Striking the balance between the costs of having unsatisfied disgruntled employees and wasting money on benefits that aren't necessary is challenging.
If you find it difficult hiring and retaining the best employees the cause might be your total compensation package. Employee benefits are a cost-effective method of meeting employee's expectations. A survey of your labour market competitors can reveal opportunities for alignment.
What benefits do your employees truly appreciate? Do they need security, flexibility or an ego boost? By understating your workforce you can design a benefit plan that satisfies their deepest needs. Often surveys and focus groups paint a more accurate picture than intuition.
Every company has critical employees that greatly impact growth, profitability and success. The benefit plan design for that group of employees needs special attention. Treating them the same as everyone else will result in either spending too much on benefits or not attracting, motivating and retaining the key employees you desperately need.