When Should You Review Your Employee Benefit Plans
Good employee benefit plans are the best way to attract more job applications and retain key employees. If you haven’t reviewed your employee benefits in a while, it might be time to revisit your offerings.
You should review your employee benefit plans…
Every 2-3 Years
The workforce is becoming increasingly generational, and with Gen-Z slowly making its way into the workforce, it’s likely that we’ll begin seeing the types of benefits demanded shift every few years. Be sure to review your benefits plans at least every 3 years to ensure you’re staying competitive and timely.
When a Major Loss Happens
A major financial loss in your business has an impact that can run deep within an organization. After you’ve given your business time to recover, be sure to review your employee benefits plans. A need for certain benefits may have been uncovered during the transitional period that could improve employee retention, morale, and growth.
If Your Employees Often Find Themselves Needing Coverage
- Employees are filing a lot of claims.
- Employees ask for more coverage. The easiest way for you to identify if you need to offer more benefits is by asking. Employees might not be forthcoming to help, so offer anonymous surveys to see what they are thinking.
Interested in how your current plans stack up against your competitors? Take our Milliman Benefits Benchmarking Survey to find out.