15 Tips To Structure A Budget Friendly Comprehensive Benefits Package

As healthcare costs continue to rise, structuring employee benefits packages becomes increasingly challenging. HR leaders must achieve the delicate balance between offering comprehensive healthcare benefits while also managing fiscal constraints. It is especially critical for startups and growing companies, where every resource counts.

To help HR professionals negotiate the "win-win" of serving employees without breaking the bank, the members of Forbes Human Resources Council share their expert advice. From leveraging nontraditional benefits to partnering with a Professional Employer Organization (PEO) service, these strategies can help HR teams develop benefits packages that meet both financial and employee health needs.

Segment Benefits By Employee Sector

Modiri Nlanda, Orange Botswana: "Segment employees and offer benefits that are a need to that segment Gen Zs, employees nearing retirement, maternity needs or employees living with chronic illnesses. That way, the business pays for what the employees need and can cut some costs as compared to a blanket approach, where some employees never use their benefits."

Get Creative With Nontraditional Offerings

Leadership can get creative with their offerings and target the needs of their company's unique employee composition. Some companies, especially startups, may be comprised of a younger workforce that values wellness and education stipends over extensive health plans.

Use Data To Assess Employees' Needs

Data is key to striking a balance in employee benefits. Leaders should look at employee feedback, enrollment and participation data that show where employees might be struggling. Benefits are the No. 2 reason employees stay or leave a company.

Explore Flexible Benefits Plans

Benefits should align with the needs and interests of a new and diverse employee population. Traditional packages that offer the same benefits to all employees are not very relevant to the new generations.