Sometimes it is good to step back and look at why we are doing things the way we do. Why do I drive the same way to work every day or eat the things that I do? Perhaps there are better ways? More efficient, more interesting, or that match my needs better.
So, it is a good thing to stop and ask why you are providing employee benefits every once in a while. Some of them are easy – they are required by law. So things like workers’ compensation, Social Security, and health insurance (depending on your size) are pretty easy. But what about the others?
If you look at any textbook that mentions employee benefits they usually outline several reasons that firms provide benefits for employees. While there can be debate of some of the reasons the big one is – to attract and retain good employees. It is usually worded this way perhaps we should reword it so that retaining good employees is first as it is usually less expensive to keep and employee than to find a good replacement. Interestingly, IBM made a major change to their retirement plan about 20 years ago and told someone in the press that the change was made to attract good, younger employees. As you can imagine, that did not go over too well with existing, older employees. It got so bad that a member of the U.S. Hourse of Representatives talked about it on the House floor. This is not where you want to have your benefit plan debated.
If we stick with the idea that you offer non mandatory benefits to retain good employees, do you know what existing benefits your employees like? Do you know what benefits that you do not offer that the want? We have talked about communication before but if you are communicating peaches and employees want apples you have a problem.
At K Benefits we think that advising our clients goes well beyond getting quotes and installing plans. Anyone with a license can do that. We want to be your partner in the process and ensure that you get the most that you can from your benefit dollars. Give us a call at 404-662-2185 so that we can talk about this. And if there are other issues that you want to address let us know and we will work with you to find solutions that work for you.