More Bang For Your Benefits

 

With the economy restricting salary increases and sometimes forcing decreases, companies want employees to focus on "the rest" of what they offer.

 

Benefits are at the top of that list, of course, and employees value them more now than ever. But, even with the COBRA subsidy shining a spotlight on the cost of medical benefits, it remains a challenge to get employees to understand the full investment their employer makes in their benefits. The two most powerful ways to do that are to get employees to use the programs and to show the numbers.

 

Get them to use the programs

Ironically, the employees who value their benefits the most are not necessarily the ones with the most generous coverage. They are the employees who use their benefits. Per Mark Wira, Owner of PartnersAdvantage, a modest benefit program that is actually used is always going to be perceived as more valuable than a really rich plan that's not relevant or helpful.

 

However, getting the attention of employees and their families takes work throughout the year. You have to frequently remind them about what is available and make it ridiculously easy to take action - especially when promoting typically under-utilized programs like the EAP or wellness benefits.

 

At PartnersAdvantage they advise clients on how to get employees involved and using these valuable cost-saving programs. Here are a few examples:

• Promote preventive care with tips on recommended screenings and a list of top providers, or link to your health plan's provider directory.

• Remind employees about wellness programs by giving simple examples of how to use the programs with a link to sign up or enroll.

• Help employees understand voluntary benefits with simple explanations of the plans and links for more information.

• Explain all the ways the EAP can help (well beyond counseling) and link to resources either thro

• Promote on-site resources or discount programs by showing the ways they can save employees money. ugh traditional print campaigns or intranets within a company’s site.

• Show the employer and the employee contribution

Many companies let employees know the percentage of payments they pay - "We pay 85% of premiums." - but never reveal the actual number, which speaks volumes. At new-hire enrollment, during open enrollment and during mid-year changes, show both the employer and the employee contribution.

 

Likewise, if your clients have a print or online total rewards or total compensation statement, remind employees that it is out there and how to "add up" the employer's investment in benefits. These can be great tools for managers too, who are undoubtedly having tough salary conversations this year.

 

Employees value benefits more now
Multiple studies have shown that health and retirement benefits are one of the most important factors in retaining loyal employees. MetLife's 7th Annual Study of Employee Benefit Trends shows that health, retirement and other insurance benefits are an important factor in employee loyalty, much more so than last year. At the same time, advancement opportunities and company culture have decreased in importance from last year.

 

For more information on creating benefit packages that work for the employer and the employee, have your agent contact PartnersAdvantage at (888) 994-4412 or visit our website at www.getyouradvantage.com.