Dynamic benefit programs and offerings are essential for employers trying to compete in an ever-changing business climate. Changes in the economy, federal regulations, and workforce demands make it imperative to assess and adjust offerings at least every two to three years.
To navigate the complex question of what benefits to offer, employers should identify goals and measurements to assess their benefits offerings and make adjustments as necessary. Start tracking metrics when new benefit programs are implemented and plan for a regular review and assessment to ensure you’re realizing the most value from what you offer.
As you determine how to assess your benefits, consider these ten suggestions, and implement at least three to five as ways you’ll monitor the success of your programs.
- Track usage Start with the low hanging fruit: Analyze the numbers. Are employees using the benefits you offer? If so, which ones? For example, what percentage of:
- Staff members are maximizing your 401(k) match?
- PTO days are used each year?
- Employees participate in commuter benefits?
- Participants are using health care benefits?
Spending on employee benefits is among the top five expenses for most organizations, according to SHRM. If you’re making that investment, it’s worth the time and energy to assess your offerings and ensure they’re meeting organizational and talent needs. Effective benefit programs are a necessity for any organization that wants to attract, engage, and retain the workforce required to move the business forward.
During a review of benefits programs, consider the retirement offerings. Human Interest helps small businesses set up, implement, and maintain a 401(k) for their employees. We’ll take care of creating employee accounts, processing contributions every pay period, syncing them with your payroll provider, and ensuring that compliance testing and paperwork are handled. To learn more, click here to contact us. We are happy to help!