat employee inertia, consider plans with automatic enrollment and automatic plan escalation. For example, when it comes to retirement plans, you can choose a program that automatically increases an employee’s contribution by a certain percentage every year. Increases can also be triggered whenever the employee gets a raise.
Features like these will help your employees make the most of their benefits, and they can help instill confidence in your team.
3. Educate employees about their options
Retirement and health insurance are both complex topics, and your employees might not take time on their own to fully understand their options. Some employers provide handouts, but in most cases, this isn’t enough. Take the initiative by holding workshops and educational sessions so your team can directly ask questions.
At Villanova Insurance, we’ll not only help you find an excellent benefits package for your team, but we’ll connect you with plans that have valuable educational resources. Our benefits consulting services will ensure you and your employees have all the information you need.
4. Offer your team flexibility
Every employee has their own priorities when it comes to healthcare and planning for the future. As a result, a one-size-fits-all approach isn’t always best. With flex benefits, you can empower your employees to choose the benefits that are most relevant to them.
Flex benefits programs, sometimes called “cafeteria plans,” allow employees to pick and choose from a list of potential benefits. They are then reimbursed by the employer for their chosen benefits.
You can set a limit to the amount of benefits that your company is willing to reimburse. If an employee decides not to select insurance benefits, then they can take an equivalent cash benefit instead.
5. Make sure your company is compliant
Employee benefits are regulated by various laws, such as COBRA, ERISA, and HIPAA. If your procedures are not compliant with the applicable regulations, you may face audits or hefty fines. Non-compliance also puts you at risk of losing certain tax benefits.
Once you’ve selected a benefits package, make sure you understand how to establish and maintain compliant procedures. The experienced team at Villanova Insurance can conduct a compliance review to make sure your company’s practices are up to speed.
Benefits consulting services in King of Prussia, PA
Villanova Insurance provides custom benefits consulting services in King of Prussia, PA. Whether you’re searching for a new benefits package, or you’re having trouble making sense of federal compliance regulations, our team would be happy to help.