Benefits plans can determine an employee’s perception of a company. They can impact whether they accept a job offer or choose to quit. As a business owner, it’s crucial to work with your business accountant to regularly evaluate your offerings. Here are a few signs it might be time to make some changes. 

When Should You Update Your Employee Benefits Plan?

1. Lack of Talent

Perhaps you’ve had a vacant position for months on end without any luck. Or, maybe you’re looking to add to an existing team, only to find no candidates want to move forward with an offer.

If you’ve determined the salary is within industry standards and the job description is accurate, you might need to reevaluate your benefits plans. In many cases, potential candidates will forgo an opportunity because the position doesn’t come with the add-ons they’re looking for, whether it’s paid time off, maternity leave, or health insurance. 

2. Employees Don’t Opt In

Have a business accountant gather employee records to find out how many team members are taking advantage of the offerings. Then, break that data down to show which benefits they’ve opted in to.

If you find that certain benefits aren’t being utilized, they may not be worth offering, or you need to change the terms to better suit the needs of your employees. To help inform your decision, send out an anonymous survey to gather feedback.

3. Poor Online Reviews

If your Glassdoor® or Indeed® profiles have reviews that express dissatisfaction with the current benefits plan, it’s time to consider a change. Without the proper benefits package, you might experience high turnover. Work with your business accountant to find replacement options that satisfy the address the grievances of those online reviews but are still financially sustainable for your business. 

For assistance evaluating your company’s benefits, turn to Sharrard, McGee & Co., PA. They’re proud to provide business owners throughout the Triad area in North Carolina with a broad range of effective accounting services, from cash flow management to tax preparation. Visit them online to learn more about what they do. To schedule a consultation, call (336) 884-0410 for their High Point office or (336) 272-9777 for their Greensboro location.