5 Best Practices for Employee Benefits
Designing an outstanding benefits program is a vital investment. A great benefits plan attracts and retains employees—which is crucial in today’s highly competitive environment for attracting and retaining talent. But it’s not just about employee attraction or retention, it’s about creating a company culture that supports employees and helps them remain engaged and productive. When they are taken care of, they can take care of your organization and its customers.
At JS Clark Agency, An AssuredPartners Company, we’re here to give your organization the support you need, starting with these five best practices for best-in-class benefits design, strategy and administration.
- Understand the actual value derived from your employee benefits plan
When you offer great benefits, your organization and your employees reap the rewards. Your organization can attract better talent, increase productivity, lower turnover rates, and grow employee engagement.
- Make the process for employee participation easy and understandable
Ramp up your electronic enrollment to eliminate errors and allow benefits enrollment on-the-go from anywhere. Provide educational materials and communications in a variety of formats through various channels. Some employees are visual learners so videos or infographics would be a great choice. Some employees like to read, so a booklet or brochure is fine. Others do better with speech, which means in-person presentations or podcasts work well. Find a way to communicate with all employees in a way that is understandable for them.
- Go above and beyond traditional insurance offerings
Comprehensive health, dental, and vision insurance is a hallmark of great benefits plan design. Supplemental group coverage such as life, critical illness, pet insurance, ID theft protection, employee assistance program (EAP) and more help employees stay on track with savings goals, protect their family’s finances and offer peace of mind.
- Add flexibility into your benefit program
By sponsoring HSAs or FSAs you give your employees more options for their health care needs. You may also want to consider adding financial assistance and/or counseling for major life events e.g., purchasing a first home. Basic budgeting assistance can be a part of this service as well to help employees understand their health care costs overall and how it fits into their broader yearly financial picture.
- Make participating in the benefits program fun
Create a system that offer rewards for wellness checkups. Sponsor events to encourage plan participation and boost team morale. The possibilities should be built and designed around maximizing the plan’s offerings and value for the employees. Contests, wellness events, etc., are just some ideas.
A healthy workforce with relevant benefit offerings, meaningful incentives, flexibility, financial support, and proper education is a win-win for everybody.
JS Clark Agency, An AssuredPartners Company, offers benefit plan design, open enrollment services, benefits education and communications, wellness program assistance, HR support related to benefits and more. Call us at 248.355.9600 to let us help you get started and/or improve your current benefits program.