It’s common for employers to review their employee benefits every year as they prepare for renewal. While examining costs, comparing plan options, and meeting with a benefits broker to discuss the coming year are all important parts of the process, one often overlooked step is asking employees whether the current benefits package is actually meeting their needs.
Before making decisions about next year’s benefits, take time to gather feedback from the people who use them every day. Understanding what employees value, how they use their benefits, and what they believe is missing can help shape the renewal process.
Start with your employees
A benefits review should look at the entire package, not just health insurance. A simple employee survey can help identify trends and start meaningful conversations.
Ask employees whether your current benefits package is meeting their needs. Which benefits do they value? Which ones do they use regularly? Are there benefits they would like the organization to consider?
Health insurance is certainly part of that conversation but so are life insurance, employee assistance programs, retirement benefits, wellness initiatives, and other voluntary benefits. Looking at the package as a whole gives employers a better understanding of where employees see value and where there may be opportunities for improvement.
Make your benefits investment count
Employee feedback can also help employers evaluate whether they’re investing their benefits dollars in the areas employees value most.
For example, an organization may offer a benefit that receives very little participation. That doesn’t necessarily mean it should be eliminated, but it creates an opportunity to ask whether those resources could have a greater impact somewhere else.
Every organization has a limited benefits budget. Understanding which benefits employees value most helps employers make informed decisions about where those resources can have the greatest impact.
Ask early enough to make changes
Gathering feedback early in the renewal process gives employers time to review responses, evaluate their options, and work with their benefits broker to explore possible changes before open enrollment begins. Additionally, it gives organizations an opportunity to act on employee feedback while decisions are still being made.
When gathering feedback, it’s also important to set expectations from the beginning. Asking employees for feedback doesn’t mean every suggestion will be included in next year’s benefits package. Rising healthcare costs, budgets, and other business considerations will always be part of the decision-making process.
Build a benefits package with your employees in mind
Employee benefits remain an important part of attracting new talent and retaining the employees already on your team. Before your next benefits renewal, take time to poll your employees. Their feedback can provide valuable insight into what’s working, what’s missing, and where your benefits investment can have the greatest impact.
At whyHR, we help employers navigate every stage of the benefits renewal process, from employee surveys and workforce planning to policy development and ongoing HR strategy. If you’re preparing for your next benefits renewal, we’re here to help you evaluate your options and develop a benefits strategy that supports your organization and your employees.
Contact our team to learn more.