Base pay goes a long way to finding and retaining quality employees. However, many employees are willing to work for a slightly smaller salary for the right set of benefits. Employers cannot afford high employee turnover rates. While health insurance will always be the top benefit, there are multiple other low-cost benefits employers can use to retain their workforce.
- Health insurance. Employees want better medical, dental, and vision insurance. One study found almost 90% of respondents would give superior benefits some consideration when looking for a new job.
- Work-life balance. Employees want more vacation time and paid time off. However, they are also interested in work from home options and flexible work hours. These types of benefits can sway employees to take a lower paying job for its greater benefits. Consider offering flexible start times or incorporating the option to work from home one to two days per week. This does not cost employers money, but it does earn employee loyalty.
- Student loan forgiveness and tuition assistance. It should not surprise employers that more and more employees want help paying back student loans or financing their degree. The current generation entering the workforce has more college debt than previous generations, but they are earning the same salary as their less indebted peers. While this may seem expensive at first glance, it does not have to be. Consider offering to pay $100 a month toward existing student loans. This comes out to $1200 per year. This is often a much easier sum to manage than offering an increased salary to compete with other businesses.
Employers who keep losing talented candidates or existing employees to competitors may need to reevaluate their current benefits package. If rival companies are not proposing exorbitant salaries to lure away workers, they are likely offering them better benefits. To learn more about how benefits can help your business stay competitive, contact the experts at Chelten Consulting.
There is a lot of information new hires need to know. Onboarding processes are notorious for being dull and resulting in many glazed eyes, lack of attention, and failure to absorb the necessary information. Reducing the duration of this process as well as improving the efficacy has two primary benefits. First, Human Resources (HR) is able to disseminate important information without wasting time. Second, companies can start seeing a faster return on investment from their new hire.
Revamping Orientation Programs
HR has the important but tedious task of communicating a vast amount of information to new hires: performance review procedures, the employee handbook, and so on. HR departments often send out newsletters or create PowerPoints to address this information. Even so, many employees fail to absorb it or cannot find what they are looking for later. To overcome this communication hurdle, HR should make their onboarding process:
- Death by PowerPoint is alive and well among many HR new hire orientation programs. It is also ineffective. Visual presentations that are not-text-heavy are much more likely to capture an audience’s attention than slides overloaded with dense sentences.
- Taking a holistic approach can show new hires how all of the information they are seeing relates. This type of approach can connect the dots to elucidate the larger picture.
- Cross platform. Much of the advice for HR professionals recommends communicating information in small pieces so as not to overwhelm employees. While this may be true, HR departments should also take steps to house all of the information in an easy to access and search location. Employees should also be able to access the information from any device.
Chelten Consulting understands your company needs effective information distribution strategies. Making these changes can accelerate and improve new hire benefits communication. Contact us to ensure your business is using the most effective methods of communication.
Communication between insurers, employers, and employees is vital – it is the essential tool in maximizing efficacy, value, and plan satisfaction. Employees make the most of their health plans when they fully understand the type and extent of coverage available. This includes knowing where and when and how they can access information about their policy. Failure to communicate in an effective and timely manner leaves employees confused, frustrated, and dissatisfied, leading to a decrease in perceived value.
One of the most cost-effective steps an HR department can take in improving cost, utilization, and efficacy of benefits plans is to improve communications. This means meeting employees on their terms – making information available through audio, video, and print. Making the information available online, 24/7, and compatible with all major electronic devices is also crucial. Employees should never have to guess or wait to find out which doctor visits are covered, and to what extent. An employee should never have to guess which doctors are in-network or which medications have higher co-pays.
What steps has your HR department taken to modernize and optimize employee benefits communication techniques? To learn more about new strategies in this area, contact us.