The employee benefits checklist that your company needs to follow

Creating a compelling employee benefits package is essential for boosting employee engagement, loyalty, and productivity.

Employees today expect benefits that go beyond the basics of healthcare and retirement, seeking options that reflect their individual needs and values. 

Crafting the right benefits mix requires careful planning and attention to what truly resonates with your workforce. In this article, we provide a comprehensive checklist of the best employee benefits your company should consider. 

From health and wellness to career development and flexible spending, these benefits can help you build a motivated, satisfied team that drives organizational success.

Key takeaways

• Employee benefits must go beyond healthcare and retirement to address diverse needs, like wellness stipends or student loan assistance.
• LSAs allow employees to personalize benefits, enhancing engagement and morale while offering cost control and streamlined administration.
• Comprehensive health benefits and mental health support (e.g., EAPs, mindfulness apps) are critical for a satisfied, productive workforce.
• Flexible work options, robust leave policies, and retirement plans build loyalty and ensure employee well-being.
• Professional growth initiatives, like tuition reimbursement and structured advancement paths, create a motivated, skilled workforce.
• Partnering with Forma simplifies managing LSAs and other benefits, ensuring compliance, cost efficiency, and employee satisfaction. <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button">Schedule a demo</span> today!

Importance of flexible employee benefits

As the workforce becomes more diverse and employee expectations shift, traditional table-stakes benefits like healthcare and retirement plans are no longer sufficient to engage and retain top talent. Here’s why flexibility is important:

Traditional benefits aren’t enough

Table-stakes benefits are foundational but often fail to address the unique needs of a modern workforce. For example, younger employees may prioritize student loan assistance or professional development opportunities, while parents might value childcare support. 

Offering the same rigid benefits package to everyone can leave many employees feeling overlooked and disengaged. Flexible benefits allow companies to customize offerings, ensuring employees feel valued regardless of their life stage or priorities.

Attracting and retaining top talent

In the current job market, benefits play a crucial role in differentiating your company from others. According to a Glassdoor survey, 94% of employees want benefits that positively contribute to their quality of life, health, and well-being. Flexible benefits like Lifestyle Spending Accounts (LSAs), wellness stipends, or mental health support signal that your organization genuinely cares about individual well-being, making it a more attractive place to work.

Enhancing employee engagement

Employees are more likely to engage and perform at their best when they feel supported by their employer. Flexible benefits empower employees to choose options that fit their needs, fostering a sense of control and satisfaction. This personalization boosts morale, productivity, and loyalty, helping businesses build a strong, committed workforce.

5 employee benefits for companies to consider

Employees no longer seek one-size-fits-all packages for their benefits.They value benefits that align with their personal and professional goals.

Here are five employee benefits companies should consider to create a motivated, engaged, and loyal workforce.

1. Lifestyle Spending Accounts

LSAs have emerged as a game-changer in employee benefits, offering unparalleled flexibility and personalization. Unlike point solutions limited to specific categories, LSAs allow employees to use allocated funds for various wellness, lifestyle, and personal development needs, creating a truly customizable experience.

What LSAs offer

LSAs provide employees with a predetermined budget to spend on categories that matter most to them. These categories can include:

• Wellness: Fitness memberships, yoga classes, or mindfulness apps.
• Personal development: Online courses, certifications, or skill-building programs.
• Well-being: Home office equipment, commuting costs, or subscriptions to wellness platforms.

Why LSAs are effective

By enabling employees to choose benefits meaningful to their lives, LSAs promote satisfaction and engagement. For instance, one employee might invest in gym memberships for better physical health, while another may focus on professional growth through online learning. LSAs demonstrate an employer’s commitment to individual needs, fostering loyalty and boosting morale.

Benefits of LSAs for employers

Implementing Lifestyle Spending Accounts doesn’t just benefit employees, it also offers significant advantages for employers.

• Cost efficiency: LSAs allow employers to control costs by setting fixed budgets while avoiding the inefficiencies of underutilized point solutions. Employers only pay for what employees actually use, ensuring a higher return on investment.
• Streamlined administration: Platforms designed for managing LSAs simplify the process, from fund allocation to reimbursement tracking. This reduces administrative burden for HR teams, freeing them to focus on strategic initiatives.
• Support a diverse workforce: Employees’ needs vary widely, and LSAs provide the flexibility to cater to this diversity. Whether it’s fitness, mental health, or professional growth, LSAs empower employees to choose benefits that align with their unique priorities.
• Enhance workplace engagement: Offering LSAs signals that employers care about individual employee needs. This personalized support boosts morale, engagement, and productivity, creating a happier and more committed workforce.

