There are many factors employers have to consider when they create benefit plans for their workers. The size of a company determines how much leverage it can exert relative to insurance carriers. The industry a company operates in has a lot to do with which services might be either advantageous or required by law. The expertise of employee benefit consultants also affect what prices an organization will pay for coverage.
However, an important factor many employers overlook is the preferences of their workers. It does very little good to have a disgruntled workforce that isn't pleased with the compensation it receives. Don't fall into the trap of giving substandard or unwanted benefits, especially when doing so might be more expensive than what an employer's gut tells her would be the best coverage to provide.
For example, many businesses elect to offer comprehensive medical coverage that specifically addresses a number of needs. In addition to health insurance, it's not uncommon to find dental and vision coverage available to many personnel. However, staff members might have different medical needs and may want some variety in their medical purchases.
Consequently, devices such as flexible spending accounts (FSA) might be better to give to employees. FSAs provide money set aside specifically for medical costs and can be used for any number of things, such as prescription drugs or physical therapy. Poll your workforce to find out which type of coverage they would prefer and have an employee benefit specialist help find the best carrier for that benefits package. Advisers can also be very useful for helping workers to understand what they can use their FSAs or other services for.
