From Health to Wealth: Helping Clients Showcase the Full Value of Their Benefits Package

Quick look: It’s no secret offering competitive benefits is a significant part of creating a satisfactory employee experience. However, it’s crucial to shine a light on potentially “hidden” value, which may otherwise go overlooked. As brokers work with their clients to re-evaluate the relevancy of their current benefit plans, partnering with a professional employer organization (PEO) can help them unlock new opportunities and reiterate their worth to employees.

Even as the professional landscape continues to rapidly evolve, one thing is constant: benefits are a big deal. 42% of employees said they’d prefer better health insurance over a raise. Today’s employees want to expand their options to include mental health support, fertility and family planning services, as well as greater access to telehealth and diverse providers.

Yet, the full value of a benefits package goes even further than expanding healthcare.

Improving employees’ financial well-being is just as impactful in driving productivity and employee engagement, as well as supporting physical and mental health. 77% of workers view financial wellness programs as important, though only 28% of employers offer them.

Therefore, it’s necessary for small- and medium-sized businesses (SMBs) to showcase the full spectrum of benefits, including financial offerings, such as retirement plans, HSA contributions, and Employee Assistance Programs.

When the pay period rolls around, it’s easy for employees to equate their salary with the dollar amounts they see. However, totaling financial benefits as part of a full compensation package often equals several thousand dollars that employees may not be aware of.

Bringing financial benefits to the forefront

There’s an extensive list of financial benefits which equal money in the pockets of employees, including both short-term contributions and long-term investments, such as:

401(k) matching

Retirement savings plans continue to be an in-demand benefit with employer-matching contributions viewed as a competitive advantage. Many employers offer matching contributions, which can significantly enhance the overall value of an employee’s benefits package.

Health Savings Account (HSA) contributions

Starting a HSA is a way for employees to lower their out-of-pocket healthcare costs. Currently, the HSA contribution limits are $4,150 for individuals and $8,300 for families set by the IRS per year. Employers can set up automatic pre-tax payroll deductions for employees who opt in.

Student loan repayments

Carrying student loan balances is a debt plaguing millions of Americans. Companies are allowed to provide up to $5,250 in student loan repayments, which is a sizable chunk for someone who is eager to pay off their education bills.

Tuition reimbursement

Alternatively, there’s also the option of offering tuition reimbursement for employees who want to earn a degree. However, the benefit is an either/or for employees, as they can only collect for a student loan repayment or tuition reimbursement, not both.

Employee discount programs

This type of benefit can vary from company discounts on popular products, comped meals, rideshare reimbursement, gym stipends, and more. To understand what is most valuable to employees, SMBs can work with their PEO to survey the best choices and make a decision based on feedback.

Employee Assistance Program (EAP)

An EAP provides employees free, confidential access to resources and referrals for a range of job- or personal-related health issues, including stress management, legal assistance, and financial education, coaching, and planning.

Communicating the full value of compensation

Not all employees are unaware of or fully understand the scope of benefits their employers offer. When they are unable to see the value, they are more likely to be less engaged at work and start to look elsewhere to be compensated.

Therefore, communicating the entirety of a benefit package is important during recruiting, the benefit enrollment period, and also, periodically throughout the year. Here are ways a PEO can help broker clients showcase exactly what they have to offer:

Multiple avenues of communication

With many companies engaging a distributed workforce, it’s best to have more than one mode of communication. In-person meetings, reminder newsletters, and online benefit sessions are all valuable in explaining the details of benefit plans and how employees can take advantage in a way which makes sense to them.

Identify changing workplace needs

As the makeup of a workplace changes, so do benefit needs. It’s highly recommended to pulse-check the impact of current plans and programs. Employee feedback can be collected through anonymous surveys, group meetings, and general comments regarding their satisfaction (and requests) regarding benefit plans.

Simplify access

For some, navigating benefits can feel overwhelming and time-consuming. However, opting in may require little more than a quick authorization for payroll deductions, as with HSA contributions. Make it easy for employees to participate in benefit enrollment with clear instructions.

Provide ongoing education

Benefit review is part of the onboarding process for new hires. However, it’s also beneficial to provide ongoing education for all employees through lunch and learns, and regular updates through a centralized platform where they can review information at their own convenience.

Personalize your benefit planning with a PEO

Employers understand the importance of refining their benefit strategy to recruit and retain top-level talent. Working with a PEO like ExtensisHR gives brokers and their clients a competitive edge by:

• Granting access to premium-level benefits comparable to those offered by larger corporations
• Alleviating the administrative burden of implementing and managing benefits effectively
• Tailoring benefit services and strategies to align with each client’s unique growth goals

Additionally, by incorporating benefit services as part of a cost-saving, comprehensive PEO solution, SMBs also receive:

• HR guidance and implementation
• Payroll administration
• Risk and compliance management
• Recruiting and retention support
• A centralized HR platform and mobile app with add-on reporting options

ExtensisHR delivers a people-first approach to its customer service model, giving SMBs the time and personalized attention they need to present solutions which will make a difference for their companies.

Help clients enhance visibility to the areas most meaningful to their employees, starting with customized benefits.

Contact our HR experts today and discover how we can support your clients’ success and sustained growth.