The world of benefits can be confusing for HR and employees alike. Crafting a robust benefits package and adequately communicating changes to your team can be time-consuming. Not to mention, this process requires ongoing attention as your headcount grows, demographics change and employee needs evolve.
Keep these four considerations in mind as you rethink your benefits strategy.
HACK #1 Core Benefits (Healthcare and Retirement)
When it comes to benefits satisfaction, the most important place to start is the core. While flashy perks can help attract and retain employees, these are nothing without healthcare and retirement benefits. Think about your overall benefits spend and what’s really important to you and your employees. Stay up to date on trending perks, but first and foremost, you should make sure your healthcare and retirement offerings create a strong foundation for any additional benefits you provide.
HACK #2 Employee Wants and Needs
Your company is unique, with a team that is like no other. Whether you’re a start up that is taking off or if you’ve been in business for decades, there’s no single solution to benefits for every company. Put a budget towards a plan that your champions want. And solicit their feedback. They’ll appreciate that you have their best interest in mind!
HACK #3 Benefits Communication
The vast majority of employees don’t have a clear understanding of the benefits you offer them. If your employees don’t speak the language of healthcare (deductibles, premiums, copays, and supplementary funds such as HSAs and FSAs) or retirement (investments, fees, Roth and/or traditional 401(k)s, health + wealth planning) how can they make informed decisions? Communicate your offerings in a variety of formats to ensure employees have the answers to their questions. There is no such thing as over-communicating when it comes to benefits!
HACK #4 Benefits Surveys
The best way to ensure you maximize your benefits spend is to get feedback directly from employees. Do a regular pulse check and benefits survey to make sure you stay on top of their needs. Ask questions, like which benefits they like most, and provide open-ended opportunities for employees to suggest new benefits. This is especially important after you introduce something new.
Offering benefits that make sense for your employees is essential to retaining talent. Contact us with any questions!