In today’s competitive business landscape, offering an optimized benefits package is essential to attract and retain top talent. Failure to meet employees’ expectations may result in talent loss and skill depletion, leading to inefficiencies and labor deficits.
Benefits also speak to the regard in which you hold your employees. Prioritizing their wellness and happiness creates loyalty, promotes a positive company culture, and even improves productivity and engagement. Workers are increasingly prioritizing an excellent benefits package over high wages, and your offerings can attract talent that might otherwise be outside your budget.
If you’re looking to optimize benefits for 2024, consider these three ways to bring more to the table while remaining within your budget!
1. Review your budget and your objectives for your employee benefits to search for places where you can gain additional value.
Healthcare costs continue to rise, and top employees require packages that give them excellent coverage and value. Because of this, you will need to gain the most value out of the budget you have set for benefits. Without a package that takes care of your employees, you may find fewer are willing to remain with your company.
Consider your selection of carriers or vendors and search for those who provide additional services beyond their core offerings. You may find carriers who offer employee assistance programs (EAP), partnerships with valuable supplemental services, mental health services, and telemedicine. You may even find some who offer financial wellness support, gym partnerships, and pet insurance.
Don’t be afraid to dream big on your benefits package! Think about what you’d like to offer your employees. Make a list that prioritizes them from “must-haves” to “nice-to-haves”. With due diligence paid to what’s available, you may be surprised by what you can find!
2. Evaluate the utilization of the benefits you currently offer as well as worker satisfaction with your current employee benefits.
An extensive benefits package that doesn’t satisfy the needs of your workforce represents both money and potential wasted. Employee needs change every year, sometimes significantly, and your current offerings may no longer be relevant to what your workers hope for. Ensure your benefits still supports the needs of your workforce in the current environment.
Gather information about how your current employee benefits meet the needs of your workforce. Inquire about what other offerings they would find relevant, and see if you can include those in this year’s package. Going forward, continue to monitor opinions about your benefits and adjust your strategy as needed.
3. Outsource your employee benefits administration to experts like GO Admin Solutions.
An expert employee benefits administrator can take the work out of building a benefits program that achieves the most value without draining your time and energy. They have the knowledge to create robust, optimized benefits packages that attract quality employees and retain them. Best of all, outsourcing our benefits administration leaves you free to handle the tasks only you can accomplish.
Because benefits administration systems require knowledge and familiarity both with the systems involved and with federal regulations regarding benefits, it can be easy to make mistakes. Benefits administration professionals work within these systems every day and can accomplish your goals with fewer errors. You will gain efficiency and potentially save money by leaving this work to the pros.
Employee benefits administration experts can create a customized benefits program that provides you with the most value for your budget, including the right vendors and add-on benefits to supplement your core offerings. They can also advise your employees on eligibility, enroll them, and administer the program. As your employees utilize your benefits, your administration experts can also provide you with reporting, analytics, and actionable insights to help you reach your goals.
Build a Customized Benefits Package to Improve Employee Satisfaction with Help from GO Admin Solutions!
At GO Admin Solutions, we understand the value of your time and the importance of providing the best benefits offerings while remaining within your budget. That’s why we work with you to craft a benefits program that gives your employees the support they need without going overboard on price or complexity. Contact us today to learn more about how we can help you meet your employees’ needs
