The standard expectation of job candidates in the marketplace today is that employers will offer some form of a benefits package. In fact, to many employees, next to salary, a benefits plan is the most important component of their overall compensation. For employers who don’t offer a benefits plan, you might just be missing the boat on attracting and retaining highly qualified and long-term employees in the job market.

 
How valuable is a dependable revenue-generating employee to your business? Would you pay them an additional $5,000, $10,000 or even $15,000? Many employers would answer with a resounding YES. But what if your business can’t afford that level of additional salary? This can be true, especially if there are several key employees required to run your business. You just may be able to attract and retain them with your employee benefits plan. Here are a few tips to implement an affordable plan:

 
1. Start Small – Your initial plan design does not have to include all the bells and whistles. Include the basic benefits i.e. life insurance, accidental death and dismemberment and extended health care. You can always add to your program down the road.
2. Cost Share – Consider splitting the cost with your employees. A 50/50% split arrangement is very common in today’s market. With such a split, employees really take ownership in the program while offering reduced costs to the employer.
3. Health Spending Account – For employers worried about the fluctuation of costs, you might choose to implement a Health Spending Account. Such a plan allows the employer to set a budget and each employee can choose how to spend it.

Next time you have a job posting, look at the postings of your competitors in the job market and see if they offer a benefits plan. If they don’t, you are lucky! Imagine the upper-hand you would have if you offered one.