This is the first blog in a 3-part series. Sign up below to get the latest updates!
With an increasingly competitive hiring landscape and complex benefits industry, more and more employers are taking advantage of the opportunity to overhaul their benefits offerings and take a more strategic approach. SHRM’s latest Employee Benefits report shows that almost one-third of organizations increased their overall benefits offerings in 2016.
A benefits package that meets all your employees’ needs is the ultimate goal, but you can also improve engagement, retention, and recruiting with a package that goes above and beyond. A recent MetLife study found that 72% of employees agree that the ability to customize benefits increases loyalty.
There’s a lot you can do to offer your employees the ultimate benefits package without breaking the bank – you just have to be a little more strategic.
6. Prepare for Benefits Challenges that Come with Growth
As a company grows, the increase of employees in a short period of time can present some challenges as far as compliance, tax filing, employee lifecycle tracking, and benefits administration. Define goals for each benefit that you offer; as more people join the team, the overall benefits needs might change. Ensure that you have the HR staff you need in order to manage the change, and consider switching to an online platform (if you don’t already have one) that can handle the heavier load of administrative work.
Cellular Sales is the nation’s largest retailer of Verizon Wireless, with 560 retail stores across 28 states in the U.S. Their staff was 90% independent contractors and 10% full-time employees, and they went through a massive restructuring of their staffing model when they decided to switch all of their independent contractors into full-time employees. PlanSource set up customized payroll imports for each of their locations and a plugin with Unum to allow employees to sign up for voluntary benefits directly within the Unum system.
Technology can vastly enhance the employee benefits experience, but many companies are not taking advantage of all that it has to offer. The world of HR systems has evolved to be more focused on making work life better, taking advantage of all resources to not only engage employees but empower them. For a company experiencing a large amount of growth in a short period of time, the heavy influx of administrative work involved can make it challenging to provide a good employee experience. Applicant tracking and onboarding technology solutions can help, as well as a robust benefits administration software that provides the best new-hire experience.
5. Know What Benefits Your Employees Want the Most
Communication is key to staying informed, and it’s a two-way street. As you are communicating the full value of your benefits package to your employees, make sure that you’re also getting their input on what benefits they want the most. You won’t be able to give everyone everything they want, but taking the time to try to see if you can make the package work for everyone will be highly appreciated. They will appreciate having a say in their benefits and you may even save some money by getting rid of benefits that no one needs or wants.
One of the hottest benefits right now is student loan repayment assistance. More and more Millennials are joining the workforce, and many of them are saddled with considerable debt. In the U.S. alone, student loan debt adds up to $1.3 trillion. Identify if the benefit would be a good addition to your offerings based on your employee demographics and just ask them if it’s something they would want. It could be the program that helps your company stands out from the crowd and builds stronger recruitment and retention at your organization. Learn more about how PlanSource partners with Tuition.io for student loan repayment assistance programs.
If an employee’s identity is stolen, they could lose money and end up spending time in court, losing even more of their valuable time. The average identity theft case can take up to six months or 200 hours to resolve.
Learn more about how your employees could have access to technology that detects the smallest changes in each personal identity profile and have 24/7 protection from ID theft.
Communication is the most important strategy you can use to have a smarter, more effective benefits package. The benefits world is extremely complex, and it can be difficult to get the message across to people who may not understand how it all works. Stay tuned for more ways to revamp your benefits program, including how to compete with bigger companies without breaking the bank, and tips for encouraging employees to fully utilize their benefits package.
Want to learn more ways to revitalize your benefits this year?
Subscribe to our newsletter to stay in the loop on our next blog series installments!