4 Signs You Might Need to Change Your Employee Benefits Package
Is your company getting a healthy ROI from employee benefits? Do you have low utilization rates, or are your employees unhappy with the resources offered? When it comes to employee benefits, the solutions offered must always be tailored to employee needs and evaluated periodically.
Employee needs change over time, and you could be investing in an employee benefits package that isn’t producing ROI, improving productivity, or helping your employees. Here are 4 signs you might need to change your employee benefits package, and how you can tailor your benefits package to fit employee needs to increase ROI.
Utilization Rates are Low
Employee benefits are there to help employees. While this may be a given, companies often forget to analyze the usage rates to see how much employees actually utilize their resources. So, first: Review and analyze your utilization rates. What percentage of people are using employee benefits? What specifically are they accessing? Who in the company is accessing it?
If you find that you invest into benefits that have low utilization rates in comparison to your employee count or in comparison to other benefits, it may be time to change your benefits package. Working with EAP providers who assist in the reviewing process also helps.
ROI Isn’t High Enough
If your company invests a lot into employee benefits that are only used by a small percent of employees, it might be time to reconsider your benefits package. Something to factor in while assessing ROI is that typical employee benefit utilization is in the single digits—between 3-6%—but good companies are in the teens, or just below 20%. However, if your company’s utilization rates are anything under 10%, your company likely doesn’t have good ROI.
In the case your utilization rates and ROI are low, it’s time to change your employee benefits package to fit employee needs and increase ROI and productivity.
Employees Aren’t Satisfied With Current Benefits
One of the best ways you could understand employee needs is to hear from them and ask what they need directly. What benefits do they love? Are there any benefits they need to have you’re not offering? Do they have any complaints about the ones currently available?
If you find that your employee needs aren’t being met, it may be time to change your workplace benefits package. Create surveys to distribute to employees and investigate where their pain points lie, what’s decreasing their productivity levels, and what benefits they’d like to see in the future. You then can create an effective employee benefits package to fit employee needs.
Excessive Employee Use of Leave/Paid Time Off
It may be time to change your employee benefits package if you’ve noticed increased use of leave or paid time off. If many employees are taking time off for the same reasons (and you don’t offer a benefit to support them in that problem), implementing a new EAP program that caters to their needs is a surefire way to decrease employee absenteeism and increase ROI.
Furthermore, many difficulties employees face aren’t unique—it’s common to see most employee absenteeism stemming from a few large problems. One issue that’s increasingly needed by employees is eldercare EAP programs offered by employers—34.2 million Americans cared for an elderly loved one in 2015 alone.
Senior Providers Network offers a simple, integrated, user-friendly eldercare EAP program to streamline senior care solutions to your employees at cost-effective prices. Click here to request a demo and see how we can support your company’s bottom line today.
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