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Manufacturing Industry Toolkit for Competitive Employee Benefits

August 30, 2021, by New City Insurance

engineer with Competitive Employee Benefits using laptop computer maintenance automatic robotic hand machine toolBenefits can provide companies in the manufacturing industry with an edge when competing for top candidates and striving for employee retention. Employee benefits should not focus on the quantity of benefits offerings, but rather the quality of benefits and employee perks. According to a Global Talent Trends 2020 Report by LinkedIn, better compensation and benefits are one of the top reasons that millennials leave their job.

Competitive Employee Benefits Toolkit

The following guidelines can aid in the creation of a competitive employee benefits package for a manufacturing business:

1. Establish Goals For Company Benefits

No two manufacturing companies have the same goals in terms of employee benefits. Developing a competitive employee benefits package involves creating a list of objectives for choosing benefits and designing the benefits program. Many factors should be considered when designing an employee benefits program, such as the size of the business, its location, and collective bargaining agreements. Also, consider the company’s available budget for spending on benefits.

2. Acquire Mandatory Benefits

Employee benefits generally fall into two main categories: mandatory and optional. Start by acquiring all mandatory benefits to meet compliance and avoid hefty penalties. According to the U.S. Bureau of Labor Statistics, businesses are legally obligated to provide workers and their families with basic benefits such as unemployment insurance, workers’ compensation insurance, and health insurance.

Public employees, as well as employees in private firms with up to 50 employees, are eligible for up to 12 weeks of unpaid, job-protected leave during a 12-month period for medical and family reasons. Medicare and Social Security are also two federally mandated benefits programs that all U.S. employees pay into and can benefit from later in life.

3. Perform A Needs Assessment

women with  Competitive Employee Benefits in manufacturing industryConduct a needs assessment when selecting optional employee benefits based on the needs and wants of employees. A needs assessment is typically based on information drawn from multiple sources, such as the employer’s perception of what benefits are needed, the benefits practices of competitors, and current laws and regulations pertaining to benefits.

Manufacturing companies can also perform market research to gain a better understanding of what employee benefits offer the best return on investment (ROI).

4. Promote A Healthy Work-Life Balance

A competitive employee benefits package should include offerings that encourage a healthy work-life balance for all employees. In addition to offering benefits that promote good health, such as medical insurance, consider fringe benefits that contribute to a worker’s overall well-being. Flexible scheduling, remote work options, on-site cafeteria, fitness programs, and other lifestyle services can help employees create a healthy work-life balance which can lead to greater productivity and morale in the workplace.

5. List Benefits By Priority Level

Although a manufacturing company may want to offer their employees a wide range of benefits, their budget may not allow for this type of spending. To keep costs affordable, create a list of desired employee benefits and list them in order of priority. Request feedback from employees regarding what benefits are most desired and eliminate those that are not well-supported by staff.

Businesses can also look for other areas where costs can be cut and contributed to benefits, such as by implementing efficient time strategies, harnessing virtual technology or modernizing their marketing efforts.

6. Create Awareness Of Employee Benefits

Benefits may go to waste if employees are not aware that they exist. Manufacturing companies must take the initiative to communicate benefits offerings with their workforce and promote participation. There are many ways that businesses can approach benefits communication, such as by scheduling company meetings, sending a series of emails, or providing information through regular mail. Text messages, videos, voice mail messaging, and social media are also popular ways to communicate benefits with staff. Regular and consistent outreach enables employers to highlight the plan’s best features that employees may not know about.

7. Regularly Evaluate Benefits Effectiveness

employee benefits evaluation taking place over Competitive Employee BenefitsEmployee benefits that are currently effective may not have the same level of effectiveness in the future. This is why manufacturing companies should regularly evaluate the effectiveness of their benefits offerings and make changes as needed. To achieve a solid ROI, employee benefits should continuously meet the business’ objectives and the needs of employees. Consider creating measurable goals to assess the benefits program and continue to request employee feedback.

