A clear understanding of what your organization is looking to achieve with its benefits plan will help you make the right decisions when making tough calls on your plan design.
Why does your organization provide benefits? According to Accompass' President Sarah Beech there are three primary reasons that an organization provides benefits.
1. To be competitive with other organizations.
This drives back to the need to provide a compensation program that allows you the ability to attract and retain the type of talent that you’re hoping to build your business with. In short, offering benefits is simply a cost of doing business.
2. To maintain productivity and reduce absenteeism.
One of the main drivers behind a benefits plan is to keep your employees doing what they’re being paid to do. They should be in the workplace contributing to your company’s success, and the various paid benefits help to keep them there, and not at home sick. When this is the primary motivation, when faced with pressure to contain costs employers will explore more options that are not related to this objective.
3. They care about their welfare and well-being.
This is reflective of an organization’s culture and brand, and you’ll find companies with more focus on this aspect are more willing to include benefits and perks that are “above and beyond”. These companies will have a heavier skew towards the “wants” and “perks” compared to other organizations.
Delivering Benefits Employees Want.
Employee engagement surveys will help you to gauge how much your various benefits are appreciated, and may give you insight about where you have some flexibility to make changes, particularly against the market.
This content was re-purposed from the original article.
Full article: The Road to Chronic Wellness, published by Benefits and Pensions Monitor Magazine.
Author: Sarah Beech, Accompass President.