Want to find out more about including a LSA as part of your benefits offering? <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button">Schedule with Forma today</span> to talk through your options.

2. Health and wellness benefits

Health and wellness benefits remain foundational to employee satisfaction but have evolved to encompass more than basic insurance coverage. These benefits demonstrate a company’s commitment to holistic well-being, addressing both physical and mental health.

Core health benefits

Comprehensive health insurance, including medical, dental, and vision coverage, is a must-have. Offering competitive plans with broad provider networks ensures employees and their families can access essential care without financial strain.

Wellness programs

Companies can elevate their offerings by incorporating wellness initiatives such as:

• Gym memberships and fitness programs: Encourage physical activity and reduce stress.
• Nutrition counseling: Provide access to dietitians or meal planning resources.
• Mindfulness and stress-relief activities: Offer yoga classes or meditation workshops.

Mental health resources

Supporting mental health is critical. Employee Assistance Programs (EAPs), counseling services, and mental health apps give employees the tools to manage stress, anxiety, or personal challenges effectively.

By providing comprehensive health and wellness benefits, organizations create a culture of care and ensure their workforce is happy, healthy, and productive.

3. Financial security and retirement plans

Financial well-being is closely tied to employee satisfaction and long-term loyalty. Offering robust financial benefits signals that a company values both the immediate and future needs of its workforce.

Retirement savings plans

Programs like 401(k)s or pensions are essential for helping employees plan for the future. Employer matching contributions enhance the value of these plans, ensuring employees can build their retirement savings more effectively.

Immediate financial perks

In addition to retirement plans, companies can provide:

• Competitive salaries: Offer market-aligned compensation packages.
• Stock options or profit-sharing plans: Tie employee success to company performance.
• Employee discounts: Provide savings on products, services, or experiences.

Why it matters

When employees feel financially secure, they’re more focused and engaged at work. Tailoring financial benefits to the diverse needs of a workforce not only attracts top talent but also fosters trust and loyalty among current employees

4. Work-life balance and flexibility

A healthy work-life balance has become a top priority for employees, and companies that prioritize flexibility often find themselves at a competitive advantage. Offering benefits that support work-life balance demonstrates empathy and builds a positive workplace culture.

Flexible work arrangements

Provide options like remote work, hybrid schedules, or adjustable hours to help employees manage their personal and professional lives more effectively. Flexibility empowers employees to work in ways that suit their unique circumstances, boosting morale and productivity.

Generous leave policies

Comprehensive vacation and sick leave policies are essential for supporting employees’ well-being. Offering paid parental leave, bereavement leave, or even sabbaticals signals a commitment to employees during pivotal life moments.

Family-friendly benefits

Support employees with caregiving responsibilities through benefits such as:

• Childcare assistance: Subsidies, stipends, or access to on-site childcare.
• Eldercare support: Resources or financial assistance for caregiving needs.
• Family leave: Extended paid leave for new parents or family emergencies.

These measures help employees balance work and personal responsibilities, creating a loyal, motivated workforce.

5. Career development and growth opportunities

Investing in career growth not only enhances employee satisfaction but also drives organizational success by building a highly skilled workforce. Offering professional development benefits creates a culture of learning and progression.

Training and development programs

Provide employees with access to training sessions, workshops, or certifications to help them build relevant skills. Tuition reimbursement for advanced education is another way to support long-term growth.

Clear advancement paths

Employees value transparency regarding career progression. Offering structured development plans and regular feedback helps employees see their future within the company, reducing turnover and boosting motivation.

Recognition and incentives

Performance-based bonuses or incentives reward employees for their contributions while fostering a culture of recognition. Celebrating achievements through tangible rewards reinforces loyalty and engagement.

How to create an effective employee benefits checklist

Developing an employee benefits checklist is a strategic process that requires careful planning, employee input, and alignment with organizational goals. A well-designed checklist not only meets the needs of your workforce but also enhances retention and competitiveness in the job market. Here’s how to create an effective benefits checklist:

Assess employee needs and preferences

Start by understanding what your employees value most in a benefits package. Conduct surveys, hold focus groups, or create feedback channels to gather input on their preferences. Ask about specific benefits, such as wellness programs, financial perks, or professional development opportunities.

This step ensures your offerings resonate with employees and helps you allocate resources to the benefits that matter most. For example, if many employees prioritize work-life balance, flexible scheduling or remote work options should be at the top of your checklist. Listening to employee feedback demonstrates your commitment to their well-being, fostering a more engaged workforce.

