How to Build a Competitive Benefits Package

It doesn't matter how amazing your benefits package if your team doesn't use it. I've learned that what I value might not be the same as what my team values. As I shared on Episode 136 of "Build to Enough," at Little Fish, I've implemented unique benefits that make my employees feel valued while also recognizing that they are human. For example, I offer "Sick and Sad Days"—time off that isn't counted against anyone if they're sick or just can't do it that day. I wanted to ensure they have room to take time off when they aren't at their best. We also close for five weeks out of the year: one week during spring break for tax season, one week at the end of summer, and two weeks at the end of the year. These breaks are automatically built in and fully paid for everyone. We offer flexible work hours with some overlapping core hours, but they can work at a time that suits them best. Plus, we have an annual all-expenses-paid company retreat, a 401k match, and internet reimbursement. Now, I didn't start with all of this. Bit by bit, I figured out what made the most sense for the business and what the team actually wanted. If you're looking to develop a benefits package that truly supports your team, here are some steps to consider: 1. Assess your team's wants and needs - Ask them what they value and what perks would make a difference in their lives. 2. Prioritize core benefits - Focus on essentials like PTO, health benefits, and retirement plans, but don't forget to explore other perks. 3. Research your options - There are many health and retirement plans available for small teams. Do your homework to see what will work best for your team (and your budget 😉 ). 4. Consider supplemental benefits - Look for inexpensive perks that have a significant impact, like flexible hours or remote work options. 5. Maximize your budget - Allocate a specific amount for benefits and make the most of it. Seek group buying opportunities and tiered benefits to offer more without overspending. 6. Review and adjust regularly - Benefits aren't a set-it-and-forget-it deal. As your team evolves, so should your benefits package. Creating a benefits offering that truly supports your team not only helps retain your current employees but also makes your company a place where people want to work.

We call them “benefits" - but if your team doesn’t value them, they’re just really expensive line items you’re constantly trying to justify. Open enrollment is coming. Budgets are tighter. Expectations are high. This isn’t the time to roll out perks based on industry buzz or what your competitor is doing. It’s time to lead strategically. Use your data. Look at what’s actually being used. Ask what your people actually want. Not in theory. Not in an anecdotal, “Sam said he’ll leave if we don’t offer pet insurance” kind of way. Gather input that reflects your whole workforce and aligns with your reality. A few open enrollment pre-work must-have’s: Pull usage data from your current plans to see what’s actually being used and what might not be worth the cost. Survey employees, but limit options to what’s financially feasible (this helps avoid wishlist inflation). Don’t wait until Q4. Start cross-functional planning now. Keep an eye out for quick wins: low cost/low time, high impact changes. You don’t need the trendiest benefits. You need the right ones. Ones built on what your team actually values and what your business can sustain, with a plan that didn’t start the week before open enrollment. ---------------------------------------------------------     If this got you thinking differently about HR, you’re in the right place. Follow along.

Struggling to hire and keep top talent at your clinic? You are not alone. With PT shortages projected through 2037, practice owners face a tough challenge. Competing on salary alone won't cut it. The best people want more than just a paycheck. They seek employers who invest in their future. A strong benefits package is key to attracting and retaining top talent. Here are benefits that set practices apart: ↳ 401(k) with employer match Helps your team build long-term wealth. Shows you care about their future. ↳ Group disability insurance Protects their income if they get injured or sick. Offers peace of mind for those relying on their body. ↳ Financial education workshops Guidance on student loans, budgeting, and investing. Reduces stress and equips them with essential tools. ↳ Health Savings Accounts (HSA) Paired with the right health plan, this allows employees to save tax-free for medical costs now and in retirement. ↳ Profit-sharing contributions When the business wins, your team wins too. Fosters a sense of ownership and rewards growth. ↳ Continuing education stipends Support for courses, certifications, and conferences. Encourages growth while building loyalty to your clinic. These benefits are not just perks. They are a strategy to create a workplace where people feel valued and supported. When your team is financially secure, they perform better for your patients. This is how you build a clinic people never want to leave.

