You can’t offer a cookie cutter, generic employee benefit plan to employees and expect job satisfaction.
Change in employees’ needs, inflation, and market trend have an impact on your compensation and benefit package each year.
Your package might have been attractive for the past few years, but in order to resonate with the current market, amendments are required.
51 percent of employers use employee benefits to retain employees and this percentage is expected to increase in years to come.
When a plan has become redundant and requires revision, you will experience these signs.
No return, only expense
Employee benefit program is a huge investment, which requires a return. If you are not getting your dollar’s value, chances are, your benefit plan has failed to meet its objective. There are various basic benefits that have become a must-have for every organization, but if they are not working for your company, they should be cut out of your benefit plan. Listing multiple benefits to a potential candidate may sound nice, but you need to focus on the real value of these benefit.
Keep in mind, your end goal is an improved bottom-line. If a benefit is adding no value and is increasing your expenses, get rid of it.
Employees want something else
Calculating return on every benefit may not be possible, which means, a survey needs to be conducted to measure its efficacy. Determine which benefits employees find most useful; which is least used; do they want a benefit to be replaced with another perk?
Asking these questions will provide insight into your company. Your employee benefit consultant can also be approached to provide industry-wide data. If data indicates your current offerings are outdated, design a new plan.
Benefit does not resonate with your culture
Ideally, benefit plan should be created, keeping culture and company’s objective in mind. But if you have introduced a benefit that does not reflect your culture, discontinue it.
For example, if you don’t want to promote late sittings until the wee hours of the morning, avoid offering flexible work hours.
Employee benefits consultant is not good enough
Companies partner with consulting firms to design a benefit plan for their company. A firm that does not provides relevant data or company specific solutions should be reconsidered.
Design a well-rounded benefits program with JS Benefits Group.
Our wellness programs and health benefit plans are backed by comprehensive organization and market research and analysis. Along with designing and implementation of programs, we also provide HR consultation. Call 877 355-6070 and get a custom benefit plan for your company.