Offering a competitive employee benefits package can have countless benefits for both employers and employees. According to a survey published by Willis Towers Watson, 78 percent of employees reported that they were more likely to stay with an employer that offered a satisfactory benefit program. If you enhance company benefits as part of a compensation package it can be an excellent recruitment and retention tool. Having the right employee benefits package can differentiate one business from the competition. It also shows job applicants that employers are invested in their employee’s health and wellbeing.
Company benefits can also affect employees on a personal level. Employees that have access to desirable benefits often recognize the value of these benefits and may be more willing to commit to the company. These employees are frequently more motivated and have a higher level of productivity and improved morale.
Although employee benefits are very common across all industries, many industries are still offering an insufficient benefits package or no package at all. Here are some tips to enhance your employee benefits package to maintain a competitive edge:-
Take A Proactive Approach To Enhance Company Benefits
Many organizations make the mistake of creating an employee benefits package and never reviewing it again. Like many aspects of business, employee benefits packages require regular updates.
Over time, personal needs change, and the benefits that employees enjoyed just a few years ago may not be the same benefits they seek today. An easy way to find out what employees are searching for in a benefits package is by creating a survey. Simply ask employees if they are satisfied with the existing benefits and what other benefits they would like to see offered.
Focus On Wellness Perks
Today, many employees prioritize a healthy work-life balance. When employees feel like they are constantly working, it can impact their productivity, morale, and overall wellbeing. Employers have the opportunity to provide employees with more wellness perks to cultivate a positive workplace.
Ensure that employees are taking advantage of the sick days and personal time available to them. Managers and other senior management employees should receive training on how to support employees who may be experiencing excessive stress or mental health problems.
Develop An Effective Communication Strategy
Although most employees appreciate having access to benefits, not all understand the array of available benefits. Employers need to open up a line of communication between employees and management to ensure that there is no confusion or lack of clarity regarding benefits.
Employees should fully understand their options to make an informed decision about the benefits they want and those they do not. Depending on the size of the business, select a manager or HR team to address questions or concerns that employees may have about benefits. Some insurance brokers’ offices also have a service team on staff to help field employee benefits questions directly.
Employees want the ability to access their benefits and perks at any time and from any location. This can be easily achieved by investing in an innovative platform or application that can be accessed via a desktop, tablet, or mobile device.
A simple app downloaded to employee phones makes it fast and easy for employees to access the information they need without logging in to different websites and interpreting hard-to-digest data.
Technology can make life easy for everyone and can be continually improved to meet the needs of a company. Insurance carriers and brokers can also assist with the implementation and costs associated with a technology platform.
Explore Unique Benefits
Some of the most popular employee benefits include options like group health insurance and retirement accounts. However, these are not the only perks that a business can add to its benefits package. Think outside the box and consider new ways to help employees.
Financial challenges are common among employees of all ages. Therefore, offering perks like onsite financial planning may be useful. Onsite healthcare and teladoc services can also be advantageous for employees that do not have time to visit an offsite healthcare provider.
Schedule Regular Benefits Meetings With Staff
Employee benefits are designed to help staff, so it only makes sense to include employees in meetings regarding benefits.
Schedule regular meetings to discuss the current benefits package and use this time to answer any questions or address any concerns that employees may have about their benefits or coverage. This information should also be conveyed during employee onboarding so that new staff members are clear about the benefits offered by the company.
Get Help Establishing Enhance Company Benefits Plans
Modern businesses now offer employees a wide range of attractive benefits, such as retirement accounts, group health insurance, and wellness plans. However, there is always room for improvement.
The right benefits can help employees stay motivated and give businesses a competitive edge. To learn more about how to enhance company benefits or to speak with an employee benefits specialist, contact New City Insurance.