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Managing Your Company's Benefits Program

(October 2005) posted on Tue Oct 25, 2005

Finding the right mix of the 'everyday' benefits for your employees.

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By Marty McGhie

Last issue, I focused on the importance of providing retirementplan
benefits to your employees. One aspect of said benefits is
to help tether your valuable employees to the organization.
Retirement plans, however, are only a part of the benefits
equation. Equally critical is the need to provide the "every day life"
benefits, which may include: medical; dental; vision; short-term and
long-term disability coverage; accidental death and dismemberment
insurance; and life insurance. In addition, specific, in-depth
benefits such as maternity and cancer coverage also are available
(these are typically offered by third-party groups working directly
with your employees).

The best mix

When deciding which benefits
to offer, the possibilities
are endless (as are the
phone solicitations once
you begin seeking information).
I suggest taking the
following steps to help you
best choose the benefits
mix that will provide your
employees with a good
package without putting a stake into the heart of your budget.

First, be sure that you solicit input from key employees.
These employees are smart enough to know that you won't be
able to offer anything and everything without crippling the company
financially, and their input will provide you some solid
insight. You may find that a particular benefit you had not even
considered is actually so important to your employees that they
will appreciate you offering it"?even at the exclusive cost of the