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Taking a Deeper Dive into Employee Benefits

80% of employees would rather have quality benefits than higher compensation without benefits. In fact, in 2018, retention and recruiting contributed to an increase of benefits. Oftentimes, employers who offer benefits have an implementation team that goes through this information with employees. 401(k) plans, employer contribution matching, PTO, sick leave, and telecommuting are all great benefits that are most appreciated in the workforce. There are many ways to improve the way you communicate and deliver benefits plan information to your internal employees.

Internal Marketing

With all the efforts that employers put forth to produce adequate benefits to stand up to competitors, equal effort should be applied to internal employee marketing. Creating a human resource strategy to distribute communications and marketing initiatives to inform employees can provide a more organized approach. Here are some key points to keep in mind during HR planning.

  • Communicate Important Information. The first line of marketing to your internal employees is communicating important information, such as deadlines and information of all available benefits. Webinars can be a substantial vehicle for communicating a large amount of crucial information at one time. This allows a benefits specialist to discuss in-depth details of various plans, resources, and answer any questions. Team or department meetings is another way to convey these messages. Inviting employees to review information and address any concerns in a classroom-like setting can help ease the anxiety and frustration of understanding potentially complex plan details and enrollment or usage processes.
  • Team of Specialists. A team of specialists available via a hotline service that employees can call for information or questions about benefits, could give the support employees seek. Alternatively, consider creating an advisory board, nominating a point person who can direct employee questions to the right resource.
  • Collaborating with the Marketing and Communications Team. To avoid duplicate or missed communication opportunities, partner with your marketing and communications teams to ensure you’re delivering a clear and concise message that reaches the appropriate parties. Marketing and communications can guarantee your message will be delivered in a timely manner, with a fitting tone and message, to the designated employees through flyers, emails, and other internal marketing and communication avenues available.

Incorporate Corporate Culture

The best approach to incorporating an inclusive corporate culture is creating and delivering competitive benefits employees can’t resist. Through internal surveys or watching HR trends for high-demand benefits employees seek can allow you to develop competitive benefits to attract top talent.

  • 401(k). Retirement planning is becoming more and more skeptical for later generations, but most are already behind on their saving strategy. Offering a 401(k) plan is mutually beneficial because it helps recruit and retain valued employees, incentivizes productivity and quality work product, and tax breaks. For example, set a company-wide goal, such as meeting sales or building a specific total of acquisitions, where the reward is an increase in the company’s contribution to employee 401(k) accounts.
  • EAP. Employee assistance programs are a means of boosting performance management in that they extend resources for resolving personal problems that may interfere with an employee’s ability to produce quality work.
  • PTO. While paid time off has become standard in terms of employer-sponsored benefits, some companies still may not offer this benefit. Paid time off, whether it is combined to include sick, vacation, or personal days, is a sought-after benefit by prospective employees. Even if minimal, adding PTO to your benefits package can serve you well.
  • Sick Leave. Sometimes sick leave is tacked onto PTO benefits. Separating the two can provide an added layer of competitiveness in your industry. Allotting an amount of sick days, hours, and/or incorporating a half-half policy could boost candidate interest.
  • Flex Work Arrangements. Telecommuting is the hot trend for workplaces—and something millennials are gunning for in their employment searches. Many companies have even shifted to exclusive virtual work environments. If you are on the fence about offering telecommuting benefits, take into account that incorporating telecommuting or other flexible work arrangements can give you an edge over a company that strictly works in a physical office location.

 

Need help strategizing a comprehensive and competitive employee benefit plan? VensureHR has a suite of employee benefits, from medical and dental to life and accident insurance, critical illness and disability to telehealth and gap coverage. As your partner PEO services provider, we pride ourselves on offering the best solutions available to meet your company goals. Contact VensureHR today to learn more.

 

 

 

 

Americans Favor Workplace Benefits 4 to 1 over Extra Salary: AICPA Survey

An International Approach to the Traditional Workforce

Can Outsourcing Work For Your Company?

