Creating a Winning Benefit Strategy: Part I
Part I: How to navigate challenges, changes, and costs to keep employees happy and healthy
Quick Look: As employers face increasingly stiff competition for top talent, benefits are one area businesses can stand out. Creating a winning benefit strategy goes beyond a basic healthcare plan and paid time off (PTO). To remain relevant in today’s employment landscape, businesses must continue to reevaluate their benefit strategy to make sure it aligns with what employees need and expect.
Adjusting to rapidly changing environments is nothing new in the world of HR. However, now more than ever, companies are focusing on employee health benefits and updating them to align with their immediate organizational goals and employee needs.
The COVID-19 pandemic delivered an unprecedented challenge, causing businesses to quickly shift their priorities and pivot to new strategies to accommodate employees in the best way possible. Historically, small- and medium-sized business leaders (SMB) have faced common challenges, such as maintaining legal compliance and navigating new regulations, but the state of employee health benefits has shifted dramatically over the past 18 months.
Telehealth accessibility, a larger focus on behavioral health, and an emphasis on workplace wellness and safety have made their way to the forefront of what employees now need and expect from companies. This is in addition to the traditional scope of employee benefits typically presented, such as health insurance plan options and paid time off (PTO).
Therefore, a regular assessment of the environment, both externally and internally, and the impact it has on employees is essential. Creating a winning benefit strategy requires an overall look at what employees currently need to feel satisfied and taken care of by their employer in terms of their health and well-being. It raises the question of which benefits are more alluring and which may be outdated and no longer necessary.
Achieving consistency and remaining adaptable keeps employees happy and helps with recruiting top talent. Additionally, it controls costs and improves overall employee engagement and satisfaction. These factors all play a part in establishing an appealing plan for companies and their employees.
Comprehensive HR Solutions Call for More than Health Insurance
Employee health benefits are not simply about providing health insurance coverage. Though pinpointing the right plan is crucial, successful HR solutions don’t stop there. Employers must establish a balance between staying current with competitive benefits while following a set process to ensure success.
This involves listening to employee needs and calculating the costs of these requests. It also means ensuring employees have the tools and resources required to honor their well-being, particularly as organizations grow and experience cultural shifts. Companies have gotten creative with their offerings, such as stipends for meditation apps, in-house chair massages, gym memberships, and more.
Businesses must consider these factors to scale and stay competitive while continuously meeting employee expectations and adhering to legal compliance requirements. This complex process is why many organizations have turned to Professional Employer Organizations (PEO) like ExtensisHR to provide expertise, resources, and guidance to navigate changing circumstances.
A PEO takes on the responsibility for a company’s HR, payroll, compliance, and benefits. Partnering with an HR services provider in this way frees up time and resources for leadership to focus on company growth and productivity. Delegating important HR tasks to a team of experts helps reduce employee turnover and provides a higher level of service both company leadership and employees appreciate.
Customize Your Benefit Strategy to Meet Your Company’s Unique Needs
HR is not a set-it-and-forget-it type of scenario. There are challenges, changes, and costs unique to each organization. These change as a company grows, as do the needs of employees. Tracking, prioritizing, and adapting to this ever-evolving landscape is what separates successful benefit strategies from lackluster offerings. Make the complex simpler by mapping out a plan.
To hear from industry experts and learn more about creating a winning benefit strategy to align with your company’s goals, tune into our webinar, “Creating a Winning Benefit Strategy.” The webinar outlines five steps to creating a winning benefit strategy, ways to tailor your strategy to your company, and the resulting advantages when it comes to retaining and recruiting top talent.
Watch the free one-hour webinar now.
Check back next week for Creating a Winning Benefit Strategy: Part II.
Once you’ve learned how to create an employee benefits package that meets the needs of your employees and your growth goals, it’s time to put your plan in action! Part two of our blog series will discuss how to effectively communicate your winning strategy to reap the most rewards.
