An employee benefits benchmark project is a highly effective way of identifying gaps and other opportunities to improve benefits offerings. However, communicating the value of these changes to employees is a fundamental component of making successful changes to benefits.
Informing them about these changes is only part of the equation; verifying that employees fully comprehend and appreciate benefit changes is also important. Changes to a benefits offering can increase employee morale, engagement, and retention by demonstrating that a business values its employees and their well-being.
Benchmark standards provide a useful point of reference for measuring how your offerings compare to those of your peers, helping you maintain a competitive edge and keep your offering in line with industry norms and expectations.
Understanding Employee Benefits Benchmarking
A foundational component of effectively communicating changes to benefits is explaining the benchmarking process and why it is so powerful. In short, benchmarking employee benefits provides insights into how well the organization’s offerings compare to the industry standards.
Benchmarking entails assessing the range of benefits offered, the level of contributions made by employers and employees, and the perceived value of the package by employees, among other factors. This helps HR professionals strike the right balance between attracting and retaining productive employees while working within their budget.
Gathering Benchmark Data
Be sure to communicate how thorough and exacting the process of gathering benchmark data is so employers can feel confident in the results.
Let them know that you have identified reliable sources for benchmarking data, such as industry reports, and that you have used proven tools for collection and analysis, such as professional software platforms or consulting services that offer tailored reports.
Identify how the data was analyzed to find trends, strengths, and weaknesses that can be used to improve future offerings.
Aligning Benefits With Benchmark Standards
Aligning benefits with industry benchmarks is a great way to show employees why changes are needed and how they will affect them. It can be helpful to share the results of a thorough analysis of your current benefits package and how it compares to industry standards.
Highlight any gaps and areas where there is potential for improvement and explain how this guided you in setting goals for the new benefits plan.
Developing a Communication Strategy
Effectively communicating benefits changes based on benchmark standards requires a clear message, familiarity with the audience, and knowledge of the best way to reach them. Participants might prefer a specific type of communication; for better response, communications should be personalized to address the concerns of each group.
On a similar note, it is helpful to use a variety of communication channels suited to different audiences, including meetings, emails, website posts, and other approaches.
Engaging Stakeholders
When benefits offerings evolve, much focus should be on getting employees on board with the changes. However, broader participant engagement is also essential for the changes’ success.
After identifying the participants who will be most affected by the changes and those who have the most significant influence on whether these changes are accepted, it is time to develop strategies for gaining support. This might include a one-on-one meeting or a presentation. Be ready to address any concerns and take steps to incorporate their feedback.
Implementing Changes
A structured approach can ensure changes are implemented as seamlessly as possible, and communicating an implementation plan can help your business maintain employee trust and morale.
Here are some steps that can serve as a baseline for this process:
- Define the changes in detail and the reasons for making them.
- Create a communication plan detailing how and when changes will be communicated.
- Train human resources personnel and managers to answer questions and support employees during the transition.
Be sure to use simple language. Keep in mind that the jargon used by human resources employees might need to be clarified for people in other departments. Consider holding informational sessions or offering to meet with employees who need more clarification one-on-one.
Pay careful attention to the rollout process and be prepared to address the issues that arise swiftly. Be open to feedback and adjust aspects that do not perform as expected.
Measuring the Impact
Businesses should measure the impact of the changes they make based on benchmarking and communicate this to their employees. Carefully track key performance indicators such as employee engagement, satisfaction, and utilization rates of the new benefits, along with the financial impact of these changes on both the business and its employees.
Make employees part of the process by soliciting their feedback via surveys and create channels they can use to provide ongoing feedback. Once this feedback has been analyzed to determine if the intended goals are being met, communicate any additional adjustments to refine your offering further and demonstrate your commitment to their satisfaction.
Partner With Business Benefits Group
Employee benefits benchmarking is a complicated process, and conveying its intricacies and value to the workforce can be challenging. For expert assistance in benchmarking and communication, reach out to Business Benefits Group.
Our team can create customized solutions that suit your goals and budget. Contact us today for a consultation.