You understand the importance of offering benefits to your employees. A great employee benefits package can help you attract and retain the best talent while also lowering turnover and reducing hiring costs. It can even boost productivity and employee engagement. Perhaps best of all, it helps you assist your employees in living their best lives.
What benefits are most important to employees?
Different people have different needs, but most employees emphasize health and dental insurance. Pension plans, flexible work hours, additional vacation time, life insurance, and long-term and short-term disability insurance are all popular benefits choices.
How do you know it’s time to upgrade your employee benefits package? There are a few signs you can look for.
1. Your Employees Want Different Employee Benefits
This sign may not be obvious unless you ask your employees what they want. You should be asking your employees about the benefits they think are most important on a regular basis. An annual survey is an excellent way to ensure your employee benefits package is meeting employee needs.
You may not be able to incorporate all of the feedback your employees give you, but it could help you as you look to redesign and upgrade the benefits package.
2. Your Workforce Has Changed
Over time, your employees’ needs will change. This will happen regardless of turnover in the business. As employees enter different life stages, their needs will change. An older person with multiple health conditions likely has different concerns than a younger person who just became a parent.
If you have a changing workforce, however, benefits needs may also change. If many of your employees have retired recently and you’ve hired many younger workers, you may need to rethink the benefits package.
3. You Notice a Changing Pattern of Use
Take a look at the benefits your employees are using. If everyone is maxing out their medical insurance, but not using some of the other benefits you provide, it’s likely time to rethink the benefits package you’re offering.
Changes in use can also signal other things, but in most cases, they simply mean your employees’ needs have shifted. It’s time to change what you offer to better suit them.
4. You Can’t Find the Right Talent
As already mentioned, the right benefits package can help you attract and retain employees. If you have high turnover or can’t seem to find the right people to fill positions with the company, it could be time to upgrade your employee benefits package.
Today’s job seekers put more emphasis on good benefits than ever before. If what you’re offering isn’t competitive enough, it could mean you’re losing out on the talent you need to take your company to the next level.
Take a look at what your competition offers to their employees, then compare your own benefits. Where can you improve?
5. You Haven’t Changed the Package in Years
When was the last time you made changes to your employee benefits package? If it was a while ago, you may be due for an upgrade.
While most businesses today look for ways to scale back benefits to save money, you should look at providing better value instead. Can you get more for the money you’re paying? Chances are you can.
Talk to your benefits broker and see what they can do to help you find better benefits for your employees. If you have trouble getting a hold of them or they haven’t been looking for the best deal for you, it might be time to change brokers.
Upgrading your employee benefits package has so many advantages, both for your employees and your business. Make sure your employees are getting what they need with a better benefits package.