BlogsHow Surveys Can Enhance Your Company’s Benefits Strategy
September 26, 2017, by John Welches
The key to a successful employee benefits strategy is simple: customize your strategy to the wants and needs of your employees. At Centennial, we believe in the idea that you must understand what your employees value most in terms of health insurance, sick or personal time, vacation days, 401(k) contributions, and other important benefits. Understanding this is what will enable you as a company to offer something that will attract and retain better employees, while also improving the overall company culture, which is vital to performance.
Surveys are a great way to gain a better understanding of what employees place the most value on. You can gather helpful information and insight so that you know what your employees expect from their benefits package, as well as what changes or additions they might desire.
Small Businesses vs. Large Companies
An employee survey will help companies of all sizes when creating the best possible benefits package for employees. A small business will be able to gain valuable insight, and the adaptability of a smaller or growing business will enable you to make adjustments that will generate the most positive response from employees.
It may be harder to enact significant benefits changes at a larger company, but a survey is just as valuable. You can be more direct with your questions and ask your key employees what they would appreciate most. Here are just a few examples of what to ask:
• Do you want more flexibility?
• Do you want greater choice?
• Do you want more access to information to make decisions?
• Would you like to have a personal benefits consultant?
No matter what size your company is, you will want to ask additional questions that go beyond healthcare or retirement savings issues. There are other benefits to consider, so you can ultimately customize your offerings to generate the best company culture.
Responses on various issues will depend largely on the age of your respondents. If you have a predominantly younger employee base, you will find their priorities may be quite different than an older crowd. For instance, younger employees may want you to sponsor a company sports team or provide free snacks in the office. Older employees, on the other hand, may value benefits and services that enable them to have a better work-life balance. Perhaps it’s a service to help with household chores, day care, or on-site dry cleaning.
What to Do with the Information
Use the survey to listen to your employees. Even if the input you receive isn’t applicable to your final benefits package, employees will feel better knowing that the company cares what they think. When employees feel that they serve a purpose and their voices can be heard, they will be happier and more productive. This is what creating a positive company culture is all about.
Be sure to also carefully review the information gathered in the benefits survey because there might be some great ideas you can implement, or adjustments you can make to your package, which could appeal to more of your employees. When you have a better understanding of how your employees think and feel regarding benefits, you can create more win-win situations.
To learn more about creating an excellent benefits package and how to implement it, download a copy of Centennial’s free white paper, How to Create the Ideal Employee Benefits Strategy.