Offering an attractive employee benefits package is an effective method of drawing top talent to an organization and retaining existing employees. With many business owners struggling to fill vacancies in the current economic climate, the right benefits package with the right employee benefits broker can provide a powerful advantage. How can businesses without the budget to expand their offerings be competitive in this area?
Assessing an organization’s employee benefits and finding opportunities to maximize their value is a useful strategy for improving benefits offerings without compromising a business’s finances. Outlined below are some useful tips for maximizing employee benefits.
Evaluate Your Existing Offering
The first step in getting more out of your benefits package is to understand where you are starting. Analyzing your existing employee benefits package and comparing it to industry standards can identify areas where improvements are needed. Be sure to consider not only retirement and health plans but also perks such as paid time off and wellness programs.
This research should also include the offerings of competitors as well as trends in the industry at large. Identifying any gaps in the current packages or advantages that other companies do not offer can help guide decisions about revising benefits plans. This is also a great way to identify opportunities to introduce novel perks that can set the organization apart from the competition.
Ask Employees About Their Preferences
The best way to ensure employee satisfaction with benefits offerings is by asking them directly which benefits they value most. Whether you choose to set up focus groups to discuss benefits or carry out anonymous surveys, the information you glean from these outreach efforts can help you prioritize benefits.
For example, employees might report that some of the benefits that are currently being offered are not useful. Redirecting this part of the budget to areas where the business is falling short can help create a more well-rounded offering.
Review Funding and Budgets
To maximize employee benefits, a comprehensive view of the organization’s budget is needed. Analyze the finances of the company, taking care to consider future growth as well. If the budget is not sufficient to meet the organization’s goals, it may be possible to consider methods such as offering voluntary benefits that supplement the base benefits package without causing the organization significant financial hardship.
Implement Tiered Benefits
Not every employee will have the same needs. An employee with a large family who is the primary earner in their household may need more comprehensive benefits than an employee whose spouse’s benefits are generous.
A flexible benefits plan can help each person customize their benefits to suit their needs and preferences. Tiers can be used that mix varying levels of core benefits with voluntary add-ons so employees can design a package that aligns with their needs.
Reassess Benefits on an Ongoing Basis
The time invested in maximizing employee benefits can pay off well into the future, but it should not be thought of as a one-time effort. Instead, organizations must regularly assess their benefits strategy to gauge its effectiveness.
Metrics pertaining to job satisfaction, absenteeism, and employee turnover can drive better decisions about adjusting the benefits package to ensure satisfaction and maximum retention. Data is a useful way of helping an organization refine its benefits strategy.
Work with an Employee Benefits Broker
Many small business owners cannot devote the time that is needed to ensure they are getting the most out of their employee benefits offerings. Human resources and benefits administration is a significant undertaking, especially for businesses that do not have the resources to employee benefits experts on a full-time basis.
And employee benefits broker can alleviate this burden, providing small businesses with access to the expertise and resources needed to maximize benefits and optimize human resources operations. The world of benefits is constantly evolving, and benefits brokers are well-versed in the latest strategies for controlling healthcare costs, as well as trends in innovative benefits.
They can also help organizations identify alternative methods of funding their benefits offerings. Their wealth of knowledge makes them a valuable resource for businesses of all sizes. In addition, the relationships they build with carriers and vendors enable them to negotiate better rates and renewals for the organizations they work for.
In many cases, these rates are considerably more favorable than those an organization could acquire on their own. It also makes it easier for them to tailor benefits programs to suit the aims and size of the organization.
They can also help to maximize benefits by ensuring full compliance, allowing organizations to avoid the complexities of staying up to date on the constant stream of new regulations and prevent costly fines. This insight can also be used to inform decisions about benefits offerings.
Schedule a Consultation with a professional Employee Benefits Broker at Business Benefits Group (BBG)
Our human resources experts can help your organization get the most out of its employee benefits program, ensuring a well-rounded offering while identifying savings opportunities. Contact us today to schedule a consultation.