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Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

Fax: 909-593-6120


Email: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

July/August 2019

Benefits to Attract Qualified Employees

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The job market is competitive and qualified candidates are becoming harder to find. In this environment, total compensation, including employee benefits your prospects want and need, may play a large role in their decision to choose you or a competitor.


As an employer, you may subsidize these benefits or simply provide them and let employees pay for them through payroll deductions. Even the latter approach may be less expensive than if your employees bought insurance outside the workplace. There are two basic ways to structure your benefit expenditure: menu-based and dollar-based.


Benefits by Menu
When you offer a menu of core benefits — health insurance, a qualified retirement plan and life insurance — and additional perquisites that could include a Health Savings Account and pet insurance, you offer basically the same benefits to everyone. This has been the traditional model of employee benefit offerings, but it may not work best for employers with a diverse workforce.


Benefits by the Dollar
When employers have the ability to offer a set dollar amount for the benefits they will subsidize, they provide more flexible benefits for diverse employees. For example, a married 55-year-old employee may value long-term care insurance while a single Millennial may be better served with disability income insurance. One employee may value a student loan repayment benefit, while another believes dental and vision insurance are essential.


The Right Package
One size won’t fit all, but you can find your fit with a little preparation. List your benefits and their cost, but don’t forget to include any tax advantages your business may get. Do a little research and learn what peer companies offer their employees. Then, survey your employees and ask which benefits they value from most to least. Also ask if there are benefits not available to them that they would like to see offered.


Once you understand your employees’ wants and needs, work with your insurance professional to put together a benefits package that works for you and your business.


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Investment advisory services offered through Fusion Capital Management, an SEC Registered Investment Advisor. 9111 Cypress Waters Blvd., Ste 140, Dallas, TX 75019.
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