Adding New Employee Benefits

How would you describe your company? Are you a work-hard, play-hard group? Are you process-oriented, and focused on data and numbers? Or, are you a people-focused bunch, always looking for ways to inspire greater employee engagement?

However, you or other employees describe your organization and your employer brand, there’s another question to consider: Should you add new employee benefits that match your culture?

New employee benefits vary

The full picture of employee benefits can vary from company to company. However, within the mix of what most companies offer, you’ll typically find things like:

  • Health insurance
  • Health-related discounts (for instance, on gym memberships)
  • 401k and retirement plans
  • Vacation, sick leave, and PTO

Employee benefits can play a role in keeping your employees healthy and engaged with your company.

As SHRM’s trends report emphasizes, benefits can help encourage people to stay at their current jobs. They can also prompt employees to look elsewhere.

In the current job market, it’s no wonder that some new types of benefits are becoming more popular, such as:

  • Financial wellness programs that help employees pay down student loans or credit card debt;
  • Voluntary benefits for part-time employees; and
  • Increased PTO to support new parents and caretakers.

If you’re adding new benefits, or planning to, you want them to address the needs of your current employees, and also support your recruiting efforts. You also want to make sure it’s easy for employees to engage with your benefits.

Below, we’ll break down some strategies that can help you satisfy both needs.

Benefits administration can be cumbersome, and sometimes difficult to manage. However, user-friendly, mobile features can help your employees take full advantage of new and existing benefits—and simplify management for you. Request a demo to learn more.

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Insurance Benefits illustration

What’s your new benefits strategy?

When benefits are a part of ongoing conversations and communications, it can help ensure that employees understand the full scope of what you offer. It can also open the door to feedback when you’re considering adding new benefits.

Here are four tips to keep in mind when it’s time to add new benefits:

1. Check in with your people

Whether through formal surveys, or informal conversations, most employees appreciate a chance to give feedback about their benefits. This information can shed light on the benefits that people value, as well as the ones they crave. 

Be sure you explain to your employees that the process is ongoing. Let them know where you’re at, whether you’re just gathering some anecdotal info, actively looking at new carriers, or prepared to present data to executives. Doing so will help inform your employees’ expectations.

2. Look for benefits that match up

These days, company culture is wrapped up in nearly every facet of business. This includes recruiting, onboarding, and your employer brand.

  • As you gather input from employees, use their feedback to inform the way you approach your review of carriers.
  • Does your current carrier offer additional coverage options that would make employees happy?
  • Has a recent hiring binge brought in a new crop of employees that are interested in alternative care options?
  • Is it time to call up your insurance broker, and start a search for a new carrier?   

3. Reinforce what’s great about your benefits

While you’re exploring new options, continue to look for ways to get people excited about the benefits you currently offer.

  • Can a senior-level employee talk about an experience that sheds a positive light on your benefits, or shows how different benefits can help employees strike a solid work-life balance?
  • You can also highlight coverage options in the employee newsletter, or post to the company’s intranet.
  • Maybe you’ve discovered that your employees are underutilizing certain benefits. Is this because they don’t need them, or they don’t know the benefits exist?
  • You can send out occasional reminders, or seasonal updates that help people stay active, healthy, and engaged throughout the year.

4. Make it easier for employees to engage with their benefits via benefits administration software

Benefits administration software can provide your company with features and support that give more control to your employees.

  • Most benefits administration software lets employees manage and update personal information when they need to.
  • And, they can update their coverage options during open enrollment, or other times when they’ve had a qualifying event, such as a change in their family status.

By giving more control to your employees, your benefits administration software can help save you time, so you can focus on other HR responsibilities.

  • When an employee submits a benefit request for approval, your software makes every step traceable. That can help down the road in the event of a misunderstanding, or in cases where insurance bills them for a service they did not use.
  • You and employees will have access to information that the benefits provider shares. This can help sidestep miscommunication.
  • Added transparency can help employees understand issues related to required benefits contributions. It can also help you stay compliant with state and federal requirements.

Make adding new employee benefits a win for your people and your business.

Attracting new talent is a never-ending battle. And keeping your current workforce engaged is something you simply cannot overlook.

Offering the right employee benefits can help you maintain a solid foundation that inspires a productive and committed workforce. When you’re willing to review and improve your current benefits, employees can see how important benefits are to your strategic vision and goals—and how important they are to helping you achieve them.

Today’s employees and job seekers care about benefits. By optimizing your benefits picture with benefits administration software, you can get more out of your efforts to recruit, retain, and take care of them. Find out how BeneTrac’s employee-facing features and services can help you build a more engaged and healthier workforce. Contact a BeneTrac representative.

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