BlogsImprove Your Company’s Benefits Strategy by Setting These 5 Goals

October 4, 2017, by John Welches

Developing a great employee benefits program is not a one-size-fits-all approach. Every company is unique, and because of this not all benefits strategies should be the same. At Centennial, our first priority is to understand what matters most to the companies we work with and their employees. Once we know that, we can start putting together the ideal benefits solution for your company.

The first objective is to create four or five outcomes that you expect to achieve in relation to your company’s short- and long-term goals. If you consider these goals and work toward achieving them, you will be well on your way toward developing a better benefits strategy for your company. To achieve each company’s ideal solutions, try focusing on the following five goals.

1. Increase Appeal to Potential Job Candidates
In a competitive job market, the benefits you offer can help set your company apart from the other companies your candidates are considering. If you want to hire the top talent, you need to have an appealing benefits plan that will attract them. The ideal package should demonstrate how much you believe in your company’s stability and how you are investing in your employees.

2. Reduce Turnover
If the benefits are perceived as valuable to your employees, then they have a stronger pull to stay. Tangible benefits with long-term appeal will help you minimize turnover, creating better stability overall as an organization.

3. Bolster Morale
It is no secret that happier employees make for more productive employees. Take the time to listen to and understand what benefits your employees value most. Use your benefits plan to help boost morale within the company.

4. Reduce Absences
Most studies show that when companies offer strong preventative health-care plans, the number of sick days used by employees goes down. At the same time, it is a good idea to consider offering paid sick days. If employees are very sick and potentially contagious, you don’t want them coming into work and infecting the whole office. We call that a workplace “epidemic”, which is something you should avoid.

5. Improve Job Performance
By taking the time to come up with a great benefits plan, it will increase employee satisfaction, which typically leads to improved job performance. Employees want to feel satisfied and know that their company cares for them. This builds loyalty and will undoubtedly increase productivity.

Consider these five important goals when developing or refining your company’s benefits plan. The more of these you can achieve, the stronger your company will be. 

How to Create the Ideal Employee Benefits Strategy
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.