Do you have a benefits strategy for your company? If not, you're not alone. A recent study by Deloitte found that only 38% of companies have a documented benefits strategy. That's a shame, because having a well-thought-out benefits strategy is important for two reasons: it helps you attract and retain top talent, and it can help save your company money.
In this blog post, we'll discuss why having a benefits strategy is so important, and we'll also offer some tips on how to create one. So if you're wondering whether or not you should develop a benefits strategy for your company, read on!
The Importance of a Benefits Strategy
There are a few reasons why having a benefits strategy is so important. First, it can help you attract top talent. A good benefits package is one of the main factors that employees consider when looking for a job. So if you want to be able to compete for the best talent, you need to start here. Second, a benefits strategy can help you save money. A well-designed benefits package can actually reduce your company's costs by encouraging employees to stay healthy and productive.
For example, offering health insurance can help prevent employees from going to the emergency room for minor issues, which is often more expensive than getting treatment through your company's health plan.
So if you're still on the fence about whether or not you should develop a benefits strategy for your company, hopefully this has helped convince you that it's a worthwhile investment. But how do you go about creating a benefits strategy? Let's take a look.
Tips for Creating a Benefits Strategy
There's no one-size fits all. Each company is unique and has their own organizational objectives, which are critical to consider when designing a benefits strategy.Here are a few tips to get you started:
1. Start by assessing your needs. What is important to your employees? What are your company's goals? What can you afford?
2. Consider the cost of benefits. There's no point in offering a benefit that your company can't afford. Be realistic about what you can offer and how it will be implemented.
3. Make it personal. Benefits aren't one size fits all. Employees want to feel like their needs are being considered, so make sure you offer a variety of options. Remember, voluntary benefit options may provide incredible value to employees at no cost to the employer.
4. Get creative. There are many different types of benefits that you can offer your employees, so get creative and see what will work best for your company.
5. Also consider benefits that are developed within the company; those that aren't procured through a benefits broker, such as onsite daycare, partnerships with local businesses, formal leadership and management development programs, compensation incentive programs for every role, etc.
As an example, a restaurant owner in South Carolina that realized the number one reason employees missed work (also their number one hiring challenge) was due to lack of childcare, especially evenings and weekends. So instead of simply raising wages, the business owner met the employees’ needs by including onsite childcare paid for by the business. The business is now overwhelmed with applicants and employee morale is through the roof.
Developing a benefits strategy can seem daunting, but it's important for companies of all sizes. By following the tips above, you'll be on your way to creating a strategy that meets the needs of your employees and your company. So what are you waiting for? Start planning today!
Robert “Bo” Brabo, SPHR Benefits Strategy Advisor at RCM&D (a Unison Risk Advisors Company)
“Our innovative approach and comprehensive array of solutions go far beyond what you can expect from a traditional broker.”