Attracting and retaining employees capable of building the future of your business requires exceptional benefits to remain motivated and valued. This goes well beyond health insurance, top talent expects retirement plans, supplemental compensation, wellness strategies and other voluntary benefits.
For business owners, designing a strategic, tailored benefits plan can enhance employee satisfaction and boost productivity. But with so many components to consider, how do you create a plan that balances cost-efficiency with robust coverage?
With the right resources and answers to this question, businesses can navigate the complexities of employee benefits to create a package that aligns with their specific needs. Here are three key considerations when it comes to providing a custom employee benefits package for business owners:
1. Balancing Health and Wellness with Financial Well-Being
At the heart of any employee benefits package is the health and well-being of your workforce. Ensuring your employees have access to essential healthcare coverage is crucial, but modern benefits packages extend further than health insurance. Today, employees value wellness programs, financial health tools and voluntary benefits like dental, vision or disability insurance, all of which can fill gaps in coverage.
For business owners, it’s important to strike a balance between providing comprehensive health benefits and addressing the financial well-being of employees. With Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs), employers can offer their employees tools to empower them to take control of their healthcare costs. These tax-advantaged accounts allow employees to save for medical expenses while reducing their taxable income.
Finally, there are the critical supplemental programs. Whether it’s financial literacy workshops, wellness incentives, or mental health programs, offering solutions that address the physical and financial well-being of employees can improve overall workforce productivity and engagement.
Service Alignment: Ancora’s expertise in offering health and benefit packages—including wellness strategies and Affordable Care Act (ACA) advisory services—will help you build a comprehensive plan that caters to your workforce’s unique needs. Our ability to customize health plans, offer group insurance and manage wellness programs ensures a balanced approach to employee health and financial security.
2. Tailoring Retirement Solutions for Long-Term Success
Another major consideration when designing a custom employee benefits package is retirement planning. Retirement benefits are highly valued by employees and can serve as a powerful tool for attracting top talent. Offering a well-designed retirement plan that meets the diverse needs of your workforce—whether it’s a 401(k), 403(b), 457 plan or a Multiple Employer Plan (MEP)—is essential for fostering long-term loyalty and financial security among employees.
Businesses must consider both the structure of the retirement plan and their role as fiduciaries. The firm you partner with should act as a fiduciary advisor, helping you select the right investment options, while also ensuring compliance with the latest regulations. For example, integrating auto-enrollment features, contribution matching and educational resources for employees can lead to higher participation rates and better retirement outcomes.
Moreover, executive compensation packages that include retirement plan enhancements—which include supplemental life insurance, split-dollar plans or paid expenses—are core to businesses retaining key decision-makers and top-tier talent.
Service Alignment: Ancora’s Retirement Plans group offers fiduciary consulting services and support to help structure, advise or manage 401(k), 403(b), 457 or MEP plans. Our consultative approach ensures that you’re building a retirement benefits package that aligns with your business goals and legal responsibilities.
3. Incorporating Flexibility and Voluntary Benefits
Diverse and multi-dimensional, today’s employees come with different needs and priorities regarding benefits. Younger employees may be more focused on wellness programs, while older employees may prioritize retirement savings or healthcare coverage. To appeal to a multi-generational workforce, offering voluntary benefits and flexible solutions is essential.
Voluntary benefits allow employees to tailor their own coverage, with options like dental, vision, life insurance and disability insurance. These benefits can enhance your core offerings without a significant increase in cost, giving employees the freedom to select the coverage that best fits their personal and financial circumstances.
Incorporating flexibility into your benefits package can also mean offering different tiers of coverage or benefits that cater to employees at various stages of their career. Providing executive compensation plans with short- and long-term incentives, split-dollar or supplemental life insurance and disability coverage helps cultivate high-level talent, while voluntary benefits packages appeal to a broader employee base.
Service Alignment: Ancora’s consultative approach to ancillary and voluntary benefits allows you to fill gaps in your current benefits package. With access to prescription coverage, life, dental and vision plans, along with disability insurance options, you’ll be able to offer a flexible and tailored solution that suits the needs of your employees across various levels of the organization.
Bringing It All Together
Creating a custom benefits package for employees requires careful consideration of your workforce’s health, financial security and diverse needs. By partnering with a wealth advisor and institutional asset management firm that specializes in employee benefits, you can build a program that balances health and wellness, offers robust retirement planning and incorporates flexible, voluntary options to meet the needs of all employees. A well-designed benefits package not only strengthens your workforce but also improves your company’s return on investment.
With expert guidance, business owners can navigate the complex landscape of employee benefits, ensuring their packages are compliant, competitive and aligned with long-term business objectives.
For more information on how Ancora can help you achieve your business and employee objectives through our sophisticated institutional and corporate services, contact us today.