With younger generations entering the workforce with greater emphasis on technology and forward-thinking approaches, sometimes business demands are greater than anticipated requiring additional help to revolutionize the workforce. In most cases, businesses rapidly grow at a pace the employer is unable to sustain on their own. To solve this problem, many companies look to offshore outsourcing, staffing companies, and other staffing services to boost the roster to better serve the company’s needs.

Alternative staffing solutions, such as outsource staffing, can provide benefits to the company. Here are just a few:

Accessibility to More Talent
Like most staffing agencies, candidates are vetted, and only qualified talent is sent for review to prospective clients. Engaging in outside staffing solutions automatically provides quality candidates the business may have never discovered had the team not sought help. Many countries who participate in offshore staffing solutions are eager to be a competitor service provider and grant special exemptions and incentives to companies that invest in their economy. For example, most have a dedicated recruitment team to seek and retain qualified candidates for their clients, thus reducing HR service costs. Numerous offshore staffing companies place higher requirements on their candidates to remain competitive, such as bi- or multi-lingual and university educated.

Reducing Costs
Offshore staffing can provide a reduction in HR costs due to the responsibility of their own staffing and operation expenses. Any additional training of employees is the sole responsibility of the outsourcing company, which takes any expenses of increased staffing, training, and operations off the budget.

With the help of outside staffing agencies, companies can improve productivity because they can focus their resources on core business functions rather than administrative HR duties. The savings collected from using alternative workforce staffing solutions can be redistributed to other initiatives and projects.

Dedicated Staff and Resources
Dedicating a specific staff and resources to a single entity allows easy control of increasing and decreasing staffing depending on business demands. This dedicated staff allows overflow work inquiries to be tended to in an advanced manner without compromising the integrity of work product. Working together with in-house and offshore employees can allow increased productivity and efficiency in attaining business goals.

In selecting staff and resources to support the company, an offshore team can provide a wide-ranging net of highly skilled and educated talent. With unique skills, such as advanced technology skills and vast cultural fluency, which could provide for expanding business globally. Offshore employees can also offer new perspectives and diverse problem-solving methods.

Remote
Another alternative solution could be either allowing your current employees to work remotely or contracting remote employees to help tame the chaos. Some employers hesitate to incorporate telecommuting as an option to their business model due to security and confidentiality issues, as well as ensuring productivity of employees. However, there are many benefits to remote work for both the company and your employees. Increased productivity and general employee health are correlated with remote work arrangements.

Things to Keep in Mind

These staffing alternatives are beneficial, but like most business-centric solutions, they do carry some risk.

Cultural Challenges
While most countries will require fluency in English, especially when dealing in staffing, businesses may still encounter various cultural challenges. One of those challenges can be in communication styles. For example, in India, it is considered rude to start a conversation with business. Conversations should be started with inquiring about the person’s wellbeing, their hobbies, or a topic of a personal nature prior to transitioning to business. Other communication issues that may arise could be tone or expressions not familiar to other countries. Most companies are willing to accommodate and adapt to cultural differences. In selecting a staffing agency, the employer may want to consider their available locations for recruitment.

Time Zone Differences
By allowing employees to telecommute, it is important to keep in mind that there is going to be a time difference hurdle. For example, Arizona does not participate in Daylight Savings. Businesses located in who also employ Arizona residents will find it beneficial to set reminders for twice-per-year time changes.

Businesses located on the west coast with east coast employees can delegate work and ensure clients on in the later time zone always have access to an available representative. If you have an international team based out of Germany, for example, the business could boast the option to run a 24/7 business where German employees manage operations during the evening and the U.S. team can run operations during normal business hours.

Security
One concern with offshore companies might include security. Initial concerns are likely centered around cybersecurity and office security. What is implemented in the United States may be different than that offered in other countries. While most offshore staffing companies will remain diligent in their efforts to ensure security breach prevention and data integrity preservation, communication and collaboration are key in maintaining said security measures.

VensureHR is equipped with innovative HR solutions, from payroll administration to risk management and employee benefits to staffing solutions. Unique to VensureHR is Vensure Marketplace, which includes our business partners that offer extended products and services to our clients and other business partners, including staffing solutions.