Employee benefits are a key factor in finding and retaining talent—especially in the midst of the Great Resignation. As the mass exodus of the workplace persists, it’s become clear that more than just paychecks are motivating people to change. Both benefits and well-being are also high on the list of motivations driving workers from their current employment.
If you’re a business leader who is desperately trying to keep your business, department, or team staffed, it may be time to review your benefits package. Here are a few signs that your current benefits are in need of an overhaul, as well as some suggestions for how to do just that.
EMPLOYEE BENEFIT WARNING SIGNS
In my experience, there are two primary locations where signs of a weak benefits package can arise: your employee’s perspective and a review of the benefits themselves.
1. Signs from Employees
A good review of your benefits package starts with an analysis from your employees’ perspective. What are your workers telling you, both directly and indirectly?
For instance, do you have a high turnover rate? Consider this question in the context of both your industry and your own past rate of employee retention. You should also be studying employee feedback, particularly during exit interviews. As your employees leave, are they pointing to your benefits package as a reason?
You can also look to things like employee engagement and productivity. If your staff seems uninterested in their work, they may be reflecting a similar sense of disinterest that they feel they’re receiving from their employer.
2. Signs from Existing Benefits
The second way to approach a benefits analysis is by taking a hard look at the actual benefits that you’re offering. As you are reviewing your current packages, ask yourself a few tough questions:
- Are basic items like healthcare, sick days, and family leave covered?
- Are there any additional items to sweeten the deal for a prospective employee considering a job offer?
- Has there been a surge in premiums since you created the package?
- Are there elements of the package that your employees rarely use?
The answers to these questions can help you gauge the current condition of your benefits package and suggest where any changes need to be made.
HOW TO IMPROVE EMPLOYEE BENEFITS
If you’ve reviewed your benefits package and found it lacking, here are a few suggestions for ways to address the issue:
- Make sure you’re covering the basics, while also going beyond them
- Review each benefit and make sure it targets your employees’ unique collective needs
- Ensure that you’re choosing benefits that show you’re invested in your employees’ well-being
- Ask your existing employees for feedback on how you can improve their benefits
Put yourself in your employees’ shoes and review their experiences and feedback, then take a hard look at the benefits themselves. If you find they need an overhaul, do so before it costs your business prime talent now and in the future. In this increasingly competitive business landscape, a good benefits package isn’t just a nice bonus—it’s an essential part of your compensation strategy that can help you attract the best talent to your business.
Jason is a healthcare executive specializing in technology and risk management focusing on the senior housing and long-term care industry.