Westend, North Carolina
916 W. Fourth Street
Winston Salem, NC 27101
(336) 777-8500

Do's & Don'ts of Employee Benefit Plans January 14, 2020

Westend, Winston
Do's & Don'ts of Employee Benefit Plans, Winston, North Carolina

Your employees are a crucial component of your business, so you want them to feel appreciated. By offering them a high-quality employee benefit plan, you will help improve productivity, increase loyalty and retention, and set your organization apart for better recruiting. Here are a few tips for implementing a quality benefits program.

Do: 

Educate your employees.

An employee benefit plan can only be effective if your workforce is aware that it exists. Make sure your employees are educated on their options so they can take full advantage of all the opportunities you provide.

This will also ensure you aren’t investing in benefits that no one is utilizing. Make this information easily accessible by creating an employee portal online. That way, they can log in at any time to view the details of their program.

Offer benefits your employees really want.

employee benefitsNot all employees value the same type of benefits. As such, it’s essential to assess your workforce and their priorities to determine which benefits will be desirable.

Some of the most common benefits employees want include health insurance, paid time off, pension plans, life insurance, flexible schedules, professional development, and wellness programs. Offering a variety of benefits that are important to your employees will make your business a desirable workplace.

Don’t:

Neglect to review your benefits plan regularly.

Once your employee benefit plan is set up, it should be reviewed at least once a year to make sure it’s still meeting your goals. New benefits are constantly being offered, and you may find another solution that’s a better fit for your business. Changes in the economy and workforce demographics can also warrant an update to your benefits program. 

Fail to shop around for the best policy and rates.

It can be overwhelming trying to sift through all the benefit options available. However, this may be one of the largest expenses your company invests in, so make sure you’re getting the best deal possible. Partnering with a trusted agent will make it easier to secure the right policies at the most affordable rates. They’ll shop around for you and present different choices that will fit your needs and budget. 

 

For help finding the most suitable employee benefit plan to meet your company’s unique needs, turn to Mountcastle Insurance. They understand there’s no one-size-fits-all solution when it comes to benefits, so they’ll assist you in customizing a program that caters to your specific workforce. With offices in Winston-Salem and Lexington, NC, the agency has been providing business owners throughout the Piedmont Triad area with a variety of insurance products since 1890. Call (336) 777-8500 to schedule an appointment, or visit them online to learn more about their services.

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