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How To Structure Benefit Plans To Retain General Workforce

October 12, 2021, by New City Insurance

smiling executive shaking successful employee hand after benefit plans were madeThe national unemployment rate in the U.S. in July 2021 was 5.4 percent, according to the U.S. Bureau of Labor Statistics. While this is good news for job seekers, employers are finding it more difficult to attract and retain employees. Properly structuring employee benefit plans can help modern businesses draw in talent and drastically reduce turnover.

Ways To Structure Benefit Plans

A comprehensive employee benefits plan can directly contribute to a company’s overall productivity and performance. However, structuring a plan to retain a general workforce is not always easy. Here are strategies to make the process easier.

1. Perform A Needs Assessment

A needs assessment can be used to determine what benefits are needed most by employees. This assessment may include an employer’s perception of what employees require in benefit plans, as well as an in-depth evaluation of what workers actually want. Needs assessments also may take into account the offerings of industry competitors to determine what works and what does not.

2. Communicate With Employees

Employees know best when it comes to what benefits are most desirable. Communication with workers is a critical component in structuring benefit plans that will satisfy the masses. Create awareness across the organization about new or existing benefits and request feedback from employees about what benefits they use and which ones are missing from the current plan.

3. Ensure That Compensation Is Competitive

compensation plate with court gavel for benefit plansMany businesses struggle to find employees, meaning competition is high to attract and retain the most talented workers. Providing employees with a competitive salary and benefits is one of the best ways to recruit and retain workers. According to a Glassdoor survey, 45 percent of employees say that the reason they quit their job was due to salary, followed by career advancement opportunities, and benefits.

4. Include The Most Sought-After Benefits

Some employee benefits are more desirable than others. Consider adding more benefits to the company plan to attract and retain employees. Some of these include:

  • Healthcare — Health insurance and wellness programs have always remained a staple in benefit plans. Sufficient health coverage is more important than ever in the midst of a global pandemic.
  • Lower Copayments — High deductible health plans can add extra stress for lower wage earners, with potential out of pocket medical expenses eating up a large portion of the annual wages. Customized health plans designed to reduce common medical expenses can help alleviate that stress and increase retention.
  • Remote Work – The ability to work from home has become increasingly popular for safety, convenience, and to decrease commute time. Consider offering remote options on a part-time or full-time basis.
  • Paid Time Off — Offering employees paid time off (PTO) allows them time to recharge and prepare to return to work without concerns about not getting paid while away from work.
  • Flexible Hours – Life is unpredictable and many employees struggle to balance life and work responsibilities. Flexible hours give workers the chance to maintain a healthy work-life balance.
  • Paid Family Leave – Companies that offer paid family leave have an edge over businesses that overlook this essential benefit. Families are constantly growing and experiencing hardships that require time away from work.
  • Educational Assistance – Employee benefits like tuition and student loan assistance are highly attractive to employees, especially a young workforce consisting mostly of students.
  • Fitness Perks – Consider alternative benefits to add to a structured benefit plans, such as gym memberships, weight loss programs, and similar fitness perks that can help employees become healthier and more fit.

5. Periodically Review The Plan’s Effectiveness

Many businesses make the mistake of creating an employee benefits plan that works in the present,but does not grow with the company. It is important to periodically evaluate the status of the plan and its effectiveness. Ensure that the benefits are meeting the ongoing needs of employees, that they continue to remain competitive, and comply with all state and federal regulations. Make adjustments as necessary to keep the plan attractive to both job candidates and employees.

6. Look To The Future When Choosing Benefits

401k written on note with calculator and dollarsIt is not enough to consider an employee’s current benefits needs. Also, consider employees’ future needs, such as offering a 401(k) or another retirement savings plan. A strong retirement plan can help recruit and retain employees, especially when businesses offer an attractive employer match on contributions.

A 401(k) is a voluntary retirement savings account in which employees can contribute a portion of their pre-tax earnings. Employers are responsible for administering and controlling the plan and may choose to match contributions on a tax-deductible basis.

Contact An Employee Benefit Plans Consulting Firm

Building a comprehensive and attractive employee benefits plan is one of the best and easiest ways to keep a workforce happy and healthy. New City Insurance is an employee benefits consulting firm that helps businesses in all industries develop and structure benefits plans that keep employees motivated and productive. For more information on how to structure benefits plans to retain a general workforce, contact the employee benefits experts at New City Insurance.

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Filed Under: Executive Benefits

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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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