The employees of a company are its backbone. Therefore, it is essential that the company takes measures to make sure that its employees always stay motivated. This ensures that the company retains its employees and reduces the rate of absenteeism.
One way of ensuring employee motivation is by offering them benefits. Some of the common benefits include:
- Unemployed worker insurance
- Health insurance
- Workers’ compensation
In addition to these benefits, employers also offer other benefits. However, in the last couple of years, surveys have indicated that employees are not always happy with the benefits that their company offers them.
Research also shows that 83% of the employees feel that the benefits that their employers offer them are not sufficient.
Designing an effective employee benefits program is a challenging and a complicated task. Here are some common employee benefits issues that HR personnel face:
An increase in costs
A couple of years back, a survey revealed that thirty-five percent of the employers felt that there had been a significant increase in the costs of health benefits. As a result, majority of them had asked employees to make contributions of their own.
In order to counter this problem, HR managers can provide their employees with an option to select their own benefits rather than offering the same benefits to all.
In addition to that, HR personnel also require the latest information regarding changes in law. For example, you want to know about changes made in the Patient Protection and Affordable Care Act.
A great number of employers continue to struggle with this particular Act and its impact on their business.
65% of the employees had to make changes in their employee benefits scheme because of the Act. These changes can also result in increased costs. At the same time, the HR team needs to spend greater period of time making changes to employee benefits scheme.
This can prevent them from working on tasks, which are more urgent.
Increased shift to customizable benefits plan
Another trend is a switch from traditional benefit to non-traditional employee benefits program. Some of these plans include:
- Health saving account
- Voluntary benefits
- Wellness programs
Fifty percent of employers offer flexible time benefits to their employees. Not all employees have the same preference; because of which, there are employees who feel dissatisfied with the benefits that their company offers.
Employee education is the key to ensuring that the people who work for you are able to understand the benefits that you offer.
On average, employees spend about fifteen minutes studying the benefits that the company offers. Proper employee benefits education allows them to make the right decision when it comes to selecting the benefits.
Consulting professional HR consultancy companies can also help deal with these problems. Get in touch with us. We are Employee benefits professionals located in Pennsylvania. We can help you design and implement a customizable employee benefits plan.
Contact us at 877-355-6070.