You need muscle behind recruitment and retainment programs. The benefits and compensation that powers today’s workforce has evolved from just a salary and an HMO package. HR is getting creative with their offerings to keep employees engaged and happy in their role and chosen company.
From fitness programs to unlimited PTO, businesses will stop at nothing to position themselves as the best place to work in the eyes of top talent. But enticing these employees alone is not enough. Retention programs need to be just as strong. While many companies may not be able to offer the fringe benefits of venture funded startups and international corporations, there are plenty of options available to HR administrators that can be appealing and keep employee engagement high.
Exercising Flex Benefits
As the cost of healthcare skyrockets and coverage wavers in the cross-hairs of legislation, providing flexible benefits programs is becoming an ideal solution to an unsolvable problem. Flex Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), and Health Savings Accounts (HAS) are at the forefront of new compensation packages – offering advantages to both employer and employee.
Flexible benefits empower your staff with choice and personal management of earned dollars. They can provide tax-free savings advantages, and offer a wider-range of coverage. With varied demographics in the workplace, the needs of the individual versus a family make it difficult for HR professionals to find cost-effective products that would appeal to all employees. Flex benefits can take the pressure off a company and offer a personalized compensation that meets the individuals’ needs.
Offering benefits that appeals to the masses is a definite plus when trying to recruit and retain employees. With budget-friendly options for HR administrators that can be easily managed through a customized HCM portal, they are becoming a popular alternative to the increasing insurance premiums.
Payroll Data Solutions benefits management systems are built-to-suit, and tailored to your company’s requirements. We work with you to create the best benefits package for your employees, and provide a simplified way to oversee administration of these programs. Our innovative technology can be easily modified and offers a user-friendly interface to help you help your employees.
Check out Payroll Data’s complete suite of HCM workforce management solutions. Implement innovative, fully automated payroll, compliance, HR, time & labor, and benefits services backed by experts. Reduce administrative tasks and concentrate on growing your business with Payroll Data.