Employee benefit policies are more than just a foregone conclusion in the minds of your workforce. They’re how you show your employees how much they matter and, in turn, how much you care about what they have to contribute. This is a large part of why an occasional employee benefit review is so important – having the right benefits program doesn’t just make it easier than ever to attract top talent. It also puts you in the best possible position to keep these valuable employees.
The Art of the Employee Benefit Review
The first step in terms of determining whether or not your organization needs new employee benefits involves conducting a needs assessment, otherwise known as an employee benefit review. Not only is it important to carefully consider the needs and wants of your employees, but you should also take into consideration what your competitors are up to. Are similar companies able to offer significantly more than you can? In the mind of a potential applicant, what do they offer that you don’t or vice versa? These are hugely important questions to understand and answer.
Likewise, you’ll need to consider recent changes to things like tax laws and other regulations that may affect what you’re able to provide and, more importantly, how you’re able to provide it.
During this time, you’ll also want to conduct a utilization review of each plan to determine how employees are actually using what you’re currently offering. A plan that is competitive on paper that your employees are under-utilizing ultimately isn’t as competitive as you think it is.
Finally, you’ll want to consider all of the above within the context of your benefits budget and how much you plan on spending for things like insurance coverage and more. Within the larger framework of your total budget, you will then be able to sit down and come up with an optimized plan that address as many of your concerns and your needs as possible.
At the end of this process, you may find that your current benefits plan is exactly what you and your employees need it to be – and that’s terrific. However, if changes must be made, this type of employee benefit review will give you the opportunity to strike while the iron is hot and go into the new year on the right foot.
Pacific Unified Insurance: A True Partner in Your Success
At Pacific Unified Insurance, we’ve been helping companies just like yours address all of their insurance needs for decades. We deeply understand that your workforce is ultimately the foundation of your entire organization’s success and such a large part of that comes down to having the right benefits packages in place for the right employees at exactly the right time.
If you’d like to find out more information about how to tell if your business needs new employee benefits, or if you have any additional questions that you’d like to discuss in a little more detail, please don’t delay – contact Pacific Unified Insurance today.