The Great Resignation has been dominating headlines and HR meetings for the last two years, leaving employers wondering about the best way to attract and retain the best employees. Benefits packages, a key reason employees join some companies and not others, have certainly been a part of the conversation.
If you’ve only been talking about salary to attract the best and brightest, let me share an idea to help your company look more attractive to employees without breaking your budget.
In addition to offering an attractive salary and retirement plan, employers can offer additional “high perceived value benefits” that have little to no cost to the employer.
Here are 2 great options to consider with your HR Team:
The 529 Plan
The cost of college is already so high and… getting higher! Help your employees save for their child’s (and grandchild’s) college education with a 529 Plan.
- Employees can earn money tax-free to use for college expenses and now private school
- No employer cost and no employer contribution required
- Employees can contribute right from their paycheck automatically
The 529 Plan is a snap to set up and I find that benefit plans including a 529 do improve employee retention.
Learn more about the benefits of a 529 Plan here.
Did you know that 70% of U.S. households (about 90.5 million families), own a pet? And we all know someone who faced a big medical expense for their pet.1
Show employees and candidates that your company is considering them and their pet’s health when designing your benefits package. Here are some highlights of a pet insurance program
- No cost to offer pet insurance (can be 100% employee paid)
- Employees enroll on-line or by phone directly
- 50%/70% back on vet bills (covered services)
- Visit any licensed veterinarian
- Quick and easy implementation process
Learn more about Pet Insurance options here.
Interested in learning more about how the right employee benefits package can benefit your business? Reach out today to schedule a free consultation.
1 According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA).
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For plan sponsor use only, not for use with participants or the general public. This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.