Employee Benefits Guide
Selecting the right benefits package can be one of the most important things you do, in the life of your employees, and in the life of your business. An attractive and smart benefits program can be a differentiator for your company, and it can be a highly effective recruiting and retention tool. Companies that get benefits right reap big rewards.
But selecting the right benefits mix is not a cut-and-paste proposition, as there is no one-size-fits-all solution. Your workforce is diverse, it may very well be multigenerational, and so your employees will need and want different options.
You'll need to choose wisely. Benefits can be expensive and once you offer a benefit, it's not easy to rescind the offer.
And be sure to educate your workforce about their health insurance, 401k, FSA, dental insurance and other benefits you offer. Educating employees clears up common confusion around benefits and increases engagement and satisfaction.
In this guide, you'll learn about the four core components of a benefits package, what you need to consider when evaluating each one, and some expert advice on how to think about your company's approach to benefits.
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3 Reasons CFOs Should Care About Employee Benefits
If you think the realm of employee benefits is strictly HR’s domain, it’s time to change your thinking. Labor costs, including employee benefits, is often the largest expense of any organization and should be closely watched by both HR and finance. More financial leaders are taking an interest in human resources and starting to expand their influence outside the traditional areas of accounting. A recent Robert Half survey showed CFOs are more likely to expand their reach into HR more than any other department. 39% of CFOs said their role expanded into HR the most Source: Robert Half If you’re hands-off when it comes to employee benefits, it’s time to get his/her attention. Here are three reasons why a CFO should care: A Healthy Workforce...CFO
5 Cost-Containment Strategies to Make Benefits a Competitive Advantage
A diverse mix of benefits are one of the most critical tools employers can offer to attract top talent—but companies can’t ignore the impact benefits have on retention. Still, some financial leaders hesitate to invest in a variety of benefits packages due to the costs involved. Paycor analyzed more than 30,000 medium and small businesses and found that as organizations offer more benefit plans, there’s a substantial improvement in turnover. Specifically, organizations offering six benefit plan types saw turnover improve 138%. Check out our infographic below which examines five cost-containment strategies CFOs should consider to avoid breaking the bank.
Communicating Benefits to a Multigenerational Workforce
Your clients spend $11.60/hr. (on average) per employee on benefits, which represents a huge investment for small and mid-sized businesses (Bureau of Labor Statistics). But as you know, there’s also an investment of time; think of the many hours you spend guiding your clients through the process of crafting a benefits strategy that addresses the needs of the 5 generations in the workforce. But here’s the problem: if a tree falls in the woods, does anyone hear it? If open enrollment is confusing for your clients, imagine how their employees feel. Without the right education, employees stick with the benefits they know, and they may never know that there was a better option for them. According to Aflac, 46% of Americans take less than 30...