Over the last three years, HR benefits budgets have experienced substantial cuts because of the economy. Employers face increasing challenges regarding employee benefits: what does health care reform mean for the company and employees; which benefits strategies will manage the budget while remaining talent competitive; how do we ease benefits programs’ administrative burdens; and what education methods will help employees learn about the benefits they have, what’s covered, and possible gaps?
It’s more than money
Take the blah out of employee benefits. You don’t have to keep swallowing large benefits percentage increases on your current offering thinking it is the right thing to do while wondering if anyone cares. Design the benefits package employees want, value, and are willing to contribute to themselves versus your traditional package. Your benefits package can be sustainable, attractive, and a competitive advantage.
Communication through a continuous, engaging dialogue throughout the year. According to a national study by MetLife in 2011, employees who reported that their organization had effective benefits communications were more likely to be loyal to their organization, and more satisfied with their benefits and with their jobs.
Changing employee benefits can be exhausting mentally and monetarily. Maximize your benefits package based on the employees’ perceived value versus being a slave to the market.
Written by Jim Annis President/CEO of The Applied Companies, which provide HR solutions for today’s workplace. Celeste Johnson, Tom Miller, and Suzanne Chennault, Applied’s division directors, contributed to this article.
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