When to Reevaluate Employee Benefits Packages
Employees are the backbone of any business, and because they play such a vital part in the success of something you worked so hard to create, getting them the right employee benefits packages is crucial to maintaining top talent and continuously boosting morale. However, as with many other things in the business world, benefits needs change and evolve. But how do you know when is the right time to reevaluate your current offerings?
Check out these guidelines many of our clients follow when deciding when to revisit their benefits packages:
- Renewal ABOVE National Trend +10%: If you are receiving increases above 10%, Is it justified? Will you be forgiven if next year your claims are better? There are better programs available which give you insight into your claims while protecting you in catastrophic years.
- Renewal BELOW National Trend +10%: If you are below national trend, you could be a cash cow to the insurance industry. Maybe it’s time to evaluate long term cost strategies while improving benefit offerings.
- Employees aren’t satisfied with current benefits: The best way to figure out if you need to redo your benefits offerings is by asking your employees. Conducting a yearly survey can allow you to update your benefits packages accordingly so that your employees are happy, and that you’re not overpaying for undesired benefits.
- Your competitors are offering better benefits packages: The job market is becoming increasingly competitive, with top talent searching for businesses that offer both great pay and excellent benefits. The best way to ensure you’re staying on par with your competitors, is by utilizing our Milliman Benefit Benchmarking Survey.
Benefits don’t have to be complicated. If you have any questions regarding your current benefits, we’d love to chat. Just reach out to us here and we’ll be in touch!