04 Aug What Makes a Strong Employee Benefits Statement?
Today, it seems that employers are willing to offer all sorts of unique perks to drive recruitment, retention, and engagement. But could it be possible that they’re going about it all wrong? One Fortune Magazine contributor seems to think so. Perks, he argues, are not the key to attracting and retaining top talent. Yet, if not perks, what are the most important elements on an employee benefits statement?
Let’s take a look.
Employee Benefits Statement and Where to Start
Some experts suggest that returning to the basics is the best way to create an attractive employee benefits package. Business.com, for instance, cites the fact that healthy employees are more productive and engaged, so why not revisit your health care benefits? Offering more than just the minimum health insurance is a great way to boost your total rewards statements to make employees more engaged, motivated, and stress-free.
Speaking of stress, another benefit that can ease employees’ minds is retirement planning. The U.S. Bureau of Labor Statistics cites that 66% of private organizations offer retirement-related benefits. If your company falls within the 44% that doesn’t, you could be missing out on a huge opportunity to drive morale and thus improve engagement and business outcomes. Plus, offering a 401(k) package can save both you and your employees a great deal in taxes.
What to Add Next
Once you’ve gotten the core elements of your total rewards program under control, you’ll have to consider which additional factors you can add in to leverage your benefits to get the maximum value in terms of retention and engagement. Typically, that comes down to identifying what it is that your people value most. For instance, it could mean offering more flexibility, development opportunities, or better health coverage.
The only way to identify what your employees need and want is to increase the communication surrounding employee benefits statements. Through total reward statement software, you can make benefits information easier for employees to access, which will open the lines of communication and help to start conversations about what employees value most.
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