by Holley Maher
Last month’s Smart Benefits column offered guidance on the pros and cons of dropping an employer-sponsored health plan. Employers who choose to provide benefits may wonder how to provide quality benefits in an ever-changing environment filled with new options, increased compliance regulations and rising premiums.
Employee benefits were introduced in 1798 when Congress established the U.S. Marine Hospital Service. Odds are your company hasn’t been in business since the 1700s. However, like health insurance, it’s likely your company – and your employees – have evolved.
No longer can an employer make benefit decisions by simply reviewing a rate page provided by a broker. Before your company’s next renewal, the HR director (or plan administrator) should sit down with the CFO (or someone representing company finances) to align priorities.
Employee surveys are a great way to assess the needs and interests of employees. With the right survey questions, you may be surprised with what you find. Today’s workforce is more diverse than ever, and one size doesn’t fit all. It should come as no surprise that a Colonial Life benefits survey revealed that 59% of employees want choices, so designing a successful benefit plan requires thoughtful planning.
Regardless of the plans offered, communication is key. MetLife’s 2013 benefit study reports that employees who find benefit communication effective are more than twice as likely to say they are very loyal to their company.
Ask your broker what planning tools are available. A good broker will provide a variety of resources to help you accomplish your goals.
Holley Maher (hmaher@SmartBenefitsPlus.com) is a partner at Maher, Rosenheim, Comfort & Tabash LLC, specializing in group and individual insurance.
Submitted 9 years 65 days ago