BlogsExecuting the Ideal Employee Benefits Strategy: How to Begin
November 16, 2017, by John Welches
When looking to create an ideal employee benefits strategy, there are several steps you’ll want to consider. At Centennial, we believe in the power of personalization. It’s important to understand what your employees value most, what fits into your overall budget and how the strategy will benefit and enhance your company. When it’s time to execute your employee benefits strategy, be sure to think about the following:
Create the Ideal Plan
Start this process by studying the competition. See what other companies are offering that may lead to better attraction and retention of top employees. A helpful tool for this exercise is the Milliman Benefits Benchmarking Survey. Then, survey your employees. Ask which benefits they might want in order to get a strong sense of what will mean the most to them. Not every company is the same because the average ages and demographics of employees may differ. Therefore, the benefits package should speak to the employees you have and the ones you want to attract as new hires.
Understanding your competition and your employees’ wants and desires will help you establish and prioritize your company’s benefits goals for the most effective benefits strategy.
Once you’ve developed a good employee benefits strategy, then it’s all about execution. We like to say, “execute wisely” because it’s about more than just having a good plan. You want to make sure it is communicated properly and that the value is well-perceived by the employees.
Use a consultative approach and work with an employee benefits firm that will put your plans into motion, find you the right combination of benefits providers and make sure your employees understand exactly what they are receiving. When you can accomplish these objectives, you’ll not only have the ideal benefits package – you’ll have employees that know how much you value them.
The Right Employee Benefits Solutions
When it comes time for you to create and implement an employee benefits strategy, there’s no need to do it alone. Centennial is here to help. All of our human resource and benefits services are tailored to the needs of each company. We understand that everyone is different and it’s worth the extra effort to create a unique strategy for your business.