A: In today’s evolving job market, offering a competitive benefits package is more important than ever. The “great resignation” has shifted employee expectations, making benefits a key factor in both attracting and retaining talent. According to a recent Accenture survey, 68% of workers said retirement benefits were critical in accepting a job, and 62% said they were essential to staying in one.
To remain competitive, businesses should regularly reevaluate their benefits offerings. Start by conducting a benefits audit—review everything from healthcare and retirement plans to flexible work arrangements and wellness programs. Include nonmonetary perks like remote work options, mental health support, and employee discounts.
Next, survey your employees to understand what they truly value. A simple, confidential survey can reveal shifting preferences and highlight gaps in your current offerings. Be sure to only include options that are feasible for your business, and encourage honest feedback with a write-in section.
Once you gather feedback, map it against your current benefits to identify areas for improvement. Some enhancements, like flexible schedules or pet insurance, may be low-cost but highly valued by employees.
Then, run the numbers. Evaluate the financial impact of potential changes, including tax implications and compliance with regulations like the Affordable Care Act. Consider whether offering full health benefits or providing a stipend is more cost-effective for your business.
Ultimately, investing time in a thoughtful benefits strategy can reduce turnover, boost morale, and demonstrate that you value your team. Regularly reviewing and updating your benefits package isn’t just good practice—it’s a powerful way to show employees you’re listening and committed to their well-being.
Sources: paychex.com; forbes.com; businesswire.com; pwc.com; bbgbroker.com; thebalancecareers.com
Raymond James does not provide tax services. Please discuss these matters with the appropriate professional.