Salary aside, recruiting and retaining top talent often comes down to a benefits package that is affordable, accessible, and relevant, but at the same time offers amenities beyond basic coverage.
You need workplace insights if you want a solution that surpasses legal requirements in concert with a straightforward user experience. Further, you want ease of use that meets the needs of all employees — including younger staff who may have never had insurance outside of their parents’ policies.
Information is Power
It’s never too early or late when it comes to gathering data and feedback from staff, employees, surveys, and other sources. Although there are no “sides” per say, information is power that resides solely on your part of the spreadsheet. When you are competing against yourself and your enemies are also your friends, does nuanced really matter? It actually does.
Better health bennies or a raise? More vacation time or free gym & wellness membership? Monthly mobile massages or pet insurance? Plane tickets or Broadway? Free lunch for two for six months or a $250 supermarket gift card? A new car or annual plane tickets for life?
It’s hard to make perk choices for your employees if you don’t know them well, or even if you do. It’s simply hard to stay on top of our peers’ changes of minds, sizes, interests, and other details. The time when everyone knew everyone on every floor and met up for sack races and burgers at the annual picnic just isn’t a (common) state of affairs anymore.
An interesting case in point is a recent survey by Pennsylvania self-funded health insurer Imagine360. The poll found that 25% of employees would accept a pay cut in exchange for better benefits.
A Ford Trends survey last year polled 16,086 adults worldwide about work-life balance. The results showed that 52% overall and 51% of Americans said they would accept a 20% pay cut to prioritize their quality of life.
Data + Strategy = Talent + Retention
Formulating the right strategies when implementing a benefits package is critical when it comes to keeping staff happy and engaged, according to media reports. An attractive package can also help bring in top talent, keep workers engaged, and improve retention.
When determining benefits packages, the first step is knowing what you, as an employer, are required to extend to your employees. While certain provisions are mandated by municipal, county, and/or state legislation, offering benefits offered above and beyond can be attractive perks, depending on a potential employee’s situation.
Next, the needs of employees are paramount, as a workforce dominated by younger personnel will have different needs than one that is varied in any number of ways: mixed ages, predominantly older or younger, populated by one gender more than the other, or other variables.
A company invested in its talent will take everyone’s marketing temperature, pulse, and heart rate, (or have those numbers already on hand), crunch those numbers against other collected data and compare everything to the what the market is doing.
Just The Facts
Once a company understands the necessary and/or desired requirements, wants, and needs of stakeholders involved, it is easier to develop a benefits package with a built-in flexible platform. Modern HR technology allows employees to personalize their benefits by choosing from a variety of options that fit their lifestyles.
A growing number of organizations are adopting a “choose-your-own-benefits” approach, where employees receive an allowance to allocate toward the benefits they need most. Research what benefits are commonly offered within your industry and similar providers to make sure your offerings are competitive.
Determine your industry benchmarks for benefits and strive to meet or surpass them for a competitive edge. Study emerging trends. Stay informed about new and innovative benefits that are gaining popularity, such as wellness programs and flexible work arrangements that support a healthy work-life balance. By collecting and analyzing this information, businesses can design a benefits strategy that
◾Meets requirements
◾Aligns with business goals
◾Boosts productivity
Communicating the Easy
Communication is key to ensuring employees take full advantage of the benefits available to them. Many companies find success by hosting webinars, sending internal newsletters, and holding HR-led meetings to explain benefit offerings. Creating clear, easy-to-read guides helps employees maximize the value of their benefits.
Employers should also track how well their benefits programs are working by analyzing utilization rates. Using HR analytics, companies can measure employee engagement with different benefits and make necessary adjustments based on real-time data. Regularly updating offerings based on feedback and industry trends ensures that benefits remain competitive and effective in retaining talent.
Special Member Perks
The Meadowlands Chamber offers its members access to My Benefit Advisor as a solution for employee benefits, including voluntary offerings.
For more information about My Benefit Advisor, see mc.mybenefitadvisor.com or contact Rob Higginbotham at (724) 698-1363.