The best employee benefits package will include essential coverage, such as health, dental, and vision, and then offer ample flexibility to add voluntary benefits, such as pet insurance and wellness-focused opportunities.

As logical as this sounds, many times it’s easy to think you know what employees need without concrete evidence. Instead, apply the following strategy to design a competitive benefits package that stands out and keeps employees engaged year after year.  

Analyze Employee Needs and Values

Start by utilizing tools to survey employees and gather insight into what they need. Poll the workers you expect will use and depend on these benefits the most.

• Set up an anonymous benefits survey that asks employees to rate what’s most valuable to them.
• Offer ample options, including flexible work hours, retirement planning, and professional development. Be extensive.
• Use this survey to gather insight into what theyneed and value. Then, balance those employee priorities with your businessgoals.

Some employees may seek out the most traditional options, such as health plans and retirement savings. Others will be drawn toward options like pet insurance, mental health access, and financial planning resources. Your goal is to find the sweet spot where your goals and their needs align.

Choose a Mix of Core and Voluntary Benefits to Offer

Workplace benefits must include core benefits that a majorityof people expect. Typically, these are the most common employee benefits:

• Health insurance: Most employees will want a quality group health insurance plan.
• Dental and vision insurance: These plans complement health insurance and are no longer considered extras.
• Retirement plans: Employer matching plans are considered a must-have by most workers today. It’s a way to support the long-term financial security of your workforce.
• Paid time off: standard in most modern workplaces. Again, it’s more expected than optional.

Note that these are not competitive elements, but standard, expected investments. If you don’t provide these to your employees, you’re likely to be losing critical candidates to competitors that do.

Add the Most Desired Voluntary Benefits

Your next step is to consider the voluntary benefits your employees value the most. This is where you stand out with unique, competitive offerings that help attract and retain top talent. Here’s what’s most sought-after in voluntary benefits today:

Flexible work schedules and/or remote work options

Still high on the list of employee demands is the flexibility to work when and where they want. Offering families, especially single parents, flexible hours give them time to get their kids to school, attend important life events, and care for elderly family members. Providing opportunities to work from home reduces the cost and hassle of commuting, with more time and focus dedicated to their work.

Pet insurance and pet benefits

Due to rising pet care costs, employer-sponsored pet benefits have become a necessary investment for many workers. After 2020, more people took pets into their homes, and they became members of the family. Approximately 71%of U.S. households now own pets, with the vet bills and pet care expenses that go along with them.

The good news is that most pet benefits cost nothing for the employer to offer, but are usually 100% employee-paid. This includes pet insurance and pet insurance alternatives like discount and wellness plans.

If you’re challenged by offering a competitive total rewards package but still want to offer choices, pet benefits are cost-effective addition that can make a real difference.

Permanent life and long-term care plans

Many employees see the value in life insurance plans. As they watch their parents get older and struggle with the cost of senior care, long-term care plans have also been a critical investment. These are sensible plans, those that make sure that your employees are planning for the future now. They go beyond retirement planning to provide an avenue for safeguarding employee peace of mind.

Identity theft and cybersecurity protection

Another component to consider is identity theft. Many of today’s employees worry about their digital security, especially their risk of losing money and confidential information through fraud and cyber security breaches. Identity theft and cybersecurity protection benefits alert them to threats before they happen and can help them recover from scams and theft.

Understand Budgeting and Cost-Sharing Options

A well-designed employee benefits plan gives people options and resources. But there is still the importance of balancing those needs with your budget for maximum return on investment. As noted, some offerings, like pet insurance, cost employers nothing out of pocket. Others will have a price tag attached. Here is how to estimate the benefit costs more accurately and explain them to decision makers.

Estimate the true cost of employee coverage

The actual cost is more than the employer contribution. It includes administrative fees and any compliance-specific costs. Do your research to clearly understand what each offering means to the company’s bottom line.

Determine employer contributions

Next, think about how much can be allocated toward each benefit– and whether employees will use them if you don’t. The amount you put towards your employees’ insurance premiums makes a direct impact on the perceived value of that policy. This can directly affect employee engagement and workplace satisfaction, key factors in recruitment and retention.

Calculate an employer contribution for coverage that ensures employees are getting an affordable price. If the company doesn’t pay for it all, how much of a contribution ensures that employees will still enroll in the plan? This is where a benefits broker can be helpful by providing industry benchmarks based on the newest data.

Now is the Time to Start Building a Competitive Benefits Package

You don’t have to have all of the answers right now, but to retain and attract top talent, it’s time to start planning. Consider what a workplace benefits plan looks like that includes the inclusive benefits employees want most.

At Pets Benefit Solutions, we provide no-cost-to-offer pet benefits built for every pet and every need. Whether employees need insurance coverage for the unexpected, support for routine care, or everyday pet savings, we have a plan that fits. Contact us today to request a custom proposal.