While employers want to make sure their teams have good benefits and incentives, it’s not clear how often they should examine their benefits structure. Some companies create a benefits structure and leave it as is for several years, which can be a turn-off for current and potential employees. Others opt to work with employee benefits services to help them examine the current benefit structure and recommend changes.
But how often should you adjust your company benefits? And do you need to work with an employee benefits service? While there is no hard and fast rule to how often you need to change your benefits, there are certainly pluses to consistently reviewing what incentives you offer your employees. Here’s how often you should work with an employee benefits service and why they are so important for your company.
Review benefits annually, at a minimum
At the very least, you should review your benefits structure once a year. By reviewing this with an employee benefits service, they can offer you an outsider's perspective about benefits that employees appreciate and ones they may not use. They can also inform you about new potential programs that would improve your workplace and create an additional incentive for your employees to stay on with your company.
Develop a good relationship with an employee benefits service
Find a company that provides good employee benefits services, so you have a long-term resource that always has your employees' well-being in mind. They can work with you throughout the year to identify gap areas, effectively introduce new plans, and even offer up ideas for the future. Connecting with your employee benefits service on an ongoing basis will serve you and your team for years to come.
Ask employees what they want
Keeping a pulse on your employees' well-being is crucial to a positive working environment. And taking a step back to listen to what they want is important for workplace transparency and communication. Because every workplace is different, create a poll to ask your employees about ideas or incentives they think would improve their work. From there, you can create a plan that finds the middle point between their wants and your company budget.
Be flexible, but realistic
While most employers want their employees to have everything they want and more, this isn’t a realistic standpoint regarding budget versus benefits. It’s crucial to hear out your employees to see what they want and need from a benefits structure, and being flexible to those requests will help you learn more about your team. From there, you can create an informed benefits package that still fits within your budget. You might not make everyone happy, but you certainly can ensure everyone feels heard.
Developing a good benefits package can be difficult, and adjusting it over time can become even messier if you don't handle it carefully. That’s why it’s a good idea to work with an employee benefits service like Ashton Benefits.
We believe in creating a solid relationship between employer and employee, and we strive to help our clients create a positive workplace. Ashton Benefits works with companies in various industries to stremaline benefit structure, HR-related tasks, payroll support, and more.
If you’re curious and want to learn more about our employee benefits service or other solutions, contact us today! We can’t wait to work with you.