How to review your employee benefits package
There’s no denying that employee benefits are critical to attracting and retaining talent, particularly during the Great Resignation. With more seniors and tenured professionals quitting their jobs, it’s becoming increasingly evident that money isn’t the only motivating factor – and that employee benefits and wellbeing are just as necessary. Understanding employee benefits is a good place to start if you’ve been thinking about ways to keep your workforce from jumping ship.
This Pacific Prime Latin America article discusses how to review your employee benefits package to ensure they’re working for you.
Warning signs of an ineffective employee benefits package
Employee benefit warning signs that indicate a change is overdue essentially can come from your employees or benefits review.
From an employee’s perspective
The first thing to consider when reviewing any employee benefits package is how your employees feel about it. Whether you realize it or not, employees are already giving you direct and indirect cues.
Take a look at your turnover rate, for example. If many people have been leaving the company, you need to compare it to what’s happening in your industry as well as to your company’s past. Likewise, it’s important to look at employee feedback from exit interviews and other surveys. You might find that employees have already vocalized that your employee benefits package doesn’t suffice.
Additionally, pay attention to productivity and employee engagement. Employees who feel that their employer isn’t interested in them and their needs are often disinterested in their own contribution.
From reviewing your benefits
Another way to evaluate your benefits is by thoroughly reviewing the employee benefits you’re offering. There are some difficult questions you’ll have to answer, such as:
- Do we cover the basics (i.e. health insurance, sick leave, and family leave)?
- Do we offer anything extra that would make an employee want to work for us over our competitors?
- Have premiums increased since we started offering the employee benefits package?
- Are there any benefits that our employees do not or rarely use?
Getting clear on these points can help you where your existing employee benefits package stands and provide insight into areas that could be improved.
Ways to address issues with your employee benefits package
After you’ve assessed your employee benefits package and determined where changes can be made, there are some things you’ll want to keep in mind moving forward. The first thing to do is make sure you’re at least offering the basics. Once that’s covered, you’ll need to go beyond them by providing benefits that make your company stand out to prospective and existing talent.
Carefully go over each benefit and decide whether it meets your workforce’s needs as a whole. Be sure to provide employee benefits options that show you care about your employees’ wellbeing. It’s always recommended to ask for feedback on any improvements that can be made to your employee benefits package from your existing employees. Anonymous employee surveys are a great way to get honest feedback without singling out employees or putting them on the spot.
Tips to improve your employee benefits
With so many benefits in the workplace to choose from, it can be daunting to know which are the best employee benefits to focus on. The following employee benefits ideas can enhance any package.
Focus on wellbeing and work-life balance
Work-life balance is something that more and more employees are expecting, making always-on work cultures far from attractive. Employees may turn to their line managers if they’re feeling stressed or on the verge of burnout. However, many may hide their challenges to avoid uncomfortable conversations and due to fear of judgment. What’s more, line managers themselves may not be equipped to handle the conversation.
Offer training for line managers and those in other senior roles so that they can better support those who are struggling with work-life balance, mental health issues, and more. Having good people management practices in place can only do good for your company and its employees.
Communicate employee benefits effectively
Oftentimes, the issue doesn’t lie in the employee benefits themselves but in employees’ understanding of them. One of the best ways to improve employee engagement is by improving the conversation around wellness initiatives. Appoint one person (e.g. HR) to:
- Explain benefit options
- Suggest new benefits
- Offer information on existing benefits
You should also come up with a communications strategy to improve awareness, such as by posting information in the office. Similarly, make sure all employees can access information, such as through email and printed info.
Think flexible
Flexibility is key when it comes to employee benefits. With multiple generations in the workforce, employee benefits are more diverse than ever. The key is to offer effective employee benefits that make everyone feel seen and heard. While that might sound like a lot of work, it’s actually not thanks to flexible employee benefits.
Flex benefits allow employers to offer a wide range of benefit options for employees to choose from. For example, employees can pick and choose from benefits like:
- Health insurance
- Dental insurance
- Health screening
- Annual leave
- Gym membership
- And more
Employees can ask themselves “what benefits should I enroll in?” and choose the benefits that best match their needs and wants – which could look completely different from what their colleagues select.
Plan for the future with Pacific Prime Latin America
By looking at employee benefits from your workforce’s perspective, considering their feedback, and being honest about the benefits you’re offering, you’ll soon find out whether your package needs a redesign. If it does, make changes as soon as possible to avoid losing top talent to your competitors. The days of good benefits being an attractive bonus are gone and are now necessary for finding and keeping the best of the best.
Speaking of the best of the best, designing the ideal employee benefits plan is easy with the help of an employee benefits specialist and health insurance broker like Pacific Prime Latin America. Our 20+ years of industry experience, value-added services, and expert advisors are some of the many reasons why clients alike turn to us for corporate health insurance in Mexico, group health insurance in Mexico, and more.
Contact us to learn more about how we can address your employees’ health and wellness today.
Jantra curates and reports on the results of Pacific Prime’s monthly newsletters, as well as manages Pacific Prime’s Deputy Global CEO’s LinkedIn posts. Complemented by her background in business writing, Jantra’s passion for health, insurance, and employee benefits helps her create engaging content - no matter how complex the subject is.
Growing up as a third-culture kid has given her a multicultural perspective that helps her relate to expats and their families while 8 years of working remotely have given her unique insight into hybrid work arrangements and enthusiasm for employee benefits.
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