According to the U.S. Bureau of Labor Statistics, employee benefits make up about 30% of the average worker’s paycheck. They also play a significant role in attracting and retaining top talent, maintaining employee satisfaction, and promoting overall well-being in the workplace. So, if you recently received a significant increase in your renewal, you may be wondering what steps to take next. Keep reading to explore what to do when your company is dissatisfied with its employee benefits renewal.
Evaluate the Current Benefits Package
Before making any decisions, it's important to thoroughly evaluate your existing employee benefits package. Consider factors such as the cost of benefits, utilization rates, and the competitive landscape in your industry. Understanding what is working and what isn't will help you identify areas that require improvement.
Open a Dialogue with Employees
Communication is key when it comes to employee benefit, and it's essential to involve your employees in the decision-making process. Consider conducting surveys or holding open forums to gather feedback on the current employee benefits and what changes they'd like to see. Ask for their input on options, such as health insurance plans, retirement savings accounts, and wellness programs. Tailoring benefits to employees' needs can help boost their overall job satisfaction. Involving your employees helps make more informed decisions and fosters a sense of inclusivity and engagement.
Remember, when changes are made to the employee benefits package, it's crucial to communicate these adjustments transparently. Ensure that your employees are aware of the changes, understand how these changes benefit them, and have access to resources for any questions or concerns.
Explore Alternative Employee Benefits Providers
If your current benefits provider is not meeting your company's needs or is proving to be too costly, it may be time to explore alternatives. Compare various insurance providers, benefits packages, and wellness programs to find the best fit for your employees and budget, and don't hesitate to negotiate with providers for better rates. Take the opportunity to find a provider that can also help you offload HR administrative tasks to help you improve efficiency.
Consult with Employee Benefits Experts
Your HR team may not have all the answers when it comes to benefits renewal. Consider consulting with benefits experts who can provide insights into industry best practices, cost-saving strategies, and innovative employee benefits options. Be sure to ask the right questions to ensure the partnership will be a good fit for your company.
AlphaStaff can provide your company with a team of experts to help you make more informed decisions. By partnering with AlphaStaff, your company joins a large pool of other companies, helping you get the right employee benefits to fit your needs. Navigating the employee benefits renewal process can an opportunity to demonstrate your company's commitment to the well-being of its employees. AlphaStaff understands that employee benefits are not one-size-fits-all, and tailoring your package to meet the diverse needs of your workforce can lead to a happier, more productive team. Click here to learn more.