The Benefits of Benefits to Financial Services SMBs:

Access to Big-Company Benefits is Key to Attracting Talent

Administering employee benefits is hard work and a big investment—especially if you’re not a large company with a big HR department. Since you’re putting in all that effort, it’s worth asking: Are you getting the benefits you need out of your benefits? If you position them correctly, your benefits can not only benefit your employees, but they can also propel your business’s success.


With an 18.6 percent turnover rate, the Banking & Finance industry has one of the highest among all industries.¹ So it’s little wonder why attracting talent is the top strategic priority for registered investment advisors, as the industry will need to hire “more than 70,000 new staff over the next five years without accounting for attrition, retirements or new firms.”²

ATTRACT TALENT

Competition for talent is fierce. Having an attractive benefits package can keep you in the race to win star talent—even when you are up against big companies who have access to more attractive salaries and benefit packages.


Here’s why. Today’s employees expect a menu of traditional and nontraditional benefits. This is not a surprise when even coffee chains and big box stores offer benefit packages.


Leverage your benefits package to your advantage during your recruitment process:

Build an attractive benefits package

Assess what your ideal candidates will look for in a benefits package. Do your benefits reflect those values? If not, consider what you need to do beyond pay to be more competitive. 

  • Flexible work arrangements
  • Phased retirement programs
  • Paid sabbaticals
  • Wellness programs
  • Training, education and mentoring programs
  • Paid time off

Promote your benefits

A lot of businesses invest in their benefits package, but they don’t do a good job of communicating its features to candidates. Decide how you can position your benefits during the recruitment process. 

RETAIN TALENT

Benefits not only help you attract talent, but they can also help you retain your star players. When you are trying to keep your best people, it’s important to promote these benefits so your employees can take advantage of the value you are offering. 


A Voya study found that nearly half of workers admitted they do not fully understand the benefits they have already selected.⁶


Reinforce the value of your benefits package with your team:

  • Explain the benefit options. Help your team understand all the benefit options available to them and reinforce the positive outcome they could experience from having access to these benefits—like better health outcomes or a more solid retirement plan.
  • Educate employees on benefits information. For employees to get the maximum benefit out of your benefits offering, they need to understand the coverage and information that is offered so they can make an informed decision when electing their benefits. Put some effort into supporting employees to help them make their benefit elections. Then, determine how you will provide customer service to employees who have questions or where they can get more information on utilizing their benefits.
  • Make benefits a year-round conversation. Consider picking one benefits-related topic, such as mental health, wellness offerings or telehealth to highlight per month. This benefits education allows your employees to digest the information in small bites while highlighting the value-add your benefits package offers.

BUILD YOUR CULTURE

Maybe you’ve never considered this, but your benefits help build your company’s culture. Do you offer a robust retirement plan? A menu of family-friendly benefits? Ample time off? Gym memberships? Studies conducted by Gallup show that wellness programs in the workplace can increase employee engagement by 89%.⁷


Consider how your benefits package contributes to your culture:

  • Do a culture-fit assessment. Are your benefits aligned with your mission, vision and values? The benefits you offer reflect your values and contribute to your culture. TriNet offers DEI assessment to help its customers with DEI practices and assess where it can make an impact.
  • Adjust, if necessary. What benefits do you need to add, change or promote so they help you build your company’s culture.

GROW YOUR BUSINESS

By attracting and retaining talent and building your culture, your company will be in a position for growth. But, as your business grows, shopping for and administering benefits can become more complicated. You have more people. More locations. And more rules and requirements.


“The IRS continues to be less lenient with basic reporting errors, so it will be important for employers to fully understand their ACA reporting obligations. Confusion regarding the forms could cause costly reporting errors,” says Carlton C. Pilger, a member of the Employee Benefits Practice Group at Fisher Phillips.¹⁰


There are a few questions to ask as you grow:
How will you comply with benefits compliance requirements?

  • Affordable Care Act requirements for applicable large employers, including minimum coverage and reporting
  • State, federal and local requirements

What do you need to do to be prepared to deliver benefits to employees that are out-of-state or even out of the country? 


Extensive employee benefits are an important recruiting tool and a smart way to drive employee satisfaction. Access to leading employee benefit plans is no longer reserved for large companies, with TriNet’s access to premium benefits, this helps to level the playing field. Your benefit offerings can help you attract and retain talent, build your culture and grow your business. But only if you build a strategic and competitive offering.

 By helping customers become an employer of choice, you can attract and retain top talent by offering big-company benefits such as:

  • Access to premium benefits
  • Multiple health insurance carriers
  • 401(k) plan
  • TriNet Perks
  • Affordable Care Act support
  • Enrich™ product line


TriNet’s Enrich™ product line allows our customers to offer an optional benefit of tax-optimized reimbursements for expenses related to medical travel, education, disaster relief and child adoption. The Enrich™ product line helps our customers expand the benefits available to their employees.

About TriNet

TriNet (NYSE: TNET) provides small and medium size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll and real-time technology. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business.


Go to TriNet.com to get started or speak with a TriNet representative at 888.874.6388.

©2009-2023 TriNet Group, Inc. All rights reserved.

www.trinet.com

Terms of Use | Privacy