Posted December 9, 2016
Finding and keeping excellent employees is a challenge faced by employers across the country. Many are struggling with a 35 percent turnover rate. In fact, a Willis Towers Watson 2016 survey revealed that 3 in 10 employees will more than likely leave their current job within the next two years.
Competition for talent
In response to this challenge, employers are taking steps to keep employees engaged with their work. They also are providing excellent benefits packages that match or exceed coverage offered by competitors. A survey by the Society for Human Resource Management (SHRM) discovered that in the last 12 months, nearly 20 percent of employers had modified their benefits programs to keep employees on board.
Employees especially value health benefits because they provide financial security and peace of mind to help maintain good health and handle unexpected medical problems. Here are four ways employers can enhance employee benefits:
1. Offer expected benefits– SHRM reports that 95 percent of HR professionals ranked health benefits as most important to employees, followed by retirement savings and paid time off. Employees want benefits that meet their specific needs.
- Talk with employees to find out the coverage they value most. (Ask your insurance carrier or broker for assistance.) When introducing benefits packages, explain how employees’ feedback was incorporated, and keep benefits communication a top priority.
2. Focus on preventive care – Employees value medical coverage, but it’s their dental, vision and hearing insurance plans they use frequently throughout the year. These plans offer preventive services that help maintain good health.
- For example, when dentists and eye doctors examine their patients’ teeth and eyes, they also may detect signs of other health problems. When caught early, many of these health issues can be addressed before they become serious and costly.
- Hearing professionals can develop a baseline of hearing levels to evaluate changes that may occur with age or consistent exposure to loud noises.
3. Provide perks – Employees appreciate the aesthetic value of their dental and vision plans, so include special perks that help them feel good:
- Consider offering cosmetic dental services, such as teeth whitening.
- For vision coverage, offer annual upgrades for eyeglass frames or contacts, or allow new prescription lenses each year. Plus, many employees will appreciate a LASIK benefit so they can ditch their eyeglasses or contacts.
4. Add incentives and rewards – Keep employees happy by providing benefits that reward them over time. Benefits with increased coverage over the years may cause employees to think twice about giving them up. Here are some examples:
- Offer dental plans that increase coverage for expensive services, such as crowns and root canals, each year that employees stay with the plan. Or do the opposite, and offer a plan that decreases coverage each year it’s not used.
- Include an increasing LASIK benefit within the dental plan to encourage employees to stay with the plan over time, so they can work up to the richest benefit. This encourages employees to keep their coverage, which keeps the plan stable.
- Provide a rewards plan with monetary incentives for members who use their benefits to stay healthy. For example, by annually submitting a dental claim and keeping benefits paid under a specified amount, rewards could be earned and carried over to the next year.