How recruit, retain & raise morale.
Companies need quality employees to reach their full potential. Understanding the major factors that are responsible for hiring skilled labor will better position you to outmaneuver your competition and continue to grow.
EVALUATING YOUR COMPETITION
Wages and benefits are the first things that employees consider; How does your company stack up to its competitors?
Have you ever had an employee leave for a small raise at a competitor that’s 20 miles further from the employee’s home? Sure, you know that when factoring in all of the expenses associated with the longer commute that the employee will lose money by accepting the pay increase but if the employee only cares about the salary you’ve still lost them.
Understanding what means the most to your current and prospective employees allows you to make the adjustments necessary to continue to grow. Adjustments often don’t involve added expense, rather making sure your current allocation to wages and benefits is generating the highest possible return to your organization.
Learn what other companies are spending on benefits for their employees. Are you competitive?
Before COVID-19, unemployment was at its lowest levels since 1969. Many companies are struggling to attract and retain the best employees to meet the requirements to grow their businesses. Two things help you stand out in the eyes of your employees and prospective new hires: paying higher wages and offering comprehensive medical insurance benefits.
The first step in differentiating yourself from your competitors is determining how you stack up against their wages and benefits. Understanding your competitor’s pitch to prospective employees can be as important as understanding their product offerings.
5 Convenient Resources for Finding Qualified Employees
The Bureau of Labor Statistics have both predicted massive labor shortages over the next decade. Given the impending labor needs and the requirement to recruit a new generation of employees, you will need to think outside the box when it comes to finding your future workforce.
If you don’t have a talent acquisition plan to find qualified employees you had better develop one in a hurry.
Generate a Surplus From Your Benefits Expense, Then Re-allocate Those Dollars to Personnel and Business Investment
Many employers simply accept that the benefits expense is simply a cost of doing business and can only be managed to the extent that increases are “less bad” than the year before. Employers of choice understand that after years of neglect, proper management of benefits expense allows them the opportunity to turn a liability into a competitive advantage.
Understanding cost allocation within benefit plans and the misaligned incentives that work against employers is the first step in generating a surplus to reallocate to your core business operations.
Smart Companies Leverage Customizable Benefits to Win at Employee Recruiting and Retention
To employees, how their benefits are consumed is as important, if not more-so to what benefits are offered. Employee benefits is a top three expense at most companies but very little resources are put in place to deliver those benefits.
Companies can leverage enrollment counselors and other media to overcome computer access issues and allow their employees customizable benefits, a concierge enrollment experience, and simultaneously move their benefits administration online.
BEATING THE COMPETITION
Companies can now switch to insurance advisers who offer more services WITHOUT paying more!
Companies spent an average of almost $10,000 per employee per year in recent years. Change can be difficult but with a top three expense inexplicably increasing annually it is necessary. Fortunately there are insurance advisers who can lower these costs while giving your employees better care with proper incentives.
Having an understanding of how to make a change and what is involved will allow you to decide if you continue to do business as usual, accepting rising costs as the norm, or make the change to turn an expense for your competition into your greatest competitive advantage.
Discover the #1 way companies can improve benefits in the eyes of their employees
Many companies walk a tightrope between soliciting employee input on medical benefits and making a global decision for hundreds of employees with a small group around a conference room table. Typically these meetings focus on the best way to deliver bad news as opposed to how to create an environment that allows employees to make the best decision for themselves and for the company.
Rather than trying to design a one-size-fits-all program, companies can create repeatable processes that allow employees to make informed decisions at their kitchen table rather than leadership teams making educated guesses at the conference room table.
The best companies invest heavily in healthcare benefits, but now they’re offering more robust plans at significantly lower costs
Healthcare benefits represent a top three expense for most companies but most companies don’t have access to any of the purchasing agreements for this expense. Even worse is that there is actually a legislative disadvantage for insurers, those most employers trust to manage cost, to reduce those costs for employers.
Fortunately with such a broken system, companies can change their buying style and obtain much better healthcare benefits at a greatly reduced cost allowing them to reinvest in other benefits or pay raises for their employees.
You wouldn’t be reading this if you weren’t frustrated with your employee benefits program. We wouldn’t be here if we weren’t equally frustrated with an industry that consistently spikes the ball when beating “trend” that the industry itself developed! By taking 30 minutes and providing 5 data points we can tell you more about your benefits expense than all beautifully bound benchmarking reports consultants have slid across your desk for years.