As of October 2018, the national unemployment rate remained at 3.7 percent, the lowest rate the country has seen in well over a decade.
This creates a new challenge for employers—the dynamic job market creates a competitive environment for potential employers. But you can build a competitive advantage for your organization by offering the right benefit options.
What does this do for an organization?
In short, better benefits means a stronger employee base. A recent industry study showed that over 80% of employees that have good visibility into their benefits feel a sense of loyalty towards their employers.
This benefits you as the employer on two levels. First, loyal and engaged employees tend to be more productive, which has an impact on your bottom line. Second, loyal and satisfied employees become ambassadors for your organization. If they can see themselves working for you for a long time, they will share that sentiment with others who they believe could also be a good fit at your organization.
This may not be a guarantee for all cases but having engaged and loyal employees can only be positive for your organization.
How can this be done?
- Find out their needs—and meet them. Issues arise when what employees want from their benefits and what they are actually offered don’t align. For example, many employees want benefits that cover things like well-being or financial wellness, although those are not as commonly offered as health insurance or other “standard” benefits.
What you can do in this situation is take a good look at the demographics, backgrounds, and needs of your current employees to find out what they really want out of their benefits. This could be as simple as a series of conversations or a survey.
- Have seamless communication. Good communication between you and your employees is the most important factor in providing the benefits that will keep them satisfied. Make sure you reach out to your employees periodically to make sure they do not have any questions or need any assistance. Many employees hesitate to reach out, even when they are confused or are having a less than ideal experience. Taking the time to reach out to them lets them know that you care.
You can also take careful note of your own experiences with your company’s benefits. If you notice there is a gap in benefits offerings or a different type of issue, odds are your employees are experiencing the same. If many of your employees have different needs than you, make sure then to communicate directly with them.
- Incorporate the latest technology. You wouldn’t make your employees communicate only via hand-written notes instead of email, right? Depriving them of the benefits of modern technology for their employee benefits can cause similar unhappiness.
Connect everyone involved with one easy software solution for all benefits administration needs. With a solution like Clarity’s, employees can view and compare multiple plans in one place and then enroll in the one that best suits their needs—all from a convenient portal. There is no better way to increase employee retention than provide them with relatable tools that help them pick the benefits they truly need.
Sources:
1. https://data.bls.gov/timeseries/LNS14000000
