You may even want to consider offering positions that are entirely remote, as this lets you pull talent from around the world (or at least the country) without having to set aside and pay for space in your brick-and-mortar office.

2. Structure “extra” benefits so they're affordable and accessible

If you offer medical, dental, vision, life and disability insurance, it may feel like you've put together a competitive benefits package—but it won't help you stand out. Push your insurance carrier to propose more creative benefit options. Some providers will even throw in additional benefits, such as an Employee Assistance Program (EAP) that offers work/life support, legal guidance and financial resources. And remember that additional benefits don't have to be expensive for small groups, if you pick the right carrier.

3. Consider technology that can streamline your processes and help you keep good talent

Many small businesses don't have the luxury of a dedicated Human Resources manager, let alone a full HR department. That means you need an employee benefits platform that is streamlined, simple to manage, flexible and powerful. Here are a few things to consider:

• Embrace the cloud. Be wary of carriers or benefit providers who have legacy systems that need to be retro-fitted to your existing technology. Employees today are used to state-of-the-art technology and will expect a self-service model when it comes to enrollment and employee benefits education. Having a cloud-based platform that offers the flexibility to manage benefits the way you and your employees want – whether that's from home or on a smartphone—will be essential to your program's success.
• Safeguard employee data. Look for an employee benefits platform that provides you with real-time data management and online tools to help maximize employee participation levels while keeping employee data secure. Difficult situations unfortunately do arise—and when they do, the last thing you or your employees need to be doing is tracking down details. The right system can help you stay organized from top to bottom.
• Choose a carrier for the long run. You may not want to add all available employee benefits and systems right away, preferring instead to add more each year as your profits allow. The right carrier will adjust your benefits and their service as your needs change. Teaming up with an insurer who is capable of growing and evolving with you—and your employees—can help you achieve your goals.

The ability to attract, develop, and retain a talented workforce is one of the greatest competitive advantages a business can have. Preserving and growing this advantage requires steady investment, but it can be done cost-effectively, and it can boost your bottom line. A contemporary employee benefits approach is a great way for small businesses to stay competitive in the war for talent.

Read more:

• Attract, engage and retain top employees with voluntary benefits
• 3 reasons online marketplaces help small businesses
• Making benefits simple and smart for small business owners

Ron Herrmann is head of US life insurance and employee benefits for AXA Equitable, where he leads all factors of both the Individual Life and Employee Benefits Businesses, including manufacturing and distribution of a diverse suite of protection benefits to the market.