By Gabrielle Lorbiecki, CPA, CPC, QKC, QPA, QKA
The Top Line
In today’s competitive job market, a strong employee benefits package is essential for attracting and retaining top talent. While salary plays a critical role, benefits significantly influence employee satisfaction, engagement, and long-term loyalty.
Developing an effective benefits plan is not a one size fits all process. It requires a thoughtful approach that reflects both the needs of your workforce and the goals of your business. Below are key strategies to help you create a benefits package that delivers real value for your team.
- Understand Your Workforce
What it means for your business:
Start by learning what matters most to your employees. A younger team may value student loan repayment or flexible work schedules. More experienced employees might prioritize health insurance, retirement savings, or long-term care support.
Strategic takeaway:
Use surveys or focus groups to tailor your offerings. Personalizing benefits to your team’s needs improves participation and ensures your investment is going where it matters most.
- Align Benefits with Business Goals
What it means for your business:
Your benefits strategy should support your company’s long-term vision. For example, if employee retention is a challenge, consider incentives like profit sharing or enhanced retirement contributions. If you are focused on boosting productivity, wellness programs or mental health services can make a measurable difference.
Strategic takeaway:
Choose benefits that reinforce your culture and support your workforce strategy.
- Balance Cost and Value
What it means for your business:
Benefits are a major investment. Compare plan options and providers carefully to strike the right balance between cost and quality. For example, pairing a high deductible health plan with a Health Savings Account can reduce costs while still offering valuable coverage.
Strategic takeaway:
Use data and employee feedback to invest in benefits that deliver both value and sustainability.
- Comply with Legal Requirements
What it means for your business:
Federal and state regulations govern many aspects of employee benefits. Rules from the Affordable Care Act, ERISA, FMLA, and others must be followed to avoid fines and legal complications.
Strategic takeaway:
Work with an HR advisor or benefits consultant to ensure your offerings meet all legal standards. Staying compliant protects your business and builds employee trust.
- Communicate Clearly and Consistently
What it means for your business:
Even the most robust benefits package has little impact if employees do not understand how to use it. Clear communication improves participation and helps employees recognize the true value of their benefits.
Strategic takeaway:
Use handbooks, info sessions, and digital portals to ensure employees stay informed and engaged year round.
- Plan for Future Growth
What it means for your business:
As your business grows, your benefits should evolve with it. Choose providers and platforms that are built to scale and can accommodate additional offerings as your needs expand.
Strategic takeaway:
Build flexibility into your benefits structure so you can adapt without disruption.
- Review and Update Regularly
What it means for your business:
Employee expectations and market standards shift over time. Regular reviews help you stay current and competitive.
Strategic takeaway:
Reevaluate your plan annually. Gather employee feedback, benchmark against peers, and adjust offerings to maintain relevance and compliance.
Schedule a Consultation
Navigating retirement plan compliance is complex. Whether you need support with annual filings like Form 5500, plan testing, or simply want expert guidance, Gabrielle Lorbiecki is here to help.
Gabrielle specializes in retirement plan consulting and ensures that businesses remain compliant with Department of Labor and IRS regulations.
Contact Gabrielle today to schedule a personalized consultation and set your retirement plan on the path to long-term success.
