One of the key's to a valuable employee benefits package is awareness and understanding from employees — addressing the benefits they are seeking. Not only should you be aware of what your current employees desire, but also what potential hires are expecting. Recruitment and retention efforts are constant topics on an employer's mind, and sometimes can be a source of issue. Benefits are essential for employers to stand out in the crowd, offering outstanding benefits that truly reward existing and future employees.
Here's a few features you should make sure you're not overlooking with your employee benefits package:
Wellness programs: Design and offer wellness benefits, education, and programming that is personalized, actionable, and relevant to your employees' needs.
Accessible data and service: We get it, health and other insurance benefits are sometimes difficult to understand. Make sure your employees have easy access to their benefit information, educational resources to make the most of their benefits, and contact information for customer service or HR support when questions may arise.
Technology: Make using benefits as easy as possible with online tools and resources like member portals, mobile apps, price comparison tools, downloadable ID cards, provider search tools, and pharmacy tools. Not only does this put employees in the driver's seat to manage their account, but also provides resources to keep out-of-pocket costs as low as possible.
Savings vehicles: Consider products like flexible spending accounts, health reimbursement arrangements, or health savings accounts to help employees plan for future expense and save on taxes.
Philanthropy: Provide benefit time for employees to volunteer with area non-profits. Not only do they get the opportunity to feel good about contributing to the community, but it can also create a positive impression for you as an employer.
I think our benefits may be lacking. What should I do?
This list just scratches the surface of what could be added to traditional insurance products to make your employee benefits package really stand out. The good news is, you don't have to go at it alone. Consider establishing an employee benefits commitee to engage employees in the process, and open up another source of ideas. Find out what employees may think is lacking from current offerings, or test out new thoughts you may have with this group. Either way, this committee could be an invaluable resource to help you curate employee benefits that work for you and your employees.
If you don't already, work with a benefits advisor to support your efforts. Benefits advisors bring a wealth of product information and marketplace experience, and can introduce you to new and emerging products that may benefit your company. They would have relationships to help you add new benefit offerings, or find replacements for those vendors that may be falling short.
Are you currently working with a benefits advisor or company that you feel is no longer meeting the needs of your company? Make a change. You can make a switch mid-year, often with no penalties. You will have to weigh the pros and cons to your business and workforce to determine if a mid-year adjustment would be of value or cause too much distruption.
However you approach your company's employee benefits, make sure it's something you revisit frequently. As new products are introduced, market demands change, and your workforce turns over, you want to make sure your benefits are working for your current situation--not that of the past.