Unlock success: Top 4 ways to improve workplace benefits

Written in partnership with YFS Magazine.

Attracting and retaining the best talent takes more than competitive pay. Over 80% of employers believe financial wellness resources improve job satisfaction, retention, and workplace success, according to Bank of America data.

Still, many small businesses struggle to offer benefits that meet all employees’ needs. But effective strategies can help you deliver meaningful results for your team and your small business.

The stakes couldn’t be higher. Gallup reports U.S. businesses lose about $1 trillion a year to voluntary turnover. A thoughtful benefits strategy is critical for both employee well-being and long-term success.¹

Here are four effective ways to improve satisfaction, reduce turnover, and strengthen your bottom line.

The best workplace benefits boost engagement, build loyalty, and support financial well-being. Small business leaders know strategic benefit design delivers real results.

Winnie Sun, Founding Partner at Sun Group Wealth Partners, states that offering quality health plans helps retain talent and improve financial wellness. She cautions, “I’ve watched companies hemorrhage talent because they offered traditional 401(k)s without employer matching while competitors provided Roth options with immediate vesting.”

Sun also says financial education is key: “A $50 monthly HSA contribution becomes $15,000+ in tax-free wealth building when employees understand compound growth.” Education resources empower confident long-term choices.

Health Savings Accounts (HSAs) provide tax benefits and growth potential, especially for younger workers. Maurina Venturelli, Head of Go-to-Market at OpStart, shares, “After switching to high-deductible plans with maxed-out HSA contributions, [one client] saw dramatically improved financial wellness and a 30% reduction in company costs.”

Despite their advantages, only 21% of employees with an HSA use it for future savings, according to recent Bank of America data. Education and resources make these options more effective for near- and long-term needs.

View benefits as an investment, not just a cost. Make education central to your strategy so employees can engage and get real value.

Employees need clear, accessible information to maximize their benefits. Data from the Bank of America 2025 Workplace Benefits Report shows that 36% put retirement education and planning at the top of their wish list.

Education is transformative. Christina Imes, managing partner of Tru Integrative Wellness, shares, “We handed out cards but provided no education. Six months later, utilization was just 17%. After monthly education sessions, it soared to 78% in three months, and retention improved. People finally understood the value.”

Lisa Cummings, Esq., EVP at Cummings & Cummings Law, says, “Small businesses often fail to educate employees on how these accounts work,” referring to HSAs, FSAs, and LSAs. Early education helps employees “value and use the benefit effectively […] which in turn can drive potential tax savings.”

LAXcar CEO Arsen Misakyan found that without guidance on choosing retirement plans, employees missed out: “Now we have regular Q&As with financial advisers so that the group can participate in decision-making, and our attendance is twice the level it used to be when we did not have them.”

The right partner can support ongoing education with quarterly sessions, event-based updates, and online tools—webinars, videos, and calculators. Clear communication helps employees understand offerings like 401(k)s, insurance, and PTO, letting them make informed choices while improving retention.

Modern technology makes managing benefits easier for everyone. Today’s platforms and AI tools let employees enroll and manage benefits with minimal hassle.

Integrated systems deliver real results for HR. Deloitte reports HR staff spend up to 57% of their time on admin tasks. Technology can streamline processes and eliminate inefficiencies.²

Peter Murphy, CEO of Track Spikes, explains, “All of our EAP, health portal, and retirement tools are integrated, which makes it all simpler to navigate through to the employee.”

Tech tips to streamline benefits

• Automatic enrollment in retirement plans
• Auto-increase features for savings
• Mobile apps or web tools for easy access
• Interactive guides and videos
• Reminders for deadlines

Digital tools do more than simplify tasks—they help everyone understand and use their benefits, saving time and building confidence.

Benefits help both your team and your business save money. Tax-friendly options like HSAs and FSAs boost employee savings and make your company more attractive.

Michael Spitz, Principal at Spitz CPA, says, “One AdTech client was offering traditional health insurance when 80% of their team would have benefited more from HSA-eligible high-deductible plans.” Changing plans saved each employee $2,400 a year on taxes, and the company cut premiums by 15%.

Clarity is crucial. When you explain tax-saving options clearly, employees are more likely to take advantage—and your workplace benefits program has a bigger impact.

Work with your provider to offer simple guides and calculators so employees feel comfortable with benefits choices. Over time, this builds understanding and increases value for your team.

A well-crafted benefits program demonstrates genuine care by making employees feel valued, showcasing your commitment to their well-being beyond just offering perks.

Start by assessing if your benefits meet current employee needs. Surveys, participation data, and industry benchmarks reveal areas for improvement.

Remember, benefits planning is ongoing. Continually update and refresh your workplace benefits to keep employees engaged and programs on track. Effective benefits improve retention, efficiency, and workplace culture—making your business stand out as one that truly cares.

Treat workplace benefits as an investment in your people. By evaluating and improving your program, you give your team tools to meet challenges ahead and help your business grow. Take the first step today—your employees and your business will thank you.