Benchmark against industry standards

To stay competitive, regularly research the benefits packages offered by similar companies in your industry. Use this data to identify gaps in your offerings and determine areas for improvement. For example, if competitors provide wellness stipends or tuition reimbursement and you don’t, consider adding these to your checklist.

Benchmarking also helps you stay informed about emerging trends, such as mental health resources or sustainability-focused perks. Adjusting your benefits package to align with or exceed industry standards can make your organization more appealing to top talent.

Allow for customization and flexibility

One-size-fits-all benefits no longer meet the diverse needs of today’s workforce. Include flexible options in your checklist, such as Lifestyle Spending Accounts, voluntary benefits (e.g., pet insurance or legal assistance), and customizable wellness programs.

Providing employees with choice empowers them to select benefits that align with their personal and professional needs. For instance, some employees may prioritize gym memberships, while others might value financial planning services. Flexibility not only enhances satisfaction but also demonstrates your organization’s commitment to inclusivity and individuality.

Partner with a TPA

Working with a third-party administrator (TPA) can simplify the process of managing employee benefits. TPAs offer expertise in administering complex benefits programs, including compliance with regulatory requirements and efficient claims processing.

Partnering with a TPA enables you to offer innovative benefits, such as Lifestyle Spending Accounts or wellness stipends, without adding administrative burdens to your HR team. TPAs also provide data-driven insights to help refine your benefits strategy and ensure it aligns with your company’s goals and budget.

By outsourcing the administrative complexities to a TPA, you can focus on delivering a benefits program that attracts and retains top talent while providing employees with a seamless experience.

Communicate clearly and regularly

A benefits package is only valuable if employees understand it. Use multiple communication channels - such as onboarding sessions, employee handbooks, emails, and company intranets - to educate your staff about available benefits.

However, if you’re partnering with a TPA, they will actively work to take this responsibility off your shoulders and make sure your employees are well versed with the ins and outs of your benefits package.

How to implement an employee benefits checklist with a TPA

Implementing an employee benefits checklist becomes much easier with the right tools. A flexible benefits platform streamlines the process and provides various benefits, making it simple to manage and communicate your offerings effectively.

Choose the right benefits administration platform

Look for a platform that offers a wide range of customizable benefits options, including health insurance, retirement plans, and lifestyle spending accounts. The advantages of a flexible benefits platform include increased employee satisfaction, reduced administrative burdens, and cost savings through efficient management.

Integrate with payroll and HR systems

Ensure your chosen platform seamlessly integrates with your existing payroll and HR systems. This integration allows for smooth data flow, minimizing manual entry and reducing the risk of errors. It also saves time and resources, allowing your HR team to focus on strategic initiatives rather than administrative tasks.

Communicate benefits effectively to your team

A flexible benefits platform makes it easy to ensure employees are well-informed about their options without adding to the employer’s workload. These platforms offer intuitive tools, such as self-service portals, interactive guides, and automated reminders, to provide employees with everything they need to make informed decisions about their benefits.

Monitor and adjust your benefits program

Regularly review the performance of your benefits program using the analytics provided by your flexible benefits platform. Track utilization rates, gather employee feedback, and identify areas for improvement. Use these insights to make data-driven decisions and continuously optimize your offerings to meet the evolving needs of your workforce.

Partner with Forma as your flexible benefits provider

Managing flexible benefits on your own can quickly become a daunting task. From designing tailored programs to ensuring compliance and effectively communicating offerings, employers face a multitude of challenges that can strain HR resources and complicate administration. Flexible benefits are highly effective at attracting and retaining talent, but their complexity requires expert management to deliver their full potential.

This is where partnering with a trusted third-party administrator like Forma makes all the difference. Forma specializes in simplifying the administration of flexible benefits, empowering employers to focus on their strategic goals while delivering a seamless experience for employees.

With Forma, you can offer innovative options like LSAs, wellness stipends, and personalized professional development funds, all managed through an intuitive platform. Forma’s tools streamline everything from reimbursement processing to employee engagement, ensuring your benefits program operates efficiently and effectively. Employees benefit from access to user-friendly portals, personalized support, and automated reminders, while HR teams save time and reduce administrative burdens.

In addition to ease of use, Forma helps employers stay compliant with ever-changing regulations and leverages data insights to continuously improve benefits offerings. By choosing Forma as your flexible benefits partner, you not only simplify the complexity of benefits management but also position your organization as a leader in employee satisfaction and retention.

Ready to transform your employee benefits program? <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button"> Schedule a demo</span> with Forma today to see how we can help you deliver flexible, impactful benefits that resonate with your workforce.

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