Offering employee benefits is not only an investment in your workforce, but it’s also an investment in the long-term success of your business. Many companies will end up not receiving the full possible return of their investment because employees either do not understand or do not fully take advantage of the benefits available to them at your company. Here at The Lambert Agency, we’re able to help employers effectively and efficiently design and properly communicate their employee benefit programs so the employees actually use said benefits on a regular basis, and you as the employer see the benefit in employee productivity and improved morale.
Why Employee Benefits Utilization Matters
A competitive employee benefits package may promote the following:
- Attract top talent in an otherwise crowded job market
- Improve employee retention rates through making your employees feel valued and part of the team
- Boost productivity by reducing overall stress around health and finances
If employees are not aware of the options available to them, or they don’t understand the employee benefits package, those benefits will often be underutilized, and your company misses out on maximizing their full potential.
5 Ways to Maximize the Value of Your Benefits Package
Survey Employees Regularly
Would you like to know the best way to determine if employee benefits packages are valuable to your organization? Simply ask your employees. A simplified, short survey can truly help you identify which benefits employees use the most, which benefits they use the least, and what they would like to have added to the employee benefits package in the future. Here at The Lambert Agency, we’re able to help employers fully utilize this feedback to best restructure plans for the maximum benefit possible.
Offer a Mix of Core & Voluntary Benefits
Not all of your employees need the exact same benefits. When you offer a balance of the core benefits such as health insurance, dental insurance, vision insurance, and retirement benefits paired with voluntary benefits such as accidental death and dismemberment coverage, critical illness coverage, pet insurance, etc…; you’ll often find your employees will choose what matters most to them on a customized basis. Voluntary benefits can be employee paid as well, so the employees who choose to use the voluntary benefits at a group price can do so without adding additional costs to the company.
Communicate Benefits Clearly & Often
Employees will need simplified explanations without all of the extra insurance jargon. Instead of simply handing out a packet of information once per year, emphasize and explain the available benefits to your employees with email reminders, “lunch-and-learns”, and employee portals to access and update information. The Lambert Agency can assist with this process to best guide you and your employees on benefits optimization processes.
Highlight Real-Life Scenarios
Demonstrate to employees how their benefits package will actually work in practice. Examples of this may include:
- “How disability insurance can replace income during recovery”
- “How an HSA saves money on out-of-pocket medical costs”
- “How an EAP offers free counseling during stressful times”
When you make benefits truly relatable to your employees, it helps them see the true value in the employee benefits packages.
Review & Adjust Annually
Your workforce will change over time, and your employee benefits packages should change as well. A younger workforce may choose to prioritize employee benefit options such as student loan repayment assistance, while at the same time, an older workforce may prioritize retirement contribution matching and enhanced health benefits. Here at The Lambert Agency, we’re happy to conduct annual reviews to better ensure your employee benefits package evolves with your team’s wants and needs.
The True ROI of Employee Benefits
When employees actually understand and utilize their employee benefits, businesses will often see:
- Lower turnover costs
- Higher employee satisfaction
- Fewer absences due to improved health and wellness
- Stronger recruitment with a more competitive offer
Improve Your Business Performance Today with The Lambert Agency
Employee benefits packages should not be looked at merely as an expense, they should be viewed as a strategic investment into the success of your business performance. When you properly survey your employees, offer a variety of employee benefits, clearly communicate the perks of said benefits, and review on a regular basis; you’re able to maximize the value and ROI of your employee benefits packages with ease. Here at The Lambert Agency, we are able to create employee benefits programs which actually deliver results. We’ll assist you in gaining the most out of your employee benefits investment, while simultaneously producing ROI. Feel free to contact us with any questions you may have and we look forward to working with you soon.