RevHR: Enhanced Benefits for Life Sciences, a MassBioEdge Preferred Vendor powered by industry leaders Marsh McLennan Agency and AlphaStaff, is an HR administration outsourcing program created specifically for Massachusetts life sciences companies. RevHR fills a gap in the New England market for life sciences companies by delivering access to best-in-class employee benefits (most often with richer features at a lower cost) while streamlining a catalog of administrative HR functions. RevHR’s services include fully integrated payroll & 401K management, affordable and comprehensive medical, dental and vision plans, multi-state compliance support, single sign-on HR platform, and competitive workers compensation & liability options.
As skillset requirements within the life sciences sector continue to shift and competition for talent becomes more palpable, enhancing your employee benefits offerings to stand out from both local and remote competitors becomes paramount. Defining a holistic program that goes beyond traditional components may be a daunting task. If you’re looking to enhance your employee benefits offerings, take a look at some of our tips below to help you get started defining your employee benefits strategy.
Step 1: Think of who you want in your team
Start by identifying the type of employees you want to retain and attract and research what would be most attractive to them. What do they value most? What features would they find most useful? Your goal is to shift your focus to identify what your ideal employee will value the most. For example, young Millennials and Gen Z employees might appreciate a flexible schedule and a generous PTO policy, while Gen X and Boomers may seek a solid 401(k) plan. With the ideal employee in mind, you can prioritize a set of offerings that will connect at a tangible level.
Step 2: Think outside the box
- Invest in Professional Development
Another key aspect of a robust employee benefits package are career development opportunities. Investing in your employees’ professional development does not only benefit them, but it also benefits your company as they bolster their skillset with the knowledge they need to excel in their roles as they grow in your organization. In the fast-paced world of life sciences, there are many ways in which you can provide learning opportunities for your employees, including LinkedIn learnings, workshops, a mentorship program, and even tuition reimbursement. These offerings encourage your employees to stay motivated and engaged and show your organization’s commitment to their personal and professional growth.
- Embrace Wellness Programs
Health benefits go beyond just your standard medical, dental, and vision. Investing in wellness programs for your employees lets them know that their mental, physical, and emotional health is a priority for your organization. In a demanding field like life sciences, it’s especially important to keep a healthy body and mind to prevent burnout. There are many ways to invest in an employee’s wellness – physical wellness initiatives can range from providing gym memberships to an on-site trainer, and meditation or therapy app subscriptions can help any employees looking to improve their mental health. It’s also important to remember that taking a holistic approach to wellness means thinking about your employees’ wellbeing outside of the office. This includes providing family and child support and creating a healthy work/life balance policy that allows your employees to spend time with their friends and family to recharge. Embracing your employees’ wellness journey increases overall job satisfaction, reduces absenteeism, and increases performance levels.
Step 3: Outsource administrative tasks
Creating the right strategy to enhance your company’s employee benefits isn’t easy if you keep getting buried in the administrative process of HR. It can seem overwhelming to know where to start when there are so many options and different ways to create a robust employee benefits package, and that’s where RevHR comes in. RevHR is specially designed to work with emerging life sciences companies, combining Fortune 500 employee benefits with the right support to ease the administrative burden, leaving you to focus on what matters most. Our commitment to learning each of our clients’ businesses results in a unique, tailored approach to our solutions. Contact us today to get started.
Visit the RevHR website for more in-depth information on HR outsourcing and details on co-employment.
Note: This blog is cross posted from RevHR’s website and can be found here.
Through MassBioEdge, members gain access to industry-leading providers and best in class benefit plans. This is achieved by aggregating the purchasing power of the 1,600+ member companies within MassBio, allowing members to have a strong presence in the marketplace and benefit from competitive discounts, preferred terms and conditions, and premier customer service, saving them more than $250 million each year.