Employee benefits programs are not created equally. In fact, they can often be poorly designed and result in less than stellar outcomes. So how do you know if your employee benefits program is functioning to its best ability? We’re here to help.
A well designed benefits plan is not just about cost. Our expertise focuses on the foundational (compliance) and operational aspects from the plan sponsor’s perspective,” explains Bob DePriest.
Check out the factors below to discover if your program is all it can be or if it’s leaking oil.
Low employee morale
Now more than ever, employees are becoming disengaged at work. And for most, benefits are a huge part of that dissatisfaction. Studies show that employees who feel their rewards or benefits meet their needs are seven times more likely to be engaged with work compared to employees who don’t feel that way. Employee absence and disengagement can cost your company a significant amount of money. Just imagine seven times the productivity based on your employee benefits program. If you are unsure about employee morale, simply ask them. (Here are some tips to get you started.)
Poor broker/advisor relationship
Do you see your broker only at renewal and open enrollment? Does your broker provide support with plan compliance, contribution strategies and integrated plan design? How about proactive strategies to help you mitigate your current cost inflators? Do you only get quotes and more quotes from your broker? If so, you probably have a poor broker relationship and an even worse employee benefits strategy. Rather than accepting things as they have been for years, research the best brokers and strategies available. This will help you choose the best benefits partner for your company and employees—as well as allow you to create the best benefits program possible.
HR team know-how
HR teams weren’t designed to be a benefits source of knowledge, but that’s become a crucial part of their roles. Does your HR team have the necessary knowledge and resources to act as a plan sponsor? If not, it could be a sign that your benefits program isn’t functioning as well as it could. Find out which tools and resources are available to your team, how well informed and educated employees are about their benefits decisions and if compliance is consistently met. If you need help with these things, find a partner, like us, to help you deploy the tools, guidance and resources needed to develop a compliant, well-communicated and high-value benefits program.
Well designed program
Benefits aren’t what they were 20 years ago. Things have changed drastically thanks to Millenials and Gen Z entering the workforce. They expect different benefits, including voluntary options. In fact, 69% of Gen Z employees said flexible hours are a valued employee benefit, along with free healthcare (23%) and the option to work remotely (18%). Great benefits programs have to evolve with the changing workforce, and that means having a well-designed plan. Ensuring healthcare duplication doesn’t occur and consistently meeting compliance regulations are also parts of building a great plan that attracts and retains the best talent.
So, is your employee benefits program leaking oil? At Select Choice Benefits, we’ve made it our mission to ensure every program is built with employees and their employers in mind. We take the complexity out of benefits decisions. Are you ready to get started? We are, too. Contact us to start building your competitive benefits program.