Is Your Benefits Program Effective?

When you consider the typical benefits business owners offer their employees, what comes to mind? In addition to the traditional perks such as paid time off and health and dental insurance, there are many other ways employers try to retain employees, such as flexible schedules, tuition assistance, childcare allowance, gym memberships, etc. These types of benefits can often make or break a company’s ability to attract and retain top talent. So what does your company offer when it comes to employee benefits? Are you using the same benefits package as you did ten years ago or are you evolving with the times? By evaluating the needs and wants of your employees, you can optimize your benefits package and improve your organization’s overall recruitment and retention rates. So how do we do this?

Majority Rules

The first thing you’ll want to do is consider your employee demographic. If you don’t have a good understanding of who your employees are and what they want, you won’t be able to meet their needs. Use this information in order to cater your benefits package to satisfy the majority of your employees. If there isn’t a clear cut winner, include options for various generations and lifestyles to be respectful of everyone’s desires and create a more complete selection.

Building Your Benefits Platform

Want to know the best way to find out what benefits your employees desire? Ask them! Survey your team and see exactly what they’re looking for. The answers will surely vary, but by following the majority rules concept we just discussed you can offer your employees the benefits that they want. By throwing out a couple of options and taking a vote, you put the power in their hands and avoid having to make the difficult decisions. A recent study by Metlife says that employee satisfaction is at its highest when companies offer 11 or more benefits.

Don’t Forget about Traditional Benefits

When building your benefits package, you definitely want to make sure you include some or all of those traditional benefits. Offering these non-traditional benefits are great, and will certainly help in your recruiting endeavors, but benefits like life, vision or dental insurance, while less glamorous on paper, will go a long way in boosting your employee satisfaction. If you’re going to aim for that goal of 11 benefits or more, you certainly have room for both traditional and non-traditional benefits.