An employee benefit program shouldn’t be static. Over time, your employees may have different needs and want different things from the benefit program. Your needs could change, too. You may have different objectives for your benefits plan, or your budget may change. If you haven’t thought about your benefits plan in a while, it may be time to evaluate it. If your plan is outdated, it won’t be benefiting you and your employees as much as it could.
If you don’t remember the last time you evaluated your benefits plan, now is a good time to do so. Here are some things to consider as you evaluate your program.
Feedback from Your Employees
Your employees are the ones using your benefit program. To properly evaluate the program, you need to know what your employees think of it. Getting feedback from your employees helps you determine if you’re getting good value from your current program.
Getting feedback from employees isn’t hard. All you need to do is ask. Let your employees know you want to evaluate the benefits program and may make changes based on their feedback. Then, have your employees complete an anonymous survey about their preferences. If everyone loves your program, great. If not, you’ll get some useful feedback you can use to make adjustments.
Your Competitors’ Benefit Programs
One of the reasons companies offer benefit programs is to stay competitive. Good benefit programs help attract top talent to your business. They help you retain your existing employees. To evaluate your benefit program, you need to know where you stand in comparison to your competitors.
Do some research to find out what other companies in your industry are offering. You may want to make adjustments to your program to stay competitive. For example, if many of your competitors are now offering coverage for massage therapy, you may want to start doing the same.
Your Current Business Strategy
Your current business strategy should also be considered. If you set up your benefits program a while ago, your business strategy may have changed. At the time, you may have been concerned about keeping your employees healthy and improving morale. Now that morale is high and turnover isn’t much of a problem, your strategy may have changed to focus on something else.
For example, let’s say your current focus is to improve your market share. You need top talent to meet that goal so you may want a benefit program that will attract the best employees. To do this, you might need to increase your benefits offerings to stand out from other employers.
As a small business owner, you don’t have unlimited resources. You always need to make sure your expenses are under control or you may run into cash flow problems. You need to make sure you’re getting the maximum return on your investments. That’s why budgetary concerns should be something you think about as you’re evaluating your benefit program.
If your premiums have increased from last year and are straining your budget, talk to your insurance provider. Your insurance provider can help you evaluate the program and get the cost back under control.
Advice from a Benefits Consultant
Evaluating an employee benefit program is complicated, even when you have a guide to employee benefits. There are so many things you need to consider, and the stakes are high. If you make the wrong changes to your program, you could upset your employees and hurt morale. You could end up with a program that doesn’t match your business strategy or one that is too expensive for your budget.
A benefits consultant can help you make the right decisions for your company. With expert advice, you can make the right changes to your employee benefit program.