Creating a premium benefits experience is one way companies today can differentiate themselves in a competitive labor market. But too often, benefits selection is treated as an annual event instead of an ongoing and evolving journey.
However, with clear goal-setting, tools designed to meet the needs of modern workers, and a solid strategy for open enrollment communication, you can increase employee satisfaction and loyalty while strengthening your company’s appeal to new candidates. In a tight labor market, that’s exactly the kind of competitive positioning employers need.
With that in mind, join us for part one of a four-part series designed to help you strengthen your benefits experience so you can differentiate your business in today's competitive labor market.
Part One: Update your benefits strategy
Unemployment rates so far this year have been low — hovering just around four percent, according to the Bureau of Labor Statistics. This kind of competitive job market makes it more important than ever for benefits and HR managers to ensure their employee benefits programs are attractive and offer employees significant cost and lifestyle advantages.
Consider this: 73 percent of employees say having customized benefits offerings would increase their loyalty to their employer, according to a recent U.S. employee benefits trends survey. Finding and keeping the best workforce talent in today’s market calls for a better open enrollment experience and easy-to-use benefits management technology.
A good place to start? Review your existing benefits mix, dig into your current participation data, and examine your past communication plan.
Once you have a sense of what’s worked well and what hasn’t from the company’s perspective, you may want to conduct an employee survey to see how they feel about your benefits mix, what they would add or change about your benefits package, and their thoughts about the overall benefits experience. This can help you identify any gaps between what you as the employer think is important, and what employees are actually looking for.
For example, 60 percent of employees are interested in having their employer provide a wider array of non-medical benefits to choose from, and pay for on their own, according to a recent employee benefit trends study. With the growing prevalence of voluntary benefits like hospital indemnity coverage or pet insurance, it may make sense to focus your strategy on these additional benefits.
Interested in learning more? Make sure to join us next week for Part Two: Define Your Benefits Enrollment Goals.
Need immediate help with improving your benefits strategy? Talk to a benefitexpress product expert today!