A decade ago, standard employee benefits like medical, dental and vision insurance were somewhat of an afterthought; something employees expected as part of their job.
Fast forward to 2018. With five vastly different generations comprising today’s workforce, and with finding top talent harder than ever, offering status quo benefit packages simply won’t cut it. Employers are now being forced to get creative with their benefits strategies and offer outside-the-box packages to attract and retain top talent. In fact, an Aflac study found that 60% of employees are likely to take a job with lower pay but better benefits. Sounds good in theory right? The reality is, benefits packages won’t become an attraction and retention tool if companies are stuck relying on a manual process. In this article, you’ll find tips to improve your employee benefits management process while making times like open enrollment less stressful.
82% of HR Leaders Dread Open Enrollment, You Don’t Have to Be One of Them.
“We look forward to open enrollment every year.” Said no one. It’s an anxious and stressful time for HR and employees alike, especially if a manual process is part of the equation. During this time, we know a lot of HR’s time is spent doing nothing more than responding to employee questions, tracking down information and manually entering data. How much more time could you spend communicating with and educating your employees about their benefits packages if you weren’t stuck behind your computer screen?
What Can You Do? Go Paperless!
At the end of the day, you can’t even scratch the surface of making employee benefits a competitive advantage if you’re stuck managing the entire process on your own. Now’s the time to go paperless. Not only can you maximize the impact a comprehensive benefits package can have on the entire organization, but you can reduce the risk of errors and ensure compliance. Let’s look at how an improved benefits administration process can open the floodgates for improved employee communication and education.
Educating Employees on Benefit Plans
According to an Employee Benefits Research Institute study, one in every five workers regrets their healthcare decision. This is a troubling stat, but it shouldn’t come as a surprise. Many employers lack a clear benefits communication strategy. But with an improved enrollment process and more time to devote to educating employees on available options, HR can nip this trend before it becomes a fundamental issue.
Get Your Employees Talking
Surveys, lunch and learns and interviews are great ways to get your employees to open up about what’s working and where improvements can be made. Chances are most of your employees already know what they want or would like to see, they just need a forum to share what’s on their mind. Taking the time to stop and listen to your employees could prove to be an eye-opening experience. At the very least, holding these conversations will show employees that you value their ideas and opinions.
83% of Employers Have Changed Their Benefits Strategy Within the Last Three Years. Don’t Get Left Behind.
In order to determine where improvements should be made, you first have to determine which offerings are working and which are not. Maybe you have a ton of various benefits, but certain ones are less popular than others. Is it because employees don’t realize the value or are they not as valuable as you think? Take a close look at your benefits participation rate and rank your offerings top to bottom. Are any trends clear? Is it time to scrap a benefit that employees are not using? What could you offer that’s more attractive and likely to help you recruit and retain your people?
As you’re reading this article and you’re wondering how your current benefits plan stacks up against the marketplace make sure you take our benefits benchmark quiz.
Non-Traditional Benefits Are Growing in Popularity
Not all benefits have to impact your budget. Did you know, among companies that offer unlimited vacation days each year, employees only take about 13 days off? For companies that are currently offering two weeks or more of PTO this option could lower vacation days taken and get your employees boasting about their progressive company. This is just one example of a non-traditional benefit that’s growing in popularity. Many employers are getting creative and working with partners or clients to offer their people unique opportunities. Some popular non-traditional benefit offerings include:
- Flex schedules
- Remote work opportunities
- Financial lunch and learns
- Discounts or free tickets to local attractions and events
- Offering a month-long sabbatical to employees for every five years of employment
- Wellness programs
- Company-sponsored happy hours
How Do Employees Benefit?
Because you’ve decided to automate and now have time to educate employees on their benefits plan, employees can now make more confident and informed decisions around which plans are right for them.
For 49% of Employees, Making Health Insurance Decisions is Always Stressful
Your benefit plans are supposed to make life easier for employees not cause more stress. Education limits anxiety and confusion around benefits directly increasing employee engagement and satisfaction. Employees who understand the true value of their benefits plan and believe in what you offer can be your biggest advocates and outstanding referral sources.
How Paycor Can Help
If you’re struggling to keep up with the ever-changing market of benefit plans, or you’re looking for a partner to support your needs, we’d love to help. Paycor specializes in helping businesses of all sizes with Benefit plans and HR solutions, offering trusted guidance to a sometimes-overwhelming process. Contact our team today so we can get to know your business.
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