4 Components to Consider for Your Next Employee Benefits Renewal
Offer An Employee Benefits Renewal that Will Motivate
Offering a competitive employee benefits renewal is a strong motivator for staff and a productive and cost-effective way to demonstrate care and support for the wellbeing of your team.
Is your same old benefits plan still working for you?
Work and life have changed drastically in the last two years due to the global pandemic and the far-reaching effects it has had on business, trade, health, and our personal priorities and wellbeing.
As COVID-19 moves into an endemic phase and we optimistically settle into a “new normal,” it is important to question if your existing employee benefits package still has the best fit before it is up for renewal.
Regardless of whether your business is experiencing the effects of the Great Resignation, a benefits plan and strategy focused on retaining talent and keeping employees motivated is paramount. To determine the best employee benefits renewal options, the following 4 components are key to consider:
- Incorporate employee feedback from current and exiting employees.
- Review prior claims.
- Benchmark your offerings against other organizations.
- And build a culture that fosters success and wellness.
Employee Feedback
Employee surveys may be used as a tool in understanding how employees are thinking, whether it’s about their morale, views on business prospects, or satisfaction with the existing benefits offering.
Seeking employee feedback on the existing benefits plan allows employers to understand if the current offering is satisfying their needs, or whether there are areas which require amendments on the employee benefits renewal to best meet what employees are seeking.
Surveying employees who have resigned through exit interviews is another technique to understand the rationale for the departure. These interviews create insight from employees whether there are aspects of the workplace, role, or employee benefits that could be improved.
Take A Close Look at Prior Claims
Reviewing the data behind claims is a great way of cross-referencing the employee feedback to confirm that the right needs are being met through the benefits plan.
By reviewing claims data, employers can determine which parts of the benefits plan are most utilized, and which are least utilized. In doing so, employers get a different lens into what employees find most important to have offered in the employee benefits renewal.
Benchmark Your Offerings
To get through the Great Resignation, employers are looking to get an advantage any way they can. An effective way to understand how your benefits plan stacks up against what the competition is offering is through benchmarking against competitors in the same industry. Doing so can highlight potential areas where your benefits plan requires some improvement, and also serves as a way to differentiate your plan offering against that of the competition.
Customize to Build the Culture
So you’ve surveyed your employees, reviewed the claims data, benchmarked against your industry peers, and nailed the employee benefits renewal on each of those aspects.
The final and equally important step is reviewing and tailoring the benefits plan to ensure it is aligned with the culture and values of your organization. Through this last step, you can create a tangible way to attract and engage with employees sharing the same values and corporate vision.
Contact Us About Your Employee Benefits Renewal
Call (780) 437-5050 and mention this article if your employee benefits renewal is approaching. We will provide you with a complimentary consultation to find out where your benefits plan can improved upon.
Our benefit experts at Benefit Strategies Inc. can also be reached by email.