People will always think about salary when they’re looking for a job, or deciding to stay at their current place of business. But salary is hardly the only thing they focus on.
Today’s workers also care about things like commuting time, flexible work options, responsibilities, job titles, and the chance to grow as part of an organization. And, more than ever, they’re looking at your employer-sponsored benefits plan.
Benefits and Salary
In today’s job market, workers at all levels see employer-sponsored benefits plans as being one of the main reasons they say yes to an offering. In some cases, benefits—especially health and medical benefits—even outweigh salary.
For one, many people know how disruptive a catastrophic health situation can be—perhaps even leading to personal bankruptcy. What’s more, at a time when salaries and hourly wages have leveled off—while health care costs continue to rise—having medical coverage has become even more of a priority.
Keep reading to discover two key insights into communicating the value of the health care coverage you provide.
As you review the links between benefits, recruiting, and retention, you begin to discover how important it is to rely on a trusted benefits administration software solution like BeneTrac. As your go-to, cloud-based solution, BeneTrac can help your workers get more out of the benefits you offer. Learn more.
The Value of Health Benefits
According to a recent Bureau of Labor Statistics survey, salary makes up two-thirds of employer costs of compensation in the U.S. What makes up the other third? Benefits. And when you consider your entire benefits package, health coverage draws the most attention.
True, health coverage might not be as exciting as a flex work program, or providing partial tuition reimbursements. But it can be the most essential piece of your entire benefits program in the eyes of employees and job seekers.
Many people know just how expensive benefits are for an organization. Some of the more enticing coverage options these days include:
- PTO, which gives employees greater flexibility in how they take time off for sick days, vacation, appointments and more.
- Offering family leave that goes above the time required by the federal Family and Medical Leave Act.
- Paid leave for new fathers, in addition to new mothers.
- Options that include things like telemedicine and telehealth, which can create new touch points between your employees and providers.
- High deductible health plans that are attached to health savings accounts, which continue to be popular choices for employees who are just entering the workforce.
Still, no matter what you offer, consider the ways you administer benefits, and communicate what’s great about your overall benefits program.
1. Your benefits administration software can help you facilitate open enrollment, and create new transparency.
When you optimize your benefits program with benefits administration software such as BeneTrac, you can strengthen the link between your benefits, and your recruiting/retention efforts.
Start with your administrative dashboard, which allows plan administrators to update and adjust benefits packages whenever necessary. Meanwhile, the user dashboard, employee portal, and self-service menus give employees more control when they have to make claims, and update information.
- Workers can update coverage options during open enrollment, or any time when they or a family member experiences a qualifying event.
- When employees submit benefit requests for approval, the software makes every step traceable, which helps your organization avoid misunderstandings down the line.
Administrators and workers have access to key information that your benefits provider shares. This can also help you and them avoid miscommunication or misunderstandings related to benefits.
- What’s more, easy access to key information can help you meet state and federal compliance regulations. That includes regulations such as the Health Insurance Portability and Accountability Act (HIPAA), and the Affordable Care Act (ACA).
2. Communication efforts can happen all year round.
It’s wonderful to have workers talking about your great health benefits. But how many of your employees are clued in to your benefits throughout the year? In many professional environments, interest in benefits spikes around open enrollment. That’s why a year-long communications strategy can key when it comes to getting people excited.
- In discussing benefits, you want to keep information interesting, topical, and connected to what your people care about.
- When you keep employees informed about their benefits, you can also help eliminate potential misunderstandings about what’s covered, and what isn’t.
How is your benefits program helping your recruiting and retention strategies?
Offering benefits that get people excited is only part of the equation. If your benefits administration is cumbersome, or lacks the types of user-friendly features that your employees expect, you might have a difficult time getting workers to value the benefits you offer.
BeneTrac is built to help enhance the way your workers engage with and use your benefits. Contact a BeneTrac representative, and find out how we can help support your efforts.