Five Ways to Manage the Rising Costs of Benefits

Posted: 08/13/2009
A robust benefits package can be the difference between a talented superstar choosing to work with you versus a larger, more established competitor. But with the cost of benefits rising each year, providing a benefits package that helps you attract, retain and motivate talented people gets harder all the time.

With knowledge and planning, you can create a win-win situation for yourself and your employees. You can use benefits to meet the needs of your workforce and successfully compete for top talent.

As a business owner, it’s important to be aware of the ways you can manage costs and attract top hires, including:

• Finding a benefits package that’s tailored for your specific industry
• Encouraging consumerism among your employees to help save money
• Taking advantage of technology to keep a lid on administrative costs
• Promoting health and wellness programs to help prevent heavy benefits usage
• Preparing for the coming healthcare storm

Of course, there’s no requirement to provide a good benefits package, but if your company doesn’t offer one, top-flight talent may head for the door. Making an effort to understand the choices and communicating them clearly to your employees is a good first step in keeping costs under control and getting a better return on the money you invest in benefits.
To access this content, please join the HR Exchange Network.
Or if you're already a HR Exchange Network member, sign in below to download.

By entering in your information and submitting the form, you give the sponsor permission to contact you regarding their product and you agree to our User Agreement, Privacy Policy, and Cookie Policy.

Posted: 08/13/2009