With the state of health insurance in flux, many employers are wondering what challenges may arise with new legislation. Efforts to repeal and replace the Affordable Care Act continue, while some Democrats want a “Medicare for All” approach. In the meantime, however, employee benefits remain the responsibility of employers. These benefits are critical to attracting and retaining top talent at an organization. In fact, 80 percent of employees would prefer benefits over a pay raise, according to the 2015 Glassdoor Employment Confidence Survey.
Finding the right benefits for your organization is critical to recruit and retain the talent you want at your company. Here are five ways that employers can create the optimal benefits model for their employees and their business:
1. Consider the perspective of your employees. Your employees want an affordable plan with a variety of options available to fit their lifestyles. Organizations can leverage data to segment their employee populations by classification, age, location and other demographics and determine what plans will be best to offer. A one-size-fits-all approach will not lead to employee satisfaction — you need to address varying needs and tailor your plan to suit your business objectives.
2. Evaluate what’s best for your organization. Before implementing a benefits strategy, consider your company’s mission, vision and values. How does your benefits plan align with your philosophy and how you would like to be perceived as a company? Your benefits should be a part of a total rewards strategy for your organization, complementary to compensation and essential to keeping your employees happy in their jobs. If you haven’t already, you should explore what your competition is doing when it comes to benefits. You don’t want to lose people to an organization that has a better understanding of your employees and what they need.
3. Work with a professional benefits advisor. A partner in the benefits and insurance area can help you develop and identify critical success factors, the desired state for your benefits programs, as well as a gap closure plan to ensure you achieve their goals. Partnership with a consultant who truly understands your organization is critical to success. Your benefits consultant should take the time to understand your company and be an integral part of your benefits strategy.
4. Develop a population health management strategy to curb costs. Creating the optimal benefits model requires a delicate balancing act between what your organization can offer and afford, and what your employees need and are motivated by. Beyond cost, you should evaluate how benefits help your recruitment and retention efforts, as well as how they support healthier lifestyles. Meeting regulatory and legal requirements is obviously a must.
5. Communicate benefits of the plan to employees. Effective communication is key to building buy-in and employee satisfaction. Keep your employees informed of trends in the marketplace and challenges in the industry. Communicate information about how employees can use the plan and the value it provides. Continue the conversation throughout the year, especially as any changes occur.
Navigating employee benefits is complex. Finding a plan that best suits your organization and its employees doesn’t have to be a headache — an experienced partner that is aligned with your vision can help you achieve your goals.
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