Competitive employee benefits packages are essential for attracting and retaining quality employees, but with the rising cost of health care squeezing an already tight budget, continuing to offer them can be tough. Cutting benefits may seem like a necessary reality for some companies, but doing so could have serious long-term consequences when it comes to staff recruitment, satisfaction, and retention.
Retaining employees is vital to the success of your organization. Putting together a strategic benefit plan will help you continue to offer a competitive benefits package that is attractive to your employees and your bottom line.
What is a strategic benefit plan?
A strategic benefit plan is a three-to-five-year plan that outlines specific organizational goals, strategies, and action plans for your employee benefits program.
This is a methodical, logical, and long-term approach to benefit planning and includes analyzing ways to contain costs through various plan improvements. Instead of making decisions year to year, developing a strategic benefits plan will provide a well-thought-out road map for your future benefits.
What are the benefits of implementing one?
At the company level, creating a strategic benefit plan will help greatly with internal budget planning. It can also be incorporated into your corporate strategic plan. This will bring HR and employee benefits into larger strategic conversations and ensure that a competitive benefits package continues to be available as a tool to help you achieve your larger organizational goals.
Employees will also see the benefits of a more strategic approach. Finding ways to contain costs for the company can be good for job security and job satisfaction.
When money is tight, it’s not just business owners who get stressed out. Employees also feel the squeeze. They worry that their positions, compensation, and/or benefits could be reduced or eliminated at any time. A long-term benefits strategy can provide relief for employees worried about potentially shrinking benefits.
Studies have shown that workplace morale is strongly linked to the quality of employee benefits. Reassuring employees that their benefits will continue is a beneficial move for companies. A strategic benefits plan can also include an employee communication initiative to help keep employees informed about the current status of their benefits— and secure about the future.
Need a better ROI on your corporate employee benefits? At Raffa, we’re not interested in finding you a policy solution for this year. We’ll create a long-term, employee benefit strategy designed to help you become an employer of choice. Want to build a better future for both your business and your employees? Get in touch with Raffa.
Photo by Saksan Maneechay