Your benefits offering must be excellent to truly compete with other businesses for the best and brightest employees. Choosing benefits takes effort and insight, but it's also not a set-it-and-forget-it decision — expectations will change over time. Developing a strong benefits package on your own can be really hard. So, what’s the plan?
Learn what it takes to provide a competitive benefits plan without adding more to your to-do list.
Monitor talent trends
High turnover coupled with an unprecedented talent shortage is adding to an already stressful situation for HR leaders and putting immense pressure on business operations.
To remain competitive you need to know what employees want and need — and understand that those expectations will change. It takes time to monitor benefits trends, but knowing these trends can help you prioritize the benefits, compensation and perks your employees prefer. This also helps with retention.
Do you have the time to stay on top of talent trends?
Reevaluate your renewals
It may be tempting to simply renew your coverage, but you’d be doing your employees and your company a disservice. To remain competitive, your benefits package shouldn’t simply be good — it should continue to meet the needs of your organization and its employees.
Are you prepared to reevaluate your benefits?
The most important benefits to SMB employees are medical insurance (93%), dental insurance (69%), and a 401(k) (55%).
Take a data-led approach to benefits
Just like in other parts of your business, better HR data means better HR decisions. A big part of the success of your benefits program depends on balancing what your employees want, the cost of providing that, and the complexities of administering it. That starts with identifying HR patterns and trends.
Are you equipped to effectively leverage your benefits data?
Simplify benefits administration
Your work isn’t done after you’ve secured a benefits package. The day-to-day tasks are just beginning, and it never stops. Employee enrollment, carrier files, life changes, employee questions, payments — you get the idea. This work can be complicated and is time-consuming.
Are you able to confidently manage your benefits program over time?
“If you come to work for our company, you will have the same benefits that you would have in any Fortune 500 company.”
Increase utilization and benefits ROI
You worked so hard to offer the benefits your employees want. Now it's time to tell them about all of their options and how to get started. Otherwise, your investment and effort go down the drain. Not to mention, employees won't reap the full impact of their benefits.
