When was the last time your organization made major changes to its employee benefits package? Last year? Five years ago? The economy has changed dramatically over the past few years, and unemployment is lower than it’s been in decades.
This means that the war for talent is tight. If you want to compete, you may need a better employee benefits package. Here’s what your company needs to consider in order to prepare for the year ahead.
Are You Having Trouble Recruiting?
If you have applicants lined up around the block, you probably have a fine pay and benefits package—but if you’re struggling to get enough qualified applicants, you may need a better benefits package. If the organization’s turnover is higher than it has been in the past, is it possible that the current benefits aren’t where they should be?
It’s a good idea to take a look at old exit interviews and see if anyone mentioned health insurance (or other benefits) as a cause for leaving. Or, you can survey your fellow employees to determine whether or not the workforce is happy with the benefits, and what things they’d like to see done differently.
Look at Your Organization’s Competitors
Remember, when it comes to recruiting, your competitors are not companies that sell the same products you do, but people who hire the same kind of employees. Someone who is well versed in accounts payable can walk out the door to any similarly sized business without a hitch.
You want to look at the benefits your competitors offer and consider if your organization’s offerings are equal to—or better than—theirs. If they aren’t, it’s probably time for an upgrade.
Is the Current Package Meeting Employees’ Needs?
If your company settled on a benefits package years ago, the current workforce may have a different set of needs. For instance, if a lot of your colleagues have kids under 12, a dependent care spending account may be just what they need. If you have coworkers with tweens and teenagers, a good dental plan that covers orthodontics may be the best bet for your business.
Is the Package Cost Effective?
Insurance costs can be crazy high, but don’t just assume that there isn’t a better deal out there. Take the time to look around and see what is available. Remember that having local hospitals and other services covered is critical to your employees’ happiness—you wouldn’t want them to travel an hour to seek medical attention!
Look Beyond Health Insurance
While the term “benefits” is often used to discuss insurance, there are many other items that can help make your package more attractive. Do you have an employee assistance program that provides great services? What about legal insurance? Perhaps your company could even offer discounts at local businesses, including gyms, movie theaters, and museums. All these little things can make your overall package more enticing.
The most important thing is not to assume everything is fine. It may be—and if so, that’s great. But take the time to investigate. Your colleagues will thank you.
Looking for ways to help your fellow employees manage their dental benefits? Visit United Concordia Dental’s website and explore its Employer Toolkit.