Talk With New City About Competitive Employee Benefits

Employees are a business’ greatest asset, especially in the hands-on industry of manufacturing. Developing a comprehensive and competitive employee benefits package can help attract new talent and retain loyal employees, while also differentiating the business from its competitors. Both employers and employees can also enjoy certain tax benefits when they become plan participants.

Working with an experienced employee benefits consulting firm can help ensure that businesses offer benefits plans that keep employees motivated and productive. For more information about creating an employee benefits plan or to get started, contact the professionals at New City Insurance.

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Carol Zhang
Carol Zhang
04:29 06 Mar 22
As a rapidly expanding national media organization, the employee benefits strategy and administration that New City has provided us during our growth has been invaluable. They have been proactive about informing us of the different benefit strategies available to us as we grow as well as managing the additional compliance laws and reporting requirements at each stage of our growth.
Claudia Villalobos
Claudia Villalobos
20:14 03 Mar 22
New City Insurance made navigating through all the health insurances super EASY. Their documents are highly informative, professional, and easy to work with. Thank you for making the process of choosing a health plan so simple. You guys are THE BEST!
Philippe Salas
Philippe Salas
17:02 22 Feb 22
I never expected to have a good time talking to an insurance salesman, but let me tell you Brendan was quite the treat. He was very helpful explaining the options and has a wonderful sense of humor. I hope to speak with him every time I call.
Jennifer Polito
Jennifer Polito
17:15 09 Feb 22
Super easy enrollment process. Fast and friendly customer service. If you are looking for an insurance company that is there for you every step of the way I highly recommend New City Insurance.
Rocky Salas
Rocky Salas
23:46 07 Jan 22
So friendly, I hope to speak to him again in all my future insurance needs.
Rocky Salas
Rocky Salas
23:38 07 Jan 22
So friendly and soft spoken. I hope to speak to him again in all my future insurance needs.
Jose Brena
Jose Brena
13:20 06 Jan 22
Eric Calciano has been extremely helpful in finding and selecting the right insurance coverage for our company. With many options out there Eric assisted us on getting a low cost provider saving more than 20% than from our competitors and providing excellent coverage for our employees.
Anastasia Beaverhousen
Anastasia Beaverhousen
17:05 28 Dec 21
Signing up for insurance was quick and easy. Felicity Sundsboe
SFCC
SFCC
22:08 29 Nov 21
Jeff Stoltey and his team provide excellent customer service. Jeff has always provided my company SFCC with straightforward options. I went to a larger insurance company only to RUN BACK to Jeff at New City Insurance. I recommend them to anyone needing insurance without hesitation.
Kevin Luby
Kevin Luby
19:13 22 Oct 21
Quick, easy & informative. We were able to secure quality insurance for our small business on a tight deadline. Thanks for the help New City.
Theresa Ruybol
Theresa Ruybol
19:30 01 Jul 21
Eric was so great with us. He was very patient and kind as we are a newer smaller organization who is growing rapidly. With that said, we had made our inquiry, he had great rapid response and mostly had to wait on me. Any request that we made and/or questions we had, he was great answering and helping us understand. Then when we were ready for all documents and to move forward, Brendan helped with getting that together and the two of them worked their magic on New City's end to notify me of what was needed, assist me in that process and confirming that all was complete and approved for the coverage. I just want to say thank you all again so much, as insurance has always been confusing to me, and you all made that process go a lot smoother.Thank you
Andrea Ordendorff
Andrea Ordendorff
21:06 07 May 21
I've been working with both Clayton and Brendan for well over a year. As the purchase of our dental practice was delayed well over 14 months they both patiently supported me and continued to make themselves available. When we were officially ready to sign up they made the whole process seamless and super easy. This team is highly knowledgeable, professional, supportive, and efficient! I can't thank them enough for everything they've done.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
Mike McClay
Mike McClay
19:36 03 May 19
My employer uses New City as their insurance broker, and I'm always amazed when I call in for assistance by how knowledgeable and attentive their staff is with my requests. Their online benefits platform makes selecting insurance plans pretty darn easy. I would highly recommend their services.
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