I was on a call with a benefits broker recently, reviewing plan options for a client. During the discussion, the broker casually mentioned that there wasn’t much difference between Plans A, B, and C—just a few dollars in monthly contributions. That’s when I had to pause. I’ve spent years supporting tech companies, where a $5–$30 deduction per paycheck often feels like pocket change for employees making $150K+ annually. But this client? They have a workforce of hourly employees making $15–$28/hour. For these employees, a few dollars isn’t just a number. It’s: 🛒 A meal for their family. 🏠 The difference between meeting or missing a rent payment. 👶 Affordable healthcare for their kids. When it comes to designing benefits packages, it’s not a one-size-fits-all approach. It’s about 𝗸𝗻𝗼𝘄𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗮𝘂𝗱𝗶𝗲𝗻𝗰𝗲: 1. 𝗪𝗵𝗼 𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀? What’s their income level, family size, and financial situation? 2. 𝗪𝗵𝗮𝘁 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗮𝗿𝗲 𝘆𝗼𝘂 𝗶𝗻? Are these employees living paycheck to paycheck or comfortably above that line? 3. 𝗪𝗵𝗮𝘁 𝗺𝗮𝘁𝘁𝗲𝗿𝘀 𝗺𝗼𝘀𝘁 𝘁𝗼 𝘁𝗵𝗲𝗺? Sometimes it’s a lower premium. Other times, it’s broader coverage. Let’s not forget that even small decisions can have a big impact—especially for those who count on every dollar. As HR leaders, it’s on us to think beyond numbers and focus on the lives behind them.

Great product teams don’t just build - they position. They study the market. They define their ICP. They design pricing strategies to win. It’s time People teams did the same with compensation. In our latest MPL Build post, Jessica Z. makes the case for treating your compensation strategy like your pricing strategy. Not just a cost center or benchmarking exercise - but a competitive advantage. Here’s how to start thinking more strategically: __ Step 1: Define your Ideal Employee Profile (IEP) Who are you trying to hire and keep? Get specific. • Segment by level, role, geography, and values • Understand what matters most to each group (hint: it’s not just salary) • Look at where you win and lose offers - and why Step 2: Map the value prop What makes your company compelling? • Mission and impact • Work/life balance • Growth opportunities • Equity upside • Remote flexibility Just like products, your “bundle” matters more than any one feature. Step 3: Analyze your competitive set You’re not just competing with your local market anymore. You’re up against global companies, remote-first startups, and FAANG-level comp. Your offer needs to reflect that reality. Step 4: Build your pricing model Your comp bands should be: • Clear (internally and externally) • Aligned with business goals • Flexible for local context, but fair globally Think: Would a product team ship a pricing model without understanding willingness to pay? Same goes here. Step 5: Test and iterate Compensation isn’t a one-and-done decision. • Run retros on every hiring cycle • Use feedback loops from exit interviews, offers declined, and engagement surveys • Adjust like a product team would—with data and intention — If you’re still thinking of comp as an annual HR ritual, this post is for you. It’s time to treat compensation like the strategic lever it really is. — 🔒 This post is for MPL Build subscribers. Link in comments to check it out. ↓ #peopleops #compensation #futureofwork #hrtech #mplbuild

🌏 Unlocking the Power of Flexible Benefits Programs 🌍 When you have the opportunity to implement a flexible benefits program in your country, the right approach can make all the difference! By leveraging choice architecture, financial planning, and effective employee communication, you can create a benefits plan that truly resonates with your workforce. Here’s how these essential elements come together: 🔹 Choice Architecture: Design options that empower employees to select benefits that genuinely meet their needs. By simplifying choices and emphasizing key offerings, you can boost engagement and satisfaction across the board. 🔹 Financial Planning & Analysis: Conduct comprehensive financial assessments to ensure the sustainability of your program while aligning it with organizational goals. A clear understanding of costs versus benefits is crucial for creating a plan that delivers value to both employees and the business. Choose the right financing arrangement—whether fully insured, refund, or self-insured—to maximize the effectiveness of your program. 🔹 Employee Communication: Establish clear and continuous communication channels. Educate your employees about their options through workshops, FAQs, and tailored resources. When employees are informed about their benefits, they are much more likely to fully utilize them. By integrating these strategies, you can develop a flexible benefits program that not only caters to diverse employee needs, but also fosters engagement and loyalty.

Every time I pick up the phone to chat to a potential candidate their first question is, "Does this position offer a hybrid work schedule?" Flexibility, compensation, and comprehensive benefits are the top three priorities for professionals exploring new opportunities. But here's the crucial insight for wealth management firms looking to win top talent. You need to understand the individual motivators behind these desires. For example, a candidate might be willing to accept a slightly lower base salary if it means the autonomy of working from home once a week, or if a robust benefits package significantly reduces their family's healthcare costs. Another might prioritize a strong 401(k) match over a higher immediate bonus. To truly attract and, more importantly, retain the best people, you have to dig deeper. Don't just tick the boxes of "hybrid" and "competitive pay." Instead, have conversations that uncover what truly drives a potential hire. Is it work-life balance, career growth, specific benefits, or a sense of purpose? Understanding these individual motivators is the key to building a compelling offer that goes beyond surface-level expectations. #wealthmanagementrecruitment #competitiveoffer #financialadvisortransition #financialadvisorrecruiter #candidateexperience