How Law Firms Can Choose the Best Group Benefits Plan
When creating a law firm that not only attracts some of the top talent out there but is able to retain them, there is a lot that goes into the process. First, the work environment at your law firm needs to be fair, professional, and respectful, but employees are also looking for more such as fair pay and incentives such as group benefits. In fact, an excellent group benefits plan can often be enough to lure in that top talent and prompt them to stick around.
So how do you as a law firm choose the best group benefits plan to offer your staff? Here are some tips you can use.
Set a Budget
Often the first place to start is by setting a budget on what the law firm is willing and should spend on employee benefits. Keep in mind you can make adjustments to the cost of the plan by requiring your employees to help pay for the costs of the premiums, meaning you each pay a portion, you may only choose to offer a few things rather than a full plan, and your plan can exclude specific prescription drugs.
Another way to start bringing down the costs is to set up what is called a wellness program. These are really starting to gain traction, as the wellness plan has the goal of keeping people healthy, therefore, placing less stress on the benefits plan. The plan may feature mental health counselling, flu shots for your law firm, aid for those trying to quit smoking, fitness programs or even gym membership discounts, and more.
What Should Be Included in the Plan?
The next question to ask yourself is what to include in your law firm’s benefits plan. While there is nothing wrong with offering just the basics, it’s important to realize that competing law firms may be offering a more attractive plan.
Some of the items you may want to include:
- Extended health care plan
- Life and disability insurance
- Dental plan
- Wellness program
- Pension or retirement saving plans
- Paid time off such as personal days, and vacation days
Pick a Plan Tailored to Your Size of your Law Firm
Another thing to keep in mind is that plans are built differently according to how many employees are in the law firm. For example, if you operate a small to medium-sized business, then you’ll be looking at very different plans and providers compared to a large corporation.
This is when it can be very helpful to speak to different providers, get quotes, and ask their advice on the kind of plan suggested for your particular needs. Many of these group benefit plan providers have access to a variety of plans, with some even offering customizable features.
Giving Your Employees the Best Option Out There
By ticking off each of these boxes, doing your research, and making sure to ask plenty of questions, you’ll be able to find the best group benefits plan that works within the law firm’s budget, and creates a satisfied group of employees.