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How to Provide Competitive Benefits for the Manufacturing Industry

August 2, 2021, by New City Insurance

engineer working on smart factory machine for his Competitive BenefitsIn the manufacturing industry, employees are a company’s greatest asset. However, the significant loss of manufacturing workers over the last three decades has taken its toll. According to the U.S. Bureau of Labor Statistics, more than 7.5 million manufacturing jobs have been lost since 1980, directly contributing to the declining labor force participation rate in prime-age U.S. workers.

Providing competitive benefits is one way that employers can distinguish their company from its competitors and retain a healthy workforce. Learn how to build a competitive employee benefits package that improves company morale and attracts and increases employee retention.

Why Competitive Benefits Matter

Benefits play a bigger role in employee satisfaction than most people realize. According to an SHRM survey on job engagement and satisfaction, 92 percent of employees indicated that benefits are important to their overall job satisfaction. The survey also found a connection between employee benefits and worker recruitment and retention efforts. In fact, employee benefits were found to be one of the top reasons that people choose to accept a job offer and remain in their position.

Most Sought-After Employee Benefits

Building a comprehensive employee benefits plan requires extensive research and guidance from an experienced employee benefits consulting firm. First, a manufacturing company must consider any legally required benefits.

Some employers may be mandated to provide employees with workers’ compensation, family and medical leave, and Medicare, Social Security and Federal Insurance Contributions Act (FICA) unemployment insurance. Local and state laws may also require employers to provide paid or unpaid time off to vote, for military service or jury duty.

employees with Competitive Benefits wearing masks working in manufacturing factoryHealthcare benefits are also a required benefit for certain employers. Under the Affordable Care Act (ACA), businesses with 50 or more full-time workers must offer health insurance to their employees. Health insurance policies are often coupled with wellness programs in an attempt to help employees improve their health and achieve a better work/life balance.

Health insurance and wellness plans can decrease the frequency of employee illnesses and injuries and can reduce the occurrence of chronic medical conditions like high blood pressure and diabetes.

Employer-sponsored retirement plans are also an essential component of any competitive benefits package. These plans can be beneficial to both employers and employees by offering tax breaks and other perks. Employer-sponsored retirement plans are broken up into two main categories: defined benefit plans and defined contribution plans. Defined benefit plans provide employees with a guaranteed monthly benefit at retirement, while defined contribution plans do not offer a guaranteed payout.

Other benefits may be added to an employee benefits package to enhance its competitiveness. Benefits like educational assistance and childcare assistance can be highly attractive to families and young employees working through school. There are also many free and low-cost benefits to offer, such as flexible schedules, access to technology, onsite yoga, career advancement opportunities, paid time off for volunteer work and paid time off for major holidays.

Determining Compensation & Benefits

Businesses in the manufacturing industry should follow best practices when building a compensation and benefits plan for employees. First, it is important to review the company’s budget to determine how much can be allocated towards employee pay and benefits.

Businesses should also conduct regular compensation audits to determine where changes can be made in regard to employee salaries, incentives and bonuses. There are many things to consider when performing audits, such as the level of growth the business has experienced and if the compensation aligns with the job duties.

employee benefits concept on the laptop screen looking at Competitive BenefitsIt is not only enough to provide benefits to employees, but also to communicate these benefits properly so that workers are aware of what is available to them. Benefits should be implemented into the onboarding process to ensure that new employees are properly educated about the company’s benefits package.

Train employees on how to properly use these resources and provide workers with a contact if they have any questions about the plan. Benefits should also be advertised internally and employees should be provided a resource where they can find answers on their own. When manufacturing companies communicate effectively, employees are most likely to use their benefits.

Speak with an Employee Benefits Consulting Firm

Businesses in the manufacturing industry are always on the lookout for new ways to gain a competitive advantage. Job candidates often seek out companies that offer the best employee benefits when looking for work opportunities, especially benefits like health insurance, paid time off and retirement accounts. Offering these types of benefits to employees can attract and retain top talent and ensure greater job satisfaction and productivity.

Working with an experienced employee benefits consulting firm can help manufacturing businesses develop competitive benefits package that is both scalable and effective. For more information on how to provide competitive benefits in the manufacturing industry or to speak with a knowledgeable employee benefits consultant, schedule a consultation with New City Insurance today.

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Filed Under: Manufacturing

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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
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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
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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
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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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