How do you measure the success of your company’s benefits plan? Is it simply that you were offered a good rate upon renewal? Or is it more than that?
It should be more than that. A successful benefits plan produces actual results for your employees and for the company, and must be a living tool that is constantly communicated and evaluated. A benefit plan that is only given high marks for low renewal costs may not be a benefit for everyone.
Take a good look at the results you’re getting from your benefits plan. Are you getting good value for your investment?
Your benefit plan should:
Connect with company beliefs. If family values are a part of your corporate values, then the benefits offered to employees need to reflect that. Employees will feel a greater connection and be more loyal to the company, resulting in higher productivity and greater results, if the benefits offered internally match the company’s internal and external philosophies.
Include a wellness element. Modern benefit plans cannot simply be a reactive document that covers expenses when an employee falls ill. Instead, it needs to include proactive tools and resources that promote a culture of health and wellbeing within the company. Wellness initiatives return real value in the form of higher productivity and retention, improved attendance and overall increases in employee engagement.
Leverage current technology. Making a benefits claim should be an easy and seamless experience for employees. Carriers that use online administration systems (even smartphone apps) get high ratings of satisfaction from employees regarding response time. This also decreases repeated questions to HR departments and allows employees to self-manage their benefit claims and queries.
Evolve and improve with time. Efficiencies can always be found to make the plan more cost effective and more valuable to employees and their families. Ask your benefits advisor to review the data frequently to ensure cost efficiency as well as to maximize the latest and greatest options best suited for your company and employees.
Finally, communication is key. Because a great benefits plan isn’t great, and won’t produce the desired results, if no one knows about it.
Communicate the benefits of your benefit plan. On a consistent basis, be open and transparent with employees about how the plan has been designed, who is covering the primary costs and what cost sharing is required. Good communication means that employees not only fully understand what they get from the plan and how to use it to meet their unique needs, but they also have a greater appreciation and respect for who is paying for it.