Renewal for many benefits plans occurs each year in January. We’re currently in the 90-day window when most renewal and open enrollment meetings are held for those plans that renew in January. Employers have an opportunity and an obligation to help ensure that employees are getting the best value from their benefit plans. Employees should be afforded the chance to better understand the plans they are enrolled in and the options being offered for medical, life, dental, and disability insurance.
MetLife’s 9th annual Study of Employee Benefits Trends found that employees who report that they are very satisfied with their workplace benefits are about three times as likely to indicate that they are highly satisfied with their current job. They feel more loyal toward their employer compared with those who are very dissatisfied with the benefits program. Employers who want to gauge employee satisfaction with current benefit plans could conduct a benefits survey.
Another way to begin the process of educating employees is to provide a benefits statement. It lists all benefits provided to employees and has separate columns to show employer and employee contributions, which highlights the significant contributions many employers make. Many companies refer to this information as “your hidden paycheck.” Your insurance agent or benefits carrier may be able to assist you in developing a benefits statement.
Employees with a greater understanding and appreciation of their workplace benefits are likely to have improved job satisfaction resulting in feelings of loyalty toward their employers. Some ways to create more knowledgeable employees are through benefits surveys, benefits statements, and employee meetings during open enrollment. Partner with your agent to plan and execute these steps toward improved employee satisfaction.
Blog Authored by: Jeanne Hines, SPHR