What do your employees really want?
By creating a well-rounded benefits package that is custom tailored to the needs of your employees, you’ll see a quantifiable increase in employee fulfillment and achieve the goal of any good corporate benefits package, to recruit and retain the best talent.
7 Steps to a Voluntary Benefits Program That Really Works
Voluntary benefits are a key part of a complete employee benefits plan – one that addresses the issues of your multi-generational workforce, fills coverage holes, helps you compete for talent, and keeps your expenses in line.
1. Recognize Your Business Objectives
- Vie for talent in your business sector?
- Enhance employee productivity?
- Fulfill and retain current employees?
- Diminish workers’ compensation claims?
- Span coverage gaps in crucial financial and medical benefits?
- Execute as a component of a general cost management effort?
2. Profile the Unique Needs of Your Workforce
Examine your workforce demographics and cases history. Build up a profile of their advantages needs in light of their life stage and individual circumstances.
- Demographic data ought to include:
- Qualified dependents
- Marital status
- Weekly, hourly or annual Salary Averages
- Work obligations
- Claims information (if accessible) for the past a few years including:
- Short-and long-term disability:
» Number of employees who went on disability leave and what they used to supplant their income
» Number of female employees inside child-bearing age
» Number of sole pay family units (i.e. single guardians, unmarried employees, workers with disabled or out-of-work spouses)
» Come back to work rates
» Number of outpatient diagnostics and procedures
- Ceaseless Conditions or Diseases (ie. Disease, Diabetes, Heart Disease)
» Number of diagnoses and variety of conditions
» Distinguish patterns in diagnosis and treatment investigating test treatment needs, second opinions access, prescription costs and medications
» Helps in assessing the general well being of your employee populace
» Number of medications because of accidents at Essential Care, Urgent Care and Emergency Room offices
» Seriousness of injuries
» Average out-of-pocket expense of transportation for care and lodging of patient and/or family individuals
- Inpatient Hospitalizations:
» Number of hospitalizations and the average length of stay
» Number of hospitalizations because of injury versus sickness
- Short-and long-term disability:
- Review and benchmark peer claims information of organizations that match your:
- Income size
- Number of workers
- Survey current voluntary benefits and their effect on decreasing cases.
3. Survey Your Current Benefits Advertising
Conduct a review of your present benefits plan to distinguish patterns that may impact your choices about
- Review premium rates against claims to comprehend connections and gaps that are effecting increments in premium dollars.
- Assemble and survey worker feedback on battles to pay medicinal costs or different regions of fulfillment or discontent.
- Analyze patterns for paycheck advances or loans against 401(k)s.
- Comprehend worker cooperation.
- Track cooperation rates, investigating two to three years of adoption and claims reports to recognize if workers are selecting in and utilizing benefits.
- Track changes in voluntary benefits cooperation and contrast with changes in demographics for a particular time period to figure out whether changes in demographics effected changes in cooperation.
- Track utilization of every offering by demographics to figure out which benefits resonate with which segments; distinguish which portions are undeserved or are offered a less various portfolio.
In the event that you as of now offer voluntary benefits, examine affordability limits, guaranteeing month to month premiums are inside industry best practices – month to month premiums shouldn’t surpass an employee’s one hour rate of pay per biweekly paycheck.
4. Gage Employee Interest
Review your employees to get a grasp of their concerns, their needs, and any components forestalling
their participation in a voluntary benefits program.
Investigate the requirement for:
- Advantages that fill holes in medical coverage
- Financial security
- Illness management
- Income security
- Executive benefits
- Way of life and well being arrangements
5. Survey Your Recruitment and Retention History
Search for any proof that your employee benefits have affected your ability to pull in and keep
- Audit past declinations of offers to recognize potential ranges where benefits played a part in the
- Audit exit interview surveys to figure out whether benefits were a key component in disappointment or
the choice to leave the organization.
- Benchmark competitor voluntary benefits offerings.
6. Audit Your Rollout and Interchanges Plans
Return to your voluntary benefits rollout arrangement and the communications strategies and channels used to advise and educate workers. Decide how these arrangements may effect enrollment rates.
- Survey earlier year’s correspondence and enrollment efforts to determine worker engagement, access to instruction, successes and disappointments.
- Survey present and past rollout plans and recognize missed correspondence opportunities either at open enlistment or at different times all through the year.
- Distinguish the best time to reach employees through the accessible communication channels.
- Figure out whether voluntary benefits enrollment ought to correspond with your core benefits open enrollment or to be done off-cycle.
- Recognize ideal enrollment channels, reflecting worker inclinations, including:
- On-location Benefit Counselors
- Online or Electronic Enrollment
- Call Center Enrollment
- Survey favored communication channels to figure out what will drive engagement and participation.
- Supervisor and executive level communications
- Pay check stuffers
- Email campaigns from the organization
- On-location group gatherings
- On-location carrier resources utilized at benefits fairs also, or group gatherings
- C-suite announcement
- Customized benefits booklets
- Webcast gatherings
- Home mailers
- Recordings or Avatars
- Instant messages
7. Survey Your Broker Relationship
In the event that you are as of now offering voluntary benefits, or have in the past, did your specialist help you build up a system that truly works? Survey your broker’s guidance and assistance on the following:
- Product suggestions that supplement your core medical benefits.
- Product suggestions in view of employee demographics.
- Multi-year product procedure and course of events that adjusts with your objectives for your core benefits.
- Premium affordability estimations.
- Communications and training support.
- Organization and enrollment support.
- Post-enrollment appraisals to benchmark victories and needed change.
When you add voluntary benefits to your core benefits plan, you can create a program that truly resonates with your staff and candidates. We’ll help you identify the ideal mix of benefits and structure an effective communications and enrollment strategy to guarantee success.