Risk & Business Magazine General Insurance Service - Page 30
Increase Employee Retention With A Benefits Program That Protects From Life ’ s Storms
BY CANDACE ARVIN
In this ever-changing economic climate , it ’ s important for employers to up their game when it comes to providing benefits for their employees . Why ? Because keeping your employees protected and secure will ensure greater productivity and attract better talent .
To get started , you will need to assess the climate of your workplace . Does your employee benefits plan give workers what they want ? If you respond “ No ” or “ I ’ m not sure ,” then it ’ s time to reevaluate your plan . Reevaluating your situation is an easy way to gain in-depth information about what your plan gets right and what may be missing , plus it gives employees a chance to voice their opinion and recognize that you care about them . There are several ways to gather this kind of information .
Conducting focus groups is a constructive method of assessing your employees ’ benefit needs . In this situation , a varied mix of employees from your organization are invited to share their opinions . During the focus group , you ask a series of questions designed to initiate discussion about what employees like and don ’ t like about your current program and any changes they would suggest .
Participants should include managers , supervisors , clerical staff , technical staff , and remote employees .
And don ’ t form a single group . Form several that are comprised five to 10 employees each . More intimate groups encourage discussion and interaction .
Another popular way to conduct a needs assessment is through a survey of your employees . Your survey should include questions and statements about the plans that are available .
Talk to your employees one-on-one to find out what they think about current benefit offerings , what additional benefits they would like to access , and what benefits may have lost their appeal .
UTILIZATION REVIEW OF EACH EMPLOYEE BENEFIT
Data from your third-party administrator or insurance carrier can help you determine what benefits are being used and how often .