How to Offer Premium Benefits Without the Premium Cost
You want to attract and retain top talent at your business, and offering a robust employee benefits package can be the difference between an ideal candidate taking a job at a different company. That being said, the cost of a full benefits program can be expensive, and the prices rise every year. Still, cutting back on your company’s benefits package may be risky. One study conducted by MetLife found that 58% of employees believe that their benefits package is an important retention driver1.
Fortunately, there are certain things you can do to save your business money without sacrificing the quality of your benefits package.
Here are three smart ways to save on employee benefits:
- Offer Benefits Tailored to Your Employees
Many companies make the mistake of offering and paying for benefits that their employees don’t want or need. If your company hires a large amount of young, single people—life insurance might not be at the top of their list. Find out what benefits your employees want. Survey them and have them rank benefits based on desirability. Generally speaking, medical and retirement benefits appeal highly to most people.
2. Promote Health and Wellness
The cost of benefits go up for you when employees use their benefits. You can prevent this by promoting healthy living and wellness in the workplace. This can be done in a number of different ways. Offering discounts on gym memberships, encouraging walking breaks, having healthy snacks in the break room or providing adjustable standing desks for your employees are all great ways to promote physical health.
But health and wellness can go beyond exercise and healthy eating, too. To avoid employee burn out which can lead to chronic stress, it’s important that your company offer sufficient paid time off and regular company outings or activities. Exhaustion can place a heavy burden on employee benefit plans, as well as employee productivity, so it’s important that you leave time for your employees to recharge.
3. Manage Benefits with Technology
The cost of insurance premiums and other benefits are not the only things that can get expensive. Administering benefits can hog your employees’ time and prevent them from doing other more productive tasks, costing you a lot of money.
Human capital management software can help business save money on administering benefits. Technology can speed up the enrollment process, cut down on data preparation and entry, reduce manual errors and improve employee satisfaction with employee self-service features.
How EPAY Can Help
EPAY offers one seamless platform for HR administrative services. Our benefits administration module offers online open enrollment, COBRA management services and ACA reporting. We’ll help you save time and maintain up-to-date, auditable employee records with customizable workflows and tracking, digital signature capture and automatic data transfer to carriers. Contact us to learn more.