How employee benefits aid in retention and recruitment
This past year has proven that there are additional ways to attract and retain employees outside of traditional benefits.
When employers are thinking about attracting and retaining talented employees, providing first-class employee benefits is more important than ever. As this year’s open enrollment season approaches with much of the workforce still in a remote or a hybrid environment, HR teams must think carefully about how they will communicate their benefits to ensure employees understand the value of their benefits package.
Employee benefits represent an increasingly large percentage of employee compensation packages, and the cost of health insurance is continuing to rise. For many employers, the cost of insurance and employee benefit plans represent the second most expensive budget item, after employee salaries. However, the last year has proven that there are additional ways to attract and retain employees outside of traditional benefits.
Related: The art and science of retaining key talent post-pandemic
As the lines between work and personal life become increasingly blurred, employees see value in non-traditional benefits such as flexibility, child care assistance, student loan repayment, financial advisory services, mental health support, gym discounts, yoga classes, meditation programs, and others. Employees are no longer just evaluating their salary when choosing between potential employers. They are looking at the entire picture, including core benefits (insurance and retirement), non-traditional benefits (such as flexibility and ancillary programs), and overall quality of life.
Employers who want to offer the most attractive benefits package should work with an innovative consultant to craft an employee benefits strategy that reflects the vision, mission, culture, and needs of the organization. Once a strategy has been developed and a program has been put into place, it’s critically important that the employer successfully communicates the program to their employees to ensure:
- The employees are engaging in your benefits program
- Your employees understand how their programs work and the depth/breadth of what is available
- Your employees understand the value of the programs being offered and the level of investment that is being made into employee wellbeing
So, how do you communicate the program to employees so that they engage, understand, and value the benefits offered to them? The most effective way to do this is through your organization’s open enrollment. Employers can implement best practices such as:
Making decisions early: Your HR team should be thinking months in advance about ways to simplify the process for your employees, as well as what benefits to continue, add or drop. By utilizing virtual tools like online surveys, employers can use direct employee feedback to gain insights into the changes they should be considering.
Effectively communicate: This can include emails, texts, informational videos, push notifications, Teams or Slack channels, and Zoom meetings. Employees have individual preferences, so using a variety of channels ensures everyone is notified.
Add in human elements: Create opportunities for personal interactions throughout the process. This could be done through one-on-one “virtual office hours” scheduled through an online platform, Zoom sessions, or a dedicated support team for benefits-related questions.
Bring in outside help if needed: If your HR team is struggling to manage all the facets of benefits administration, it may be time to consider bringing in outside help. A trusted partner can handle the challenges of benefit plan design and effectively communicating in a virtual setting to allow your internal team to focus on other priorities.
A benefits consultant can not only bring a variety of strategies, technology tools, and capabilities to the table; they can also effectively communicate the value of a benefits package in an engaging way. An experienced benefits consultant should also have a customer service team who is knowledgeable, qualified, flexible and provides your employees the information they need. With these practices in place, organizations will be set up for success in providing and communicating better benefits to attract new talent and retain high-performing employees.
Jeff Ryckbost is director of client services at Exude.
Read more: