5 Reasons to Improve Your Employee Benefits Communication

Communication is definitely more art than science. And when it comes to employee benefits, there are several reasons to start mastering both the art and science of communicating with your employees.

Here are five key reasons to up your communication game.

1. Benefits are more important than ever

As healthcare and coverage become increasingly expensive and harder to attain, employees are paying close attention to their benefits. High deductible plans and tight economic situations have made people more sensitive to out-of-pocket costs and more interested in what employers have to offer. As benefits become more meaningful and valuable to employees, a quality benefits program plays a much more significant role in employee attraction, engagement, retention, and satisfaction.

2. Healthcare remains uncertain

You know that feeling you get when the healthcare landscape is forever shifting beneath your business? Your employees have that same feeling. Taking their benefits for granted is no longer an option. Employees know it could change at any minute, and they are going to be looking to their employers, not just for coverage, but for reassurance. For stability. And for answers.

Yes, it’s important to be able to react and respond to employee concerns, but the best employers will take a proactive approach in communicating with employees about their benefits. This is a golden opportunity for employers to help alleviate some of the fear and confusion around health insurance while reinforcing the value they are offering.

3. You need a better ROI on your benefits program

Employees who have modest, but well communicated employee benefits consistently place a higher value on their program than those who have extremely rich, but poorly communicated programs. In other words, if your employees don’t understand what you’re giving them, they can’t possibly comprehend the value.

On the other side, when employees do know the ins and outs of their benefits plan, they tend to use it much more efficiently. By communicating your benefits plan clearly and often, you’ve given your employees a better understanding of its value and the tools to make better benefits decisions.

4. Social media has changed the rules

Like it or not, we all expect to be updated and communicated with constantly and in real time. Employers who do not embrace this mindset will be at a significant disadvantage. The traditional methods of communicating with employees are no longer sufficient. Making the most of your communication and technology resources get information to employees in creative, timely ways will keep your employees informed and, more importantly, build trust.

5. Employees have other options

There was a time when employees stuck with their companies out of loyalty. And another time where they stayed due to lack of opportunity. But with the unemployment rate at an all-time low, this is no longer the case. In a tight labor market, good employees are hard to find, and even harder to keep.

Transparency and communication will help your staff feel like a valued and integral part of your organization and its future. Companies can no longer think about benefits communication as an annual event. It has to be an ongoing endeavor, and a constant reminder that you care.

Don’t wait… Communicate!

There are many ways to educate your team about their employee benefits. Options are as diverse as your workforce. From old-school printouts to individual or team meetings to emails, apps, and games, the more accessible and pleasant you make it, the more your staff is likely to pay attention.

Don’t let another year slip by with minimal bits of benefits information leaking out to your team. Commit to delivering consistent, year-round messaging about the specifics of your plan and how your employees can access care when they need it.

An investment in benefits communication is an investment in the overall health of your employees. And your business.

 

Photo by Volodymyr Nikulin

5 Pillars of Employee-Related Expenses eBook

 

Millennials Workers Are All Grown Up. And They Are Leaving You.

When you think of millennials, who comes to mind? Those lazy, entitled kids fresh out of high school or college?

Nope.

Millennials aren’t kids anymore. Nor are they a small percentage of your employee base. Falling between the ages of 24 – 35, these “kids” comprise over one-third of your workforce. Oh, and one more thing. They are sick of your crap.

Millennials are tired

So very, very tired.

They’re tired of watching company execs getting huge payouts, while working for stagnant or shrinking wages, with little hope of ever owning their own homes or paying off their student loans. Tired of seeing their employers ignoring the big-picture issues they care so much about. Tired of seeing powerful corporations exploiting employees, polluting the environment, and only pretending to care about diversity.

In short, they are sick and tired of working for businesses who prioritize profits above all else. And they aren’t planning on sticking around.

Time for a corporate reality check

The 2018 Deloitte Millennial Survey provides some grim facts for employers.

Turns out, the perceptions Millennials hold about employers is changing drastically. And not in a good way. The same goes for up-and-coming Generation Z.

The message they sent was loud and clear. If you think you will be able attract and retain employees without appealing to their core values, you’re in for a big surprise.

Let’s take a quick look at the numbers:

  • Only 48% of millennials believe that corporations behave ethically. (This is down from 65% in 2017)
  • 75% of millennials view businesses as focusing on their own agendas rather than considering the wider society. (Up from 59% last year)
  • 2 in 3 respondents believe leaders are only paying lip service to diversity, and that only formal legislation can truly advance workplace inclusion

And the values behind them:

The vast majority (83%) of millennials overwhelmingly feel that business success should be measured in terms of more than financial performance, such as:

  • Making a positive impact on society and the environment
  • Creating innovative ideas, products and services
  • Providing good jobs with career development that improve people’s lives
  • Putting an emphasis on workplace diversity and inclusion

They see your potential

But they also see you’re not delivering.

Three quarters of Millennials surveyed said they believed corporations have the potential to help solve society’s economic, environmental, and social challenges. But they also said they didn’t see it happening in their workplaces. This values disconnect is making them eager to jump ship, with 43% of millennials reporting that they expect to leave their current employer within two years.

If this sounds like a scary statistic, you’ll want to make sure you’re sitting down. Because that number jumps to 61% for Generation Z employees.

According to the Deloitte study, this year’s data show a “dramatic, negative shift in millennials’ feelings about business motivations and ethics.” Survey respondents expressed disappointment that corporate priorities aren’t aligned with their own, and their employer loyalty has retreated.

And only you have the power to change it

The more respondents felt their employers were prioritizing innovation and societal improvement, adopting flexible working practices, and having diverse senior management teams, the more likely they were to see themselves sticking around. 

When values are aligned, millennials perceived their employers to be more successful, have more stimulating work environments, and do a better job of developing talent.

Now is the time to take a good, hard look at your business model and priorities. Do you want to position yourself as the faceless corporation that puts profits above your employees, your environment, and community?

Or do you want to be a well-respected employer of choice, committed to using your power not just for profit, but for the greater good? The choice is up to you.

Just remember: Your future employees also have a choice.

 

Photo by Vadim Guzhva  

5 Pillars of Employee-Related Expenses eBook

Is Your Employee Benefits Broker a Perfect Match?

What’s your relationship like with your employee benefits broker? Are you madly in love with the service you’re getting or merely sticking it out for the sake of your employees?

Are you happy when your insurance agent calls because you know he or she has valuable ideas and insight to help your business? Or do you only hear from that person when he/she needs something from you— like a census, a signature, or a check? 

Is it time to move on?

Maybe you’re having a hard time with the idea of letting this relationship go. After all, your agent is a likable person. You’ve been together a while, and you get along well. Perhaps you don’t see each other very often, so when you do, it’s like connecting with an old friend.

Sure, sometimes it may feel like you’ve been forgotten. Then, just when you think it might be time to move on, your agent delivers a fancy wine and cheese basket, tickets to the big game, or an invitation to lunch.

But is that enough to keep you in it for the long run? Shouldn’t you expect a relationship that’s more fulfilling? A true partnership that addresses all of your business and HR needs?

It’s complicated

Running your organization isn’t getting any easier. And that’s not going to change any time soon. You and your team have serious responsibilities. You need to make critical decisions about your benefit program and strategy, based on your business goals and desired results.

Meanwhile, you’ve got to stay on top of a constantly changing set of industry rules, regulations and compliance issues, and adjust your plans, processes, and operations accordingly. Once you’ve got that nailed down, you have to figure out how to clearly and consistently communicate this information out to your team.

In your spare time, you’re responsible for attracting and retaining employees, keeping them engaged with their work and the company, and dealing with any conflicts and/or issues that come up.

You need a broker who can help ease these pressures, not add to them.

Is this the best you can do?

Deep down, you know you need more. You know you deserve more.

Maybe you’re starting to fantasize about talking to other insurance agents, looking around to see if there’s someone out there who can be the partner to help make all of your responsibilities more manageable.

If this makes you feel a little bit guilty, start thinking about all of the results your current broker swore would be delivered. Did those things actually happen or were they empty promises?

