Understanding your benefits strategy is crucial to winning over employees. Learn steps to align your benefits, gather feedback, and personalize the experience to improve appreciation and engagement.
According to the industry news site BenefitsPRO, more than 90% of employees say employee benefits contribute greatly to their job satisfaction. But in a concerning trend, sentiments toward benefits have been dropping in recent years.
According to the most recent data from MetLife, employee satisfaction with benefits has dropped to 61%.
Organizations are taking note. Employee Benefit News (EBN) reports that over 80% of employers plan to add or improve their benefits this year. This investment is seen as crucial to recruiting and retaining employees.
In many cases, improving employee satisfaction doesn’t require a benefits overhaul. However, benefits may need to be better aligned with employees’ needs and values. Other times, providing more education and information will increase benefits usage and appreciation.
The following strategies can boost employee satisfaction with your offerings.
- Understand your benefits strategy.
- Gather and act on employee feedback.
- Personalize benefits.
- Enhance communication and education.
Understand your benefits strategy
BenefitsPro says it’s critical to determine the reasons behind your benefits strategy. Understanding your strategy allows for more impactful communications with employees. It also ensures better alignment of your benefits with your business goals and employee needs.
EBN notes that some organizations add benefits to match competitors or catch the latest trends. But being more strategic about your benefits solutions can help you:
- Understand strengths, weaknesses and gaps
- Increase employee use and appreciation
- Remain responsive to changing needs
- Set metrics for success, including health improvements
- Maximize cost savings
- Determine return on investment
Gather and act on employee feedback
BenefitsPRO touts the advantages of regularly asking your employees for benefits feedback. These insights allow you to adapt your strategy as workforce changes arise. Giving your employees a voice will also increase benefits engagement and satisfaction.
Surveys and town halls can start conversations, but a customized approach to feedback can deliver more valuable insights. BenefitsPRO recommends analyzing how and when employees use benefits and asking for their input shortly after they use an offering.
Near-real-time feedback allows employees to communicate while benefits interactions are fresh in their minds. You can remind them of related resources or eligibility for programs and incentives. This approach can also help employees feel more connected to your benefits offerings and get more out of them.
According to EBN, feedback already informs decisions related to benefits providers. Fifty-five percent of benefits professionals use employee feedback when choosing providers. More than 40% said employee dissatisfaction would lead them to change providers. This reason outpaced cost concerns.
Even on restricted budgets, employers are looking to add benefits based on employee needs and wants. EBN reports increased interest in adding:
- Wellness benefits
- Emergency savings accounts
- Pet insurance
- Expanded paid time off
- Professional development
- Lifestyle spending accounts
Personalize benefits
Armed with feedback, it’s easier to customize offerings for your employees. Understanding your employees’ wants and needs allows you to tailor benefits offerings to your workforce. Typical areas of interest include:
- Physical well-being
- Mental health
- Financial education
- Retirement planning
- Disability insurance
- Caregiver resources
Within broad categories, you can customize communications to increase awareness and use of individual offerings. Doing so allows you to adapt your benefits communications as employees go through different life and career stages.
EBN says companies are prioritizing access and ease of use. But it’s also critical to measure engagement and satisfaction. Personalizing benefits is more than just finding out what employees want. It also means following up and collecting data to see how employees use your offerings and what they think of them.
For example, offering access to a mental health app checks a box. But it will only move the needle if it’s user-friendly and employees want it. You’ll also want data to measure adoption rates, ongoing engagement rates and employee satisfaction with the app.
BenefitsPRO says personalizing your offerings based on member use and data increases benefits satisfaction, employee productivity and return on investment.
Enhance communication and education
According to the human resources association SHRM, almost 80% of employees spend 30 minutes or less reviewing their benefits options during open enrollment. This lack of engagement underscores the need for year-round benefits communication and education.
Your benefits offerings become more valuable when employees are proactive and engaged. Consistent, transparent communication can help. Avoid jargon and use concise language. This makes it easy for employees to access benefits, find providers and contact information, understand costs, and pay bills on time.
Bring in benefits experts to increase awareness of your offerings. This step can be particularly valuable when changing or adding benefits. Offer various educational formats, including webinars, online platforms, group sessions and one-on-one meetings.
Your benefits adviser can support your efforts to educate employees and communicate about your offerings. They can also help you set your benefits strategy, gather employee feedback and personalize the benefits experience.
