What HR should consider regarding benefit packages 2023
Prosperous employees are the foundation of a sustainable organization. And by offering your employees an engaging and inspiring wellness package, you motivate employees to a healthier lifestyle at the same time. But benefits include so much more – everything from household services, to rental cars, bikes and grocery bags. The range of supply is wide.
If your company is about to negotiate a new benefit package, here are our top tips on what HR should consider regarding benefit packages 2023!
We live in an age where companies compete to recruit and retain competent employees. And offering your employees a good benefit package has become a decisive factor both when it comes to recruiting new talent and retaining existing ones.
To offer your employees a good benefit package shows that you as an employer care about your employees and their well-being. This simply gives you a big plus and can be a decisive factor when potential employees choose their new workplace.
Look at what your competitors are doing
There are several important aspects to keep in mind when it comes to exploring your competitors’ benefit packages. Reviewing what your competitors are doing can help you identify any gaps in your own benefit offering and adapt it to make it more competitive.
But it can also help you identify what unique advantages your business has, which can then be used to market yourself and differentiate yourself from your competitors. A good market picture of what the competitors offer also means that you can stay up-to-date on which benefits are common and trendy in your particular industry.
Ask your employees
What benefits do your employees want? What challenges do they experience in their work? Is it everyday help in the form of grocery bags that would help in the everyday puzzle, or maybe a massage for stiff joints or neck? Other benefits that tend to be popular and that may be of interest to your employees are getting help from a life coach, or a personal trainer who can show preventive exercises to prevent injuries.
How the survey itself should go depends a lot on what your workplace looks like. Interviews or employee surveys are two common approaches. Be sure to leave space in the survey for thoughts, ideas and suggestions for the content of the benefit package.
Make it easier – use a benefit portal
Say goodbye to time-wasting administration. Let us at Benefits do the time-consuming administration work and free up more time for your core business. We have automated processes that make it easy for the company to see which benefits an employee has used.
Tailored solutions. We tailor a benefit package that suits your company and your employees. We also adapt the benefit portal itself to your particular company with your company’s logo and colors.
Manage and distribute your benefits more easily! By using a benefit portal, it will be easier for your employees to find and use benefits to which they are entitled.
A benefit package compatible with your budget
Set a budget and ensure that the benefit package you choose is cost-effective and does not exceed the total budget allocated to benefits. A good benefit package is also flexible and can be adapted to both changes in the business and changes in employee needs. In other words, it’s not just about setting up a budget, but also about setting up a framework for what you want to get out of a benefit package.
It is also important to understand the tax implications of various benefits and ensure that the benefit package does not lead to unnecessary tax costs for the company or employees. A good supplier can help you through the whole process.
Generally, benefits are taxable, but there are exceptions. The Swedish Tax Agency classifies certain benefits as tax-free if they are offered equally to all employees. Which these are is regulated by the Swedish Tax Agency.
Last but not least: proudly display your benefit package!
Benefit packages that aren’t used are just wasted money – so it’s important to communicate the benefit package clearly to employees and ensure they understand what’s included in it, as well as help them take advantage of it. The goal of a benefit package should always be happier and healthier employees!