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How Does Your Employee Benefits Package Impact Your Company Reputation?
What an employer offers in the form of their benefits package can go a long way in keeping employees happy over the long term. Employers competing for talent are frequently judged not only by what they pay the employees but also what benefits may be offered beyond a paycheck.
Speaking to a local business owner recently considering offering benefits, he stated the first thing potential hires ask him after hourly wage during the interview process is do you offer health insurance and what does it cover?
According to a survey from Healthcare Trends Institute, almost 70 percent of employers stated improving employee morale and satisfaction were key in their future plans to attract and retain employees. Without offering some form of benefit to employees makes it more of challenge to keep and retain the type of employees you want. If you are offering benefits, what do your employees think about the benefits being offered?
The individual healthcare market is more complicated than ever with limited options and is leading more individuals to seek coverage through their employer.
For employers offering benefits, the next step is trying to keep costs down and working toward getting your return on investment. Many employers are so busy with day to day operations they do not have time to put a plan in place and effectively communicate the benefits to their employees. However, a quality broker can provide you with a strategy and work hands on in implementing.
You could offer the best benefits in your industry but if the employees do not understand how the plan works or the benefits being offered than are you truly gaining a competitive advantage?
Take the time every year to come up an open enrollment strategy that engages employees and educates them on the benefits being offered. Most companies don’t view open enrollment as the great opportunity it is to educate employees and show the advantages of working for your company beyond your paycheck. High performing talent expect high performing benefits package.
Work with broker than can not only assist in deciding a benefits package but also in putting together a strategy and be there during open enrollment to speak with employees.
Reviewing the plan you want to offer employees is only the first step in the process. Develop a strategy on how you are going to educate employees and emphasize the value of the benefits in your organization.
Be proactive, if the company doesn’t emphasize the benefits being offered than how can the employees see the value.