Are you doing enough to recruit and retain the best employees? If you’re like most employers, the answer may be a surprising “No.” A recent study by MetLife illustrates the reason why: While 81 percent of employees surveyed cite health benefits as important, only 60 percent of employers concurred. And retirement benefits drew high marks from 72 percent of employees compared to just 41 percent of employers.

HEALTHCARE
High Deductible Health Plans paired with tax- advantaged Health Savings Accounts are providing a new way to address the increasing cost of providing health benefits. To reduce the scope of health benefits covered, many companies are implementing preventive wellness programs, discounted gym memberships or free health screenings.

Cleveland Women’s Diagnostic Center, for example, enables companies to offer onsite mobile mammography services paid for by insurance. Pittsburgh’s MetaFitness offers metabolic screenings and individual health and lifestyle management programs.

RETIREMENT
Providing retirement benefits needn’t break the bank. A SIMPLE IRA plan offers benefits of a 401(k) with lower administrative expenses. Employees contribute up to $10,500 (in 2008), tax-deferred, while employers can either match the contributions (up to 3 percent of compensation) of participating employees, or contribute 2 percent of all eligible employees’ pay.

OTHER OPTIONS
Alongside these new takes on traditional benefits, minimal-cost perks are on the rise. That is the case with the National City Work Perks program, a bank-at-work program offering workplace enrollment and education days. Employees get an array of financial privileges including discounts, special rates, exclusive offers and more.

>> For more information about SIMPLE IRAs and Work Perks, visit our Business Banking page.