Companies want talent, and you can always make the talent want you. According to LinkedIn,  Millennials have changed their jobs more frequently than any other generation. It is not easy to retain talent nowadays, the working class today are looking for more than just a high salary. Other perks like healthcare may be the deciding factor for their new job. Employee benefits are a great way to keep your employees satisfied and attract new talent. Here you are, 5 tips on how you can design a comprehensive employee benefits package for your team. 

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Employee Benefit Tip 1: Understand your employees

Who are your employees? Get to know your employees so you can provide what they actually want and need. There are many components that make up an employee benefits package so one formula may not be fit for everyone. The first step is to get to know the age range and gender ratio of your team. For example, companies with more female workers may require maternity health benefits. 

Different age groups also appreciate different benefits. According to the Employee

Happiness Index 2019, Gen Z workers appreciate skill development opportunities more than baby boomers. 

It is also a good idea to understand which benefits your employees are actually using. What you think they need might not actually be what is realistically used. This can help you better grasp the needs of your employees and provide accordingly.

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Employee Benefit Tip 2: Aim for Inclusiveness

No one likes to be neglected so it is crucial for your package to be able to benefit all your employees. When designing your package, aim to be diverse and inclusive with benefits. Personalized and flexible packages can help cater to different needs of employees. 

Offerings like parental leave, emergency eldercare services, mental health support and personal growth development opportunities, can help attend to different needs in your team. Through providing equal support to different teams, an overall corporate inclusiveness culture can be cultivated.

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Employee Benefit Tip 3: Employee Ownership Opportunities

A great sense of belonging to the company enhances motivation. Employee ownership opportunities give employees greater incentives to work hard. Knowing that their efforts can directly benefit them and the company, increases their job satisfaction. The potential risk that employees bear by undertaking ownership is also a motivation to contribute to the company. 

Employee ownership opportunities can be direct, or indirect. They can come in the form of employee stock ownership plans, direct purchase plans, stock option plans, employee stock purchase plans and many other options. 

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Employee Benefit Tip 4: Provide Remote Work Benefits

Work from home or remote working arrangements open up new opportunities. Remote working allows flexibility to employees while WFH options are greatly appreciated for working parents and disabled employees, eliminating unnecessary commuting. Remote working options also allow talent from abroad to join your team. Without geographical restrictions, there is a larger talent pool. 

Providing them upgraded technology including computers, WiFi plans etc. can help them effectively contribute to the team despite being away from the office. Flexible work locations arrangements can also be accompanied with online tools to help with communication between in-office team members and remote employees.

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Employee Benefit Tip 5: Provide Group Medical Insurance

Health is a basic component of quality of life. Employees appreciate the peace of mind knowing they are medically protected. Healthcare is becoming increasingly expensive and younger generations are becoming more aware of potential health risks. Medical insurance is a concrete way of providing for your team.

Competitive healthcare plans may include critical illness benefits,  equal coverage to both dependents and employees, dental and vision coverage, health check-ups and global coverage.

blüüm Group Medical Insurance provides a flexible group medical package plan for SMEs and Startups that comes with comprehensive coverage. blüüm Hong Kong aims to provide an affordable but high-quality group medical package plan, so you can provide your team with competitive employee benefits.

These are some tips to help you retain and attract talent with a competitive employee benefits package. We hope you are able to come up with a dual win package. To learn more about the right group medical insurance for your team, feel free to Whatsapp us at +852 5379 8911 or email us at info@bluum.hk.