Reevaluate Your Benefits Plan: Affordable Changes for Long-Term Success

Reevaluate Your Benefits Plan: Affordable Changes for Long-Term Success. Your employee benefits plan directly affects the lives of your people, their loved ones and your business. They can boost morale, increase productivity, provide support to employees and improve recruitment and retention efforts. To maintain these advantages your benefits plan must be monitored and reviewed frequently.

Workforce needs and business strategy can change over time, affecting employee benefits. However, making changes to remedy these matters can feel intimidating, especially with the rising cost of healthcare. It doesn’t have to be. If you have a tight budget but would like to make changes to your existing employee benefits program, you have options. Even small changes to policies and processes can increase the value and utilization of your plan, whether that means reviewing wellness and work-life balance initiatives or updating policies to meet current economic trends.

For example, a company that uses email to communicate benefit updates or awareness could have better success using an app or online portal. Sometimes a change in the way benefits are communicated can make a significant difference in the performance of a benefits program. In some cases, a disconnect between the value of what an employer offers and the employee’s understanding of those offerings can stand in the way.

Improved benefits that don’t break the bank.

Enhanced employee benefits communication is an inexpensive and easy way to transform the perspective employees have about their plans. MetLife’s annual report shares that employees who understand what's covered in their benefit plans are 101% more likely to trust company leadership and 80% more likely to be satisfied with their current job, leading to improved retention rates.

These numbers show it’s not only about what a company offers employees, but how those offerings are being communicated. Whether an employee doesn’t know how to search for a provider or can’t find their current medical bills, improving communication and processes to solve these issues can help change an employee’s perspective of their benefits plan.

Following trends within your business demographics and discovering what your employees really need can also help improve the way your employees value and utilize the programs. For example, choosing to provide commuter benefits for companies that have employees traveling long distances to work daily or student loan assistance programs for larger companies that may have employees looking to pay off student loans quickly.

A roadmap to success.

To help you find a customized solution based on the needs of your unique workforce and business, consider these steps: 

• Review your plan. Analyzing your current plan can help show how your plan is being utilized and where potential gaps and opportunities exist. Also, consider how your plan compares to the competition and industry benchmarks.

• Look at your company. Identify your benefit goals and objectives. What are you hoping to achieve with your plan? Consider company culture and use a mission-based approach when designing your benefits program. Does your benefits program align with company values and strategy? 

• Ask your employees. Seek feedback from your employees by asking questions and gathering opinions about what is working for them and what is not. Spend time answering any questions they may have. Knowing what is important to your people can make a difference in overall utilization.

• Consider changes. Explore your options and alternatives. Once you have discovered what is most important for a successful program, weigh your risk points and know how to adjust them. A trusted advisor can help you strategize and monitor any changes.

Health and wellness options are continually evolving and the need to reduce costs remains a priority for most companies. When making changes to your benefits program be deliberate and intentional with what you want to accomplish. Once you have chosen a direction, be sure to monitor your program for effectiveness and be ready to make adjustments as needed.

Balancing cost management and enhancing benefits is an important part of overall benefit planning. If you need to review your benefits program or are interested in making changes, contact us today.