Importance of Reviewing the Benefits You Are Offering Your Employees

As an employer, you have a significant amount of responsibility for the well-being of your employees. Most states legally require businesses to have workers’ compensation, and qualifying employers may be required to provide health insurance. Benefits are one common way to attract and retain talent and stand out from competitors. Offering a robust benefits plan shows that you are invested in your employees’ health, happiness and future.

How Often Should a Business Review Their Benefits Packages?

Creating a benefits package is the first step in the process, but you shouldn’t just set it and forget it. Businesses should consider reviewing their benefits offerings annually. The employee benefits space is constantly changing and evolving. Keeping up with benefits trends and what employees are looking for is essential. If you fail to update your benefits, you may risk losing workforce members to other companies with more appealing offerings.

How to Review Employee Benefits

The following are five questions you should ask when reviewing your employee benefits program:

1. What do employees want? Before making any changes, it’s essential to understand what your employees prioritize. Consider conducting a companywide survey to understand what benefits they would like added or improved. You don’t want to spend funds on offerings that employees aren’t interested in.

2. Do your employee benefits support your business’s goals? Employee benefits can be used to help meet company objectives. For example, if you want to improve employee attendance and reduce absences due to illness, you could offer better health benefits or create a wellness program.

3. What is the budget? Before making any serious changes, it’s important to consider your budget and what will offer the most significant return on your investment.

4. Are there any benefits that can be eliminated? You could swap one benefit out for another if you notice that there are benefits employees are not using. For example, if there is a company gym that no one uses, you could consider creating an incentive to use it or offering a discount for a local gym instead. Remove benefits that are no longer cost-effective for the organization.

5. What are competitors offering? Research what benefits are currently trending in your industry. This will help you determine ways to make your offerings more competitive.

If you need help creating or reviewing your employee benefits offerings, contact Lyceum Insurance Services. We can help ensure your benefits packages comply with local mandates and remain competitive.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.