Today’s businesses are looking for innovative ways to offer employee benefits options that make sense. You want to make sure your company is able to provide a series of benefits that your teams find value in and appreciate. But as a business leader or owner, you also need to ensure that the benefits platforms you offer don’t overshoot the budget.
Today, we’ll help you identify three key ways to save money without compromising your employee benefits options. And you’ll likely find many of these benefits offer more value to both employees and company objectives alike.
1. Health & Wellness Initiatives
There are great ways to leverage health and wellness perks as part of your company’s benefits options. Here are a few that matter most to today’s employees. And they can present affordable pricing while offering incredible advantages. Remember, too; healthy employees are productive employees.
Not everyone on your payroll will necessarily be exercise enthusiasts, but knowing there are discounted memberships for gyms or exercise classes can be a healthy inspiration for them. Some businesses are including reimbursements for home-based, virtual exercise options, as well, in light of the continued pandemic conditions in some parts of the country. The primary perk with exercise benefits lies in the affordability and flexibility of implementing such programs. They’re easy to offer, affordable to sponsor and encourage healthier lifestyles among your teams.
Mental Health Benefits
There is a growing appreciation for the mental health industry as countless Americans are exploring therapy. Depression and anxiety tend to top the list of afflictions, and as an employer, keeping these and other mental conditions at bay can translate to healthier work environments. Consider implementing discounts or reimbursements for mental health services, including the many platforms available online. There are ways to also offer confidential channels for mental health services, making it a little less intimidating for employees to use these benefits when they need them.
Flexible Spending Accounts
Many businesses are looking into the countless benefits of the flexible spending account. These are not new employee benefits options, but companies are seeing cost-savings with them now more than ever. Employers can allow participating employees to set up FSA savings accounts designed to accumulate and spend tax-free. Your teams can use these funds to pay for out-of-pocket expenses that arise, entirely tax-free.
2. Cost-Saving & Flexible Work Options
In today’s post-pandemic environment, companies are realizing the cost-saving benefits of flexible working dynamics. There are some employee benefits you can be offering that your teams will love and your bottom line will appreciate. Flexibility is proving to be the new way forward for many industries. You may recognize similar benefits for yours.
Remote Working Flexibility
Not every industry is designed to accommodate remote working environments. But for those positions that can continue to be productive from home, consider implementing a remote working option. Working from a home office, with the technology to stay connected, can be just as productive as reporting to the office. And it won’t cost you anything to allow certain flexibilities. In some cases, businesses are seeing even greater advantages of being able to hire and onboard new team members in entirely remote working capacities nationwide.
Transportation and Travel Accommodations
For those employees who routinely travel, consider investing in expense reimbursements. Alleviating the cost of fueling up at the employee level and likely the added burdens of potentially rising gas prices will go a long way with staff. Some companies are also offering ride-share reimbursements for those reporting to the office. Further, certain roles might be better served with the use of company vehicles, as providing fleet cars or a company car can be more cost-effective than traditional transportation reimbursement.
Professional Development Employee Benefits
Some employers see huge returns when offering professional development benefit options to their teams. In some industries, these may be reimbursements for specific certifications. Others develop benefits for traditional high-education achievements or courses. Providing a path for personal and professional development is always a welcomed benefit for employees. And your company investing in those responsible for driving business results can significantly improve your bottom line.
3. Health Insurance Benefits Employees Want
It used to be that a “great job” was one that provided a group health insurance plan for coverage. But those costs are growing and becoming expensive for companies to finance. And there are other methods of providing quality health insurance benefits without those pricey group plans.
Instead of traditional group health insurance, companies are finding tremendous results with the Health Reimbursement Arrangement model. This platform allows the business to set budgets in line with affordability, to then reimburse employees for their out-of-pocket healthcare expenses. Employees enjoy the control and freedom of choosing their own health insurance plans via the ACA Marketplace, based on the individual’s needs and budgets, too.
Even small businesses with fewer employees can leverage the benefits of the HRA by implementing the Qualified Small Employer Health Reimbursement Arrangement. In many instances where small businesses simply can’t afford a traditional group health plan, the QSEHRA is the ideal solution.
There is a growing movement among businesses of all sizes to embrace the ICHRA platform. In these employee benefits options, the company can establish different budgets across a variety of employee types, including any seasonal workers, part-time workers, and even temporary employees. The employees can explore and enroll in their own choice of health plans via the ACA, and the company can offer direct reimbursements for premiums, out-of-pocket expenses, and more.
Sure, paid time off, vacation time, and sick days are all employee benefit options companies continue to leverage in today’s workplaces. But there are other ways to bring incredible benefits value to your teams without burdening your company budget. Get creative and explore some of these suggestions. And if any of these health insurance benefits options sound appealing to your business model, let W3LL help you get started. With expert guidance on setting up an HRA to free ACA Marketplace enrollment for employees ready to choose their plans, the W3LL professionals can assist.