Let’s face it, Happy Employees=Positive Company Results
Employee job satisfaction can go a long way in the success of your business. Company benefits are a big part of the package provided to your employees to use for recruitment, retention and an overall sense of career fulfillment.
You invest in your employees with both time and money to ensure they are happy and productive. All of these factors contribute to the bottom line success of your company.
The following are ways you can communicate benefits to your employees:
- Open enrollment is the perfect opportunity to highlight and remind your employees that they are a valuable part of the organization. Have your benefits consultant and/or HR outsourcing provider hold meetings, webcasts, and create marketing material to promote participation. Many Brokers and HR companies will do this for free, just ask.
- Include a Benefits section in your internal communications. The company newsletter, intranet web site, and the wall in the break room are great places to promote the benefits package. And don’t just focus on the Health benefits; give information on the supplemental as well. Vision, Dental, Life, and FSA’s are great (and relatively inexpensive) ways to boost morale.
- Conduct a health fair. Having the carrier, vendors and wellness providers all in one place will provide your employees with an open, non-threatening forum to ask questions about their health and the insurance.
- Why not reveal to your employees the actual dollars spent behind the scenes? Illustrating a true salary shows a stronger financial commitment to your employees and this information needs to be shared given that the national average of benefit costs represents 33% of total compensation to employees. For example, an employee earning $50,000 annually is actually costing you, as the employer, as much as $66,500 including benefits. Add in workers comp, employer taxes, 401(k) match and the numbers get even higher.
Communication is the key. Both employees and employers can feel the negative effects of insufficient communication of employment benefits. Employers can face difficulty with respect to employee recruitment and retention. Employees, in turn, may suffer from poor morale if they feel their company undervalues them, contributing to a negative work environment. Conversely, when a company shows it cares about its employees, both parties can greatly benefit from the advantages of open communication and a well-informed, strongly motivated staff.