From employer-sponsored health insurance to retirement savings schemes, an attractive benefits package can help you hire the best employees and ensure you retain them for many years to come. This can go a long way toward positioning your company to excel in the marketplace and securing your reputation as a stellar employer.
But as incredible as it may seem, many employees don’t take full advantage of all the benefit options their employer offers.
So, what leads to this lack of participation? It’s likely a result of ineffective communication and education. Take these five steps to get everyone on board.
1. Make sure your new hires are fully informed
Leverage new-employee orientation and the hiring process to educate new team members about benefits. Be sure to provide each new hire with 😛 TAGEND
A detailed, printed overview of available their advantages and out-of-pocket expenses, if any Detailed instructions on how and when to sign up, including online enrollment if available Easy-to-follow instructions for how to get questions answered, including contact information for:
Your internal benefits representatives Outside vendors, such as insurance policies provider and investment company
If your company is large enough to offer new-employee orientation, be sure to dedicate a section to benefits and include a question-and-answer session.
2. Communicate early and often about open enrollment
In most companies, employees can change some benefits, especially health insurance, only during an annual open enrollment period. Exceptions are made for qualifying life events, such as the birth or adoption of a child.
Open enrollment is your big chance to showcase your employer-sponsored health insurance. Dedicate employees ample time to read and analyze info by communicating early in the game. Promote them to discuss options with their families and ask questions.
Because people often forget about annual enrollment or it sneaks up on them, communicate frequently use every technique possible 😛 TAGEND
Post notifications in community areas, such as breakrooms Email reminders beginning at least a month before and through the entire open enrollment period Sent an annual printed booklet with detailed information about benefits, and a flyer with dates as the deadline approaches Mail postcards to employees’ home addresses Offer benefits overview sessions at different times and places, if there is reason Use your company’s intranet and interoffice newsletter, if available, to exchange information and reminders
In all communication, be sure to include open enrollment dates. Also offer contact information for a representative who can answer questions, as well as a web address for online enrollment, if available.
3. Hold a benefits fair
Open enrollment doesn’t have to be a peon. If you have the resources, spice it up a bit- while still get all the details out there. Host a benefits fair. Schedule a conference room for a day and foster employees to walk in at their leisure to find out more about their benefit options.
Consider offering lunch or snacks. You might also think about providing blood pressure screening( a local hospital may be able to provide this at little to no cost) or a raffle for fitness equipment or dinner at a nice eatery. If you offer tuition assistance, invite a representative from the local community college to set up a booth.
Information tables can be staffed with subject matter experts, such as investment advisors, insurance professionals or health club representatives. Your HR personnel should be on hand to address any questions.
4. Help employees genuinely understand their out-of-pocket costs
Some employees may automatically assume they can’t afford benefits. Be sure the government had the tools they need to make trained decisions.
In printed materials and other communication, explain the impact of benefits on your employees’ wage. For instance, what expenses are the employees responsible for( partial premiums, deductibles, etc .)? When will premiums be deducted from employees’ paychecks? How does a flexible spending account run? What does their short-term disability insurance cover?
Provide links to online calculators, such as those for retirement savings, so that employees can better understand the value of their investments. Additionally, many health insurance providers offer online “cost of care” calculators, which allow your employees to get an estimate of their out-of-pocket costs for certain treatments and prescriptions.
5. Keep the info flowing throughout the year
Communicate constantly about benefits, both those that can be changed only once a year and those that are ongoing, such as tuition reimbursement, health club membership, employee assistance programs( EAP) and disability insurance.
Update employees quarterly through email, intranet and, if applicable, the employee newsletter. To make it fun, post on your intranet or in regular email communications trivia questions related to the benefits you offer. Then award a award to the first person who submits the right answer. Or theme the communication around special events, such as heart month in February.
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Read more: insperity.com