Taking a Deeper Dive into Employee Benefits

11 Dec


80% of employees would rather have quality benefits than higher compensation without benefits.[1] 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.
[1] Americans Favor Workplace Benefits 4 to 1 over Extra Salary: AICPA Survey