Navigating a Growing Array of Benefits Options
In today’s labor market, offering a robust benefits package is essential for employee attraction, retention and well-being. The rise of voluntary benefits to supplement mainstays such as health insurance, 401(k) and leave has resulted in more than 150 available options on the market for employers to consider. As such, it can be daunting for employers to consider the various benefits, not to mention that benefits are costly.
With an ever-expanding array of benefits options, employers face the challenge of offering benefits that align with their organizational goals, budget and employee needs. Employers can navigate an expansive network of benefits by following these five steps:
- Assess employee needs and preferences. Employers may work with a broker to understand the full offering of benefits available from insurance companies.
- Prioritize benefits with the most significant impact by focusing on core benefits, incorporating flexibility and monitoring the market.
- Select benefit offerings, weighing the cost of benefits against the value they provide to employees.
- Communicate effectively so employees are educated and informed about their benefits package to increase enrollment and utilization.
- Evaluate the benefits offerings regularly, analyze utilization and monitor benefits trends to improve or validate offering selections.
By taking a tailored approach to benefits, organizations can ensure their plans are competitive, supportive of the workforce and aligned with the company budget. Reach out for additional benefits guidance.
Article Published By: Zywave, Inc.
