Show Me the Money when It Comes to Employee Benefit Programs Podcast Por arte de portada

Show Me the Money when It Comes to Employee Benefit Programs

Show Me the Money when It Comes to Employee Benefit Programs

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 File 19: In today’s file, the entire team is back in the studio. They welcome Wendy Hall to discuss showing you the money. She is an Employee Benefits Advisor for USI Insurance Services. The group discusses the impact of taking an innovative approach to employee benefit programs. There are ways to do this in a very, cost-effective manner. Meet Wendy Hall Wendy has spent many years in focusing in the areas of employee benefits and HR. Her passion is helping employers create a motivated and engaged workforce through effective benefits plan, without breaking the bank. The relative cost of benefits has a significant impact on the financials of most companies. Wendy’s objective is to help employers control those costs while getting employees excited about the available benefit options. Transparency Leads to Value with Benefits Molley is a strong proponent of ensuring the total benefits package is delineated in an offer letter. Ideally, that second page should go into great detail to help the prospective employee to easily see beyond the base pay. Many employers miss out on the opportunity to showcase the value of the entire package. It may be a lost opportunity to differentiate the offer from others that may be in consideration. This tactic can also be applied to an annual review. Wendy notes this is a common topic executives want her perspectives on during an engagement. The arrive frustrated because employees or prospective employees are pursuing other options because they don’t fully recognize the value added by the benefits program and/or package. She points out that it may be a case of the employer failing to effectively communicate the value of the various elements being offered. On the other side of the coin, many employers overlook the possibility of asking what their workforces would like to see as part of their benefits. Wendy points out that we have 5 different generations in the workforce, so a one-size-fits-all approach to benefits will typically fail. Employees have different needs and wants, depending upon the stage of life they are in. Jamie recalls her first job. She read through the benefits, but didn’t understand the difference between co-insurance and co-pay. She didn’t understand how to make the optimal 401(k) selections. To make matters worse, the company didn’t provide resources to help her think through these important options. How Are Companies Beginning to Educate Their Employees about Benefits? Wendy begins with insurance, because it’s typically a large, specific line item on the financials. However, open enrollment really happens once a year. So, how can companies use the remaining 11 months of the year to educate their respective workforces? One option is to begin analyzing the gaps in care and/or education. Are there trends and grouping in the types of questions employees are asking? Those clusters can identify opportunities for focused education and communication. Proactive implementation of this education and communication may ensure the upcoming open enrollment period goes more smoothly. It also empowers the employees to may better decisions about their individual benefits. How Often Should an Organization Audit Its Benefit Package? If your organization is run by a board, or is a government entity, regulations are probably already in place regarding the audit frequency. For example, there may be a requirement that an RFP be issued every 3 years. There’s also a due diligence process. If your feedback loops are indicating certain elements aren’t working well, it’s a signal you should begin investigating alternative providers and options. The size of your organization doesn’t necessarily have an impact on the frequency. In reality, it may be driven more by the available funding for the benefit programs. Wendy comments the importance of considering the costs related to retention, turnover and recruitment, that bucket may provide additional fund that could be leveraged to improve the mix of benefit options being made available to your employees. She notes benefits are definitely a differentiator related to those metrics. The Importance of Employee Surveys It’s important to include sections related to benefit offerings in your employee surveys. It affords the workforce a chance to provide input and share perspectives about what they find valuable and what they don’t. That process can foster a sense of ownership. The positive effect is multiplied when they see the organization implementing changes, based on that feedback. How Transparent Should Management Be Regarding the Available Benefits? Wendy views transparency as “your best friend.” It’s a competitive marketplace and employees often have options. The grass may seem greener elsewhere, if the organization is not promoting the condition of the grass on its side of the fence. Take the time to conduct in-depth benefit ...
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