How to use an employee benefits strategy to boost morale, retention, and profits.
Did you know that 8 out of 10 of your current employees would choose additional benefits over a pay raise? While salary is important, never underestimate the power of a robust employee benefits strategy.
If you’re worried employees are leaving perks on the table, stay tuned to learn how your benefits compare to the competition, why you should consider expanding benefits, and how to make sure employees are making the most of their benefits packages.
How does your employee benefits strategy compare?
Is your current benefits package generous or lacking? According to Empyrean, 83% of employers have switched up their benefits strategy within the last three years. Whether this is to attract qualified employees or to boost company morale, employees, especially millennials, expect generous benefit packages. Examples of benefits include:>
- Health insurance
- Dental insurance
- Flexible spending accounts
- Life insurance
- 401(K) retirement savings plans
- Vacation time
- Additional benefits, such as maternity and parental leave
But this doesn’t mean all companies can meet employee demands. A report from the Bureau of Labor Statistics states that only 70% of civilian workers had access to retirement and medical care benefits in March of 2017. If your employees were part of the 30% who didn’t have access, we urge you to reconsider your employee benefits strategy.
Benefit packages benefit employers
Don’t make the mistake of simply offering a benefits package and leaving it at that. There are several advantages that you, as an employer, can benefit from when your employees use their benefits to their full potential.
When you offer a competitive benefits package, you’ll be in a position to attract the best talent in your field. Employees know what to look for in a benefits package. If the only difference between your company and a competitor is that you offer an average plan while the competition offers a fully developed plan, it’s safe to assume who candidates will choose.
But if you’re the competitor with a stellar benefits package, you’re sure to have your pick of tremendous employee candidates. Once employed, you can expect a positive work environment and in return, less turnover. Retaining employees saves in lost production time while training new hires and in the end saves money. If you offer a competitive benefits package, your employees are 26% less likely to seek employment elsewhere.
Though a comprehensive benefits package may seem like an added expense, the associated benefits can boost business and your bottom line.
How to make sure employees are getting the most out of their benefits
If you want to make sure employees understand and get the most out of their benefits, here are some quick pointers.
- Communicate: Provide a variety of resources to your employees. These could include brochures, newsletters, and flyers in communal areas.
- Hold meetings: Depending on the size of your company and how often you hire new employees, hold reoccurring informative meetings to go over your company’s benefits package in detail. These meetings could be quarterly, every six months, or once a year. Hold them during work hours to maximize attendance. Present tips and information and leave time for a question and answer session.
- Keep the door open: Make sure employees know who they can go to when they have questions about their benefits. Whether this is an internal or outsourced HR department, make sure employees know no question is too small to ask and that they’ll always receive a timely answer.
Employee benefits packages can benefit employees and employers alike. They boost morale of the associated company and improve performances. Consider vamping up your employee benefits strategy. We’re here to help!
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