How can you design the optimal benefits package for your organization?

What do they want? What do they need? These two questions are the most critical questions you need to ask when accessing your benefits package. Two great ways to go about this are conducting surveys and/or establishing a benefits committee. Surveys are easy to launch, yet don't always yield the best results as employees fear speaking up about what they don't like. One tip is to make them anonymous to get more candid feedback. Another tip is to not do them only at open enrollment, do a survey midyear. A newer idea is implementing a benefits committee, one made up from different seniorities and areas of the company. Clients have found great success in this from the diverse inputs and "boots on the ground" feedback.

The first two things I ask a client: What is currently in place? What does your budget look like? Look, building a solid benefits package is a lot of work, but it will yield a lot of really good long-term results. Work with your broker, but don't neglect the new names on the scene. Yes, your broker of many, many years is a good place to start, but they're old dogs in a constantly changing market. The value of the benefits will always surpass the relationship. Oftentimes, many businesses operate under the "ain't broke, don't fix" idea. Unfortunately, stateside, that concept has led to a lack of competition among the name brands. Don't shy away from alternatives!

Designing the optimal benefits package involves a thoughtful balance between employee needs and organizational goals. Start by conducting comprehensive surveys, discussions or design thinking sessions to understand the diverse needs and preferences of your workforce. Tailor benefits to reflect the company's values and culture, considering a mix of health and wellness programs, flexible work arrangements, and professional development opportunities. Regularly review and adjust the benefits package to stay competitive in the market and ensure it continues to meet the evolving needs of your employees.

Three important questions employers use when looking at the benefits they offer. 1. Budget- is what we are doing the most cost effective and bringing the best value for the money spent. 2. Attraction/Retention- do we have systems in place to track how effective our benefits are at attracting and retaining the right staff. 3. 5 year outlook- is our program sustainable into the future? What needs do we see on the horizon? Every business is unique but these three questions are good places to start. It also can be beneficial to work with experts in the benefits field to help you cover all your bases and maximize your investment.

Understanding and Navigating Your Benefits was not a class in school. The majority of our employees don't even know where to start, which makes my advice pretty simple. Frequency is key, make sure you are finding ways to educate and help employees better understand their benefits. If you have a benefits committee, challenge them to be the champions and help their peers through routine interaction. The other items is mediums, use as many as you can. The main reason is everyone learns a little differently, so having audio, video, text, etc. help to ensure everyone can learn in the medium best suited for them. The bottom line is there is no such thing as overcommunicating benefits.

Do you have goals for your employee benefits? Do you have a way to track those goals? If you don't that is a must have. A few ideas are... 1. Attracton/Retention Rates 2. Year over Year costs 3. Sick day usage 4. Claims Reporting The first step is establishing what goals you have. Once you have accessed them use things like the Consolidate Appropriations Act and modern technology to track them. Employers have traditionally been in the dark on where their benefits dollars actually go, however that continues to improve daily.