Pub. 6 2016-2017 Issue 1

17 However, to elevate a company benefits package to the next, consider the following: • Health Savings Account (HSA) • Telemedicine • Supplemental Life Insurance • Disability • Employee Assistance Program (EAP) • Accident • Critical Illness • Cancer • Hospital • Identity Theft • Pet Insurance • Pre-Paid Legal • Long Term Care • Flexible Spending Account (FSA) • Dependent Day Care • Gym Memberships • Financial Planning Assistance Remember that while certain types of coverage require a company contribution, most of the options above are most commonly offered on a voluntary basis, which outside of some small administrative time, will not affect the budget and increase the perceived value of the overall benefits package. Most employers during the benefit planning process must make tradeoffs between an ideal package and one that will maximize the desired impact at a price that can be afforded. The three most important factors that must be weighed are: • What benefits fit within the budget? • What benefits will best attract and retain the right employees? • What benefit providers are most positively perceived and will provide a quality and consistent product now and on a long-term basis? Engaging in strategic planning as you try to balance employees’ needs with your budget is key. Strategic planning can provide for controlled budgets over a period of years and provide meaningful benefits that aid in recruiting and retaining key employees. Steps to take to define and implement a plan for achieving these objectives include: • Evaluating current benefit plans and programs • Spelling out strategies that relate to company culture • Coordinating benefit strategies with other compensation • Designing a communication plan • Establishing budgets to accomplish these steps Once a plan has been developed, get buy-in by effectively communicating in multiple ways and by communicating often. Actively solicit feedback and remember that benefits are not a one-time event, but an ongoing initiative. Hold enrollment meetings, encourage participation, use technology, outline the benefits in a benefits guide and communicate what their “total compensation package” is. This way, both the employer and employee are aware of the potential added value that having benefits can bring to the working relationship. In conclusion, it’s important to partner with someone who can helpmake sure your benefits package remains comprehensive and attractive to your employees. Not only that, but it’s important to bear in mind that your benefits package is a reflection of your company culture. Partnering with a firm with the right experience can help you nurture your benefits package into one fully congruent with your values and vision.