That “Special” Time of Year… Benefit Renewal
It’s that “special” time of year again…when many HR Managers, CEOs, and CFOs receive a call from their broker confirming a rate increase for their employee benefit plan. Employers and brokers alike roll up their sleeves to begin the task of reviewing benefits – looking for creative ways to keep up with the ever-increasing cost of health care.
With employee retention in mind, I offer the following things for you to contemplate:
- Have you provided any communication to your workforce about their “intangible” benefits? These are things that may include: work from home options, in-office coffee/snacks, casual dress code, work flex options, job sharing, paid and unpaid time off, paid holidays?
- Do you have performance recognition awards? Employee suggestion programs? Appreciation luncheons, outings or events?
- Do you provide career path opportunities? Internal job posting systems that allow for promotion or transfer? Tuition reimbursement? Internships? Self-development courses? Leadership training?
- Do you have any special benefits such as childcare programs, bonus reward programs, health club discounts, uniform reimbursement or cost share? Do you provide technology assistance? Free parking? Auto allowance? Cell phone reimbursement?
To help employees understand their compensation package, an annual total rewards review may be useful. This could be a one-page document that shows the employee not only their tangible compensation i.e., base wages, but also the employer paid costs for health, dental and vision. Be sure to include paid time off and provide a list of intangible benefits.
From my desk to yours…happy renewal season!
Written by: Pamela Watkins, Human Resource Management Consultant