How do you put together an attractive benefits package? Here are 5 tips!

Large companies face the challenge of creating a benefits package that meets employee expectations without compromising the budget. After all, in addition to being one of the great attractions for hiring and retaining talentit is a strategic differentiator for organizations.

But how do you strike a balance between the planned budget and the needs of your employees?

In this article, we will explain what strategies HR can adopt to develop an attractive benefits package, while ensuring that it is within the budget defined for the area. Follow along!

What is a benefits package?

A benefits package is a set of advantages and incentives offered by a company to its employees. It goes beyond the basic salary and cannot be converted into cash. Thus, among the most traditional are:

• Health insurance;
• Meal vouchers;
• Transport vouchers;
• Dental plan;
• Life insurance;
• Private pensions;
• Childcare allowance;
• Educational aid;
• Personal accident insurance.

However, over time, employee expectations have changed and the pressure for more flexible and customizable benefits has grown. Thus, the challenge for large companies is to balance these demands while still meeting financial targets.

Why invest in an attractive benefits package?

The answer is simple: an attractive benefits package is one of the most powerful tools for retaining talent, increasing employee satisfaction and boosting productivity.

Companies that invest in benefits create a more positive working environment. Employees feel valued and motivated to contribute to the company's success.

It's worth noting that the benefits package can also be a competitive differentiator for attracting new professionals. After all, the competition to attract and retain the best talent is increasingly fierce, and offering differentiated benefits can be what makes a company stand out in the job market.

How to put together an attractive benefits package in practice?

Putting together an attractive benefits package requires a strategic approach on the part of HR, taking into account the needs of employees, the costs involved and the competitiveness of the market. And to help, we've put together some tips that can make this process easier.

1. Know the profile of your employees

The first step to creating an attractive benefits package is to understand the profile of your employees.

The aim is to identify which benefits are most valued and which can be discarded. For example, the Global Talents Trends report identified that the benefits most offered by companies were:

• Transport vouchers (83%) (mandatory by law);
• Health insurance (82%);
• Food vouchers (74%);
• Dental plan (73%);
• Life insurance (68%).

However, the ones most valued by people were:

• Health insurance (92%);
• Food vouchers (89%);
• Meal vouchers (88%);
• Profit sharing (80%);
• Dental plan (79%).

Assessing employee perceptions makes it easier to develop an attractive benefits package. And this assessment should consider factors such as:

• Age group;
• People's lifestyles;
• Marital status;
• Company profile.

Internal surveys and HR data analysis are efficient ways of obtaining information about employee preferences and needs.

2. Budget and cost-benefit analysis

Once the employee profile is clear, the next step is to analyze the budget available for benefits.

HR must work closely with the finance team to understand the budgetary limits and then carry out a cost-benefit analysis for each proposed advantage.

This helps determine which benefits have the greatest value for employees and the lowest cost for the company.

3. Benefits that optimize employees' routines

An attractive package should include benefits that optimize employees' routines. For example, flexible working hours and home office can be interesting solutions for improving quality of life and productivity.

In addition, flexible benefits, which adapt to the different needs of employees, are increasingly in demand.

4. Benchmark with other companies

Do you know what other companies are doing in the market? A good practice is to carry out a benchmark surveywith other companies in the sector to understand what benefits are being offered and how this impacts on employee retention.

The process not only helps to identify opportunities to improve the benefits package, but also allows HR to see what practices its competitors are using to attract and retain people.

5. Periodic evaluations and adjustments

Finally, it is important to remember that a benefits package is not static. It must be evaluated and adjusted periodically to ensure that it continues to meet the needs of employees and the company.

The inclusion or exclusion of benefits needs to be involved, depending on feedback from employees and changes in the business landscape. That's why keeping the benefits package as one of the points in annual surveys is essential.

How can flexible benefits optimize your company's benefits package?

Flexible benefits allow employees to choose advantages that suit their needs, promoting greater satisfaction and talent retention.

With a fixed budget for each employee, companies control costs while offering a range of options, such as meal vouchers, transport vouchers, health insurance and childcare. In addition, flexible benefits can be a competitive differentiator for attracting new talent, as they provide autonomy and personalization.

Therefore, a well-planned benefits package is not only interesting for employees, but also for companies. After all, they stand out in the job market and attract the best professionals to their workforce.

Alymente, as a partner for flexible benefits, simplifies management for HR and provides a positive experience for employees. Want to know more? Visit our website.

Image credit: Freepik.