Thanks to the ongoing battle for talented workers, it pays to be strategic about your company’s benefits plan. As you move from zero to IPO, a comprehensive benefits plan will help you attract top talent and retain your best workers. A good plan helps you increase employee satisfaction, create a positive culture, and ensure your legal compliance. Because your company’s needs change as your business expands, you should get a benefits plan that grows with you.

From Startup to Mid-Size: How You Can Evolve Your Business Strategy With Your Company’s Growth

Offering top benefits doesn’t just attract top talent. Excellent benefits also provide an exceptional ROI. According to research studies, companies with 100 or more workers will achieve an average ROI of 52% from offering health insurance in 2026. 

To make the most of your benefits, use the following steps to grow your strategy as your business evolves. 

1. Assess Your Organization’s Needs and Objectives 

First, you need to determine what your company wants to achieve from its benefits strategy. For instance, you may want benefits that attract new hires, like wellness benefits and good health insurance. Alternatively, you may prefer to focus on options that boost retention. 

You also need to consider what the legal requirements are in your state. In Washington State, paid family and medical leave is a legal requirement. Meanwhile, California requires businesses to use CalSavers if they don’t already have an alternative retirement plan. 

In determining which benefits options you need, consider your employees’ demographics, age, and family status. To stay competitive, you should also check out what other companies in your industry are doing. Then, you should evaluate where your company is currently in order to see what kind of changes you’ll need to make.

2. Create a Strategy To Match Your Long-Term Goals

Once you’ve assessed your company’s needs and objectives, the next step is building a strategy that matches your long-term goals. For example, many small businesses choose to implement the following benefits.

• Health insurance
• Vision and dental coverage
• Retirement plans 
• Stock purchase plans
• Paid time off (PTO)
• Wellness program
• Employee assistance programs
• Health savings accounts (HSAs)
• Flexible spending accounts (FSAs)
• Life insurance
• Pet insurance
• Financial planning and education
• Technology benefits for remote workers
• Commuter benefits, like free parking or public transportation passes

Some of the items on your list might not be doable right now. As a part of your long-term strategy, divide your long-term benefits plan into mid-range and long-term goals. Then, you can adjust the plan as you go along.

3. Track Data 

No matter what benefits plan you select, you need to create systems and processes for tracking data. This helps you to determine which programs are the most popular and which ones aren’t worthwhile investments. 

As you grow from a small business into a mid-size company, data tracking will play an integral role in which benefits you adopt. For instance, if employee satisfaction jumps significantly after a wellness program is started, it would be worth considering additional wellness options. Similarly, if a new PTO plan leads to lower burnout levels, you may want to implement flexible work schedules or other PTO options. 

4. Conduct Ongoing Evaluations 

To track data and determine the success of your benefits program, you need to conduct regular evaluations. For example, a cost-benefit analysis can determine if your company is receiving a large enough benefit from each plan. You may also want to use employee surveys to capture some of the non-financial advantages of each program. 

During your evaluation, pay attention to which benefits seem overpriced. You can try negotiating with providers to reduce the overall cost. Alternatively, you can try lowering costs by outsourcing your employee benefits so that you get high-level expertise at a scalable cost. 

Once you have all of the information in one place, you can make decisions about whether you should add, end, or modify your benefits plan. Through timely reporting functions and data collection, you can make data-driven decisions about what works best for your company.

5. Adapt to New Compliance Requirements

As your company grows, some of your new benefits won’t be by choice. For example, the Affordable Care Act (ACA) requires all workplaces that have at least 50 full-time equivalent (FTE) or full-time workers to provide health coverage. Similarly, the Family Medical Leave Act (FMLA) kicks in once you have 50 employees, although certain states may have additional requirements as well. 

6. Carry Out Employee Surveys

To find out which benefits you should add, ask your employees. Regular surveys are a good way to monitor your workers’ engagement levels and overall satisfaction. During the survey, ask them about which benefits they use the most, which new benefits they would like to see, and any other suggestions they may have.

7. Outsource Your Employee Benefits Management

Each time your company grows, you’ll have to add additional employees and procedures for managing all of the benefits you offer. Rather than pay for more in-house benefits administrators, consider outsourcing your employee benefits management. With outsourced employee benefits administration, you can instantly scale your operations, save money, and access a wider range of benefits.

Tips for Improving Your Employee Benefits Strategy 

If you’re struggling to get your employee benefits up to speed, there are a few important tips that can help. For more information, check out Asure’s list of benefits services. 

• Take advantage of important tax credits, like retirement deductions and SECURE Act 2.0.
• Remember that state and local municipalities have specific laws and requirements, so make sure your programs are in compliance.
• Healthcare benefits and retirement options typically rate as the most desirable benefits for employees, so start by considering how you will offer these two programs.
• Track the cost and benefits associated with each option. The Bureau of Labor Statistics (BLS) reports that civilian employers spend an average of $14.68 per hour for employee benefits and $32.52 per hour for salaries.
• Implement payroll software or outsource your payroll services. Manual payroll leads to errors with your workers’ paychecks and benefits, which is why automation is so important.
• Maintain detailed records. Many benefits, like health insurance, have detailed documentation and recordkeeping requirements.
• Consider offering employee ownership options. These can encourage employee retention and reward employees for being more productive.

Get Help Building an Employee Benefits Strategy for Your Small to Mid-Sized Business

As your small business starts to grow, you should reevaluate your existing benefits strategy. By collecting data and conducting surveys, you can get a better understanding of which benefits deliver the best ROI. In turn, this makes you a more competitive employer as you take the next step in your company’s growth.

If you’re ready to learn what it takes to build your benefits strategy, reach out to our team of small business payroll and HR experts today.