Employee Benefits Plan: Simplified
The right employee benefits plan works to keep your employees happy and healthy, which in turn will benefit you and your company in the long run. Retention, productivity and employee engagement are all happy bonuses of employees who feel valued and cared for from their benefits plan. But a plan that doesn’t suit the needs of your employees can suffer from underutilization, costing you money while failing to keep employees healthy. So how do you choose a plan that’s right for everyone?
Let’s get real – everyone is different
If your current employee benefits plan isn’t serving the needs of your employees, it’s time to reevaluate. In today’s multigenerational workforce, ensuring that everyone is happy in their benefits plan can be a headache. Everyone has different wants and needs, and we’ve seen a massive shift in the benefits industry. We’re moving away from black-and-white, cut-and-dry plans to flexible plans that can better serve a workforce growing more diverse by the minute. It’s important to have a working knowledge of the “makeup” of your company.
How do I know which employee benefits plan to offer?
Ever heard this one before? “The simplest solution is often the correct one.” It still holds true, and in this case the simplest solution is to ask them what they’re looking for. It’s important that you get employees’ input for a couple of reasons.
They’ll appreciate it – Giving your employees a voice in their benefits plan is the best and simplest way to ensure that you’re headed down the right path. It allows them the chance to tell you what’s important to them, feel valued as an employee, and to enjoy the feeling of being listened to.
You’ll appreciate it – It lets you reassure yourself that this is definitely what your employees want. Choosing a benefits plan should never be a closed-door conversation, but a collaborative process between employer and employee. Asking your employees relieves some of the stress and pressure from yourself.
You’ll gain valuable insight – Done in the right way, you can gain valuable insight not only into what your employees want in a benefits plan, but your company culture and values. Do employees want a wellness program or more flexibility with their work schedules? You can begin crafting a strong benefits plan using your employee’s own recommendations.
It’s also important to gather this information the right way. You’ll want to craft a confidential survey of some sort, and you’ll want to get key demographic information and begin looking for trends and evaluating the results.
Making the decision
Eventually, it will come time to make a final decision, and what that process looks like will vary from person to person, company to company. You may have someone already appointed whose job this becomes, or a Human Resources professional who can weigh in, or you may be making the final decision on your own.
Whatever your end-game choice looks like, understanding the “makeup” of your workforce and sourcing their feedback and interests is imperative to choosing a successful benefit plan. Gathering that information confidentially and focusing on key demographic information can offer key insights into your workforce, and strengthen your decision in a benefits plan.