5 Reasons Your Benefits Could Scare Employees Away
It’s important for employers to arm themselves with the best possible comprehensive employee benefits program. It’s also critical to understand where you might be falling short. You can provide great options, but if those are combined with less-than-appealing elements or service, the combo could impact employee retention, company morale, and your reputation as an employer who puts their staff first.
Are You Lacking When It Comes to Michigan Comprehensive Employee Benefits?
Employee benefits can never be all things to all people. In general, employees know this and accept it. However, there are some non-negotiables that can tank an employee benefits program:
- Few choices: There are so many group health insurance options and other perks for Michigan employees. Instead of just taking the basic plan as it is presented to you, you can work with a dedicated benefits expert to create a menu that will speak to every employee in some ways, from customizable consumer-driven healthcare plans to benefits that speak to your multi-generational workforce to voluntary benefits not typically covered under basic health insurance.
Naturally, rising healthcare costs can impact the bottom line and you must protect your company’s revenue, but if you don’t have employees who are happy and satisfied with their benefits, your company will suffer regardless. Offer them the best to attract and retain the best.
- Lack of education: Group health insurance is complicated and can be confusing. Employees want to know all their options, but they don’t necessarily want to trudge through pages and pages of documents to get to the important details that are pertinent to their needs.
Help employees understand what they can afford when it comes to benefits, and that they won’t be paying for services they’ll never use. They’re called “benefits” for a reason – they should positively impact your employees, and cost transparency is part of that. Make health insurance and all the options surrounding it as easy to understand as possible.
- Minimal online capabilities: Paper is nice, but if your employee benefits information is not available online, your employees will complain, and it may be enough to make a potential employee turn down a job offer. Even your human resources department wants a comprehensive benefits resource and reference library that will make their management of your benefits program easier to digest and explain. Get as much online as you can so employees can easily manage their benefits, wherever they are.
- No perks: Incentives are critical to keeping employees happy, and you can tack rewards on to your existing group insurance benefits. Motivate your employees with an escalating bonus structure, more paid time off, retirement plans, matching 401(k) contributions with a vesting period, on-site flu shots, on-site childcare, low-cost or no-cost healthy lunch options, continuing education, a flexible schedule, work-from-home options, office improvements, and even title changes. Everyone likes to feel special. Make sure your employees know how much you value them.
- Poor communication: In short, communicate employee benefits clearly and often, not just at times of open enrollment. Ask your broker or insurance carrier to arm you with easy-to-understand breakdowns of the information that is pertinent to each employee. Think infographics and bulleted lists. Make the details simple to read and absorb for your busy employees. And remind them to use their benefits, like health savings accounts, complimentary gym memberships or wellness classes, nurses on call, and annual well visits.
The difficult part of offering appealing Michigan employee benefits is in finding a happy medium where employer and employee are both content and neither one is stretching their dollars too far. Get help designing the best Michigan employee benefit program package for your company and workers. Talk to a Michigan employee benefits expert at The Benefits Group to discuss comprehensive employee benefits.