If they did happen, did your work load, your processes, and your business significantly improve?

But they’re all the same! Aren’t they?

Most brokers who come calling will arrive with a very similar list of promises. They say they’ll be proactive, they’ll simplify your processes, and they’ll act like an extension of your HR department.

On the surface, it all sounds great, but soon you find yourself disappointed. Then you find yourself making excuses as to why you shouldn’t look for someone new. You know you’re not thrilled with what you’ve got, but you’re not convinced the ROI is there.

A few common reasons you may be hesitating:

  • The idea of ending relationships and switching brokers stresses you out
  • You’re so busy with the renewal or other things you don’t have time to take it on
  • Deep down, you wonder if a new broker will be any better than your current agent

You’re not alone in your concerns. And many brokers do appear to be the same. Do the following scenarios sound familiar?

A new broker enters the scene:

  • Promising superior customer service
  • Bragging about the relationships they have with carriers
  • Asking for your renewal date so they can give you a quote
  • Talking about the “free” stuff they provide for their clients
  • Showing up with a spreadsheet and a list of all the same old stuff

No wonder you think they’re all alike!

The good news

There are employee benefits consultants out there who are capable of delivering much more than you have come to expect. You just have to find the right match. And once you do, you’ll never want to look back.

The right broker will:

  • Have a significant financial impact on your business
  • Make a measurable operational impact on your business
  • Help you design a long-term, strategic plan for your HR/benefit program
  • Build engagement through enhanced employer/employee relationships, improved processes, and meaningful organizational change

If your agent isn’t doing all of this, it’s time to change things up. Whether you commit to improving your current relationship or starting a new one, you deserve to get the results you need from this important business partnership.

Put yourself out there

Call your broker, and any others you want to consider. Invite them to come in (when it’s not renewal time) and ask them these important questions:

  • How will you help create a long-term strategy for our HR and benefit programs?
  • What kind of operational improvements can you identify and help deliver?
  • What kind of financial improvements can you identify and help deliver?
  • How can you help improve employee relationships and engagement?

If you don’t like the answers you get, swipe left.  

Find the right match

Think of your first meeting like a first date. If a broker comes in making assumptions, telling you what they think you need out of the relationship, and not letting you get a word in edgewise, this person isn’t interested in getting to know you. They’re interested in selling you.

Now, imagine an employee benefits consultant who is genuinely interested in you and your business. One who asks a lot of questions, and then actually listens to what you have to say. A broker who doesn’t expect you to go all in during the first meeting. A benefits consultant who will invest the time and energy it takes to determine how best to reach your goals. A trusted advisor who will provide custom tailored options instead of offering a one-size-fits-all “solution.”

When you find that person, you’ll know. Because letting your old broker go will suddenly seem like the right thing to do. And a whole heck of a lot easier.

 

Photo by akz 

5 Pillars of Employee-Related Expenses eBook

Are You Letting Your Competition Run Your Business?

Many companies feel pressured to adjust their business models, products, services, or pricing structures based on what everyone else in their market is doing.

“We don’t have a choice!” they say. “Our competitors are doing it, so we have to do it.”

But do you really?

Just ask your mom

“If so-and-so jumped off a bridge, would you do that, too?” – All Moms ever

As much as you may have rolled your eyes at this as a kid, this advice has never been more on point.

If you run your business thinking you have to do everything your competitors are doing and offer everything they’re offering, you are, in effect, letting your competitors determine your business model. More importantly, you’re letting them shape your company values. And these things could send your organization into a downward freefall.

The question isn’t whether or not you need to follow the pack. The question is how can you live out your core values and compete effectively in your market, even if you’re doing something different?

Father knows best

“If you don’t stand for something, you’ll fall for anything.” – Dads everywhere

You may have heard this during a stern dad lecture or two, possibly before being grounded for the week. But let’s just admit it. This fatherly nugget of wisdom is legit.

Mimicking your competition isn’t a solid business plan. Not only does it have no soul, it’s 100% reactive. Someone else has done it, so now you are doing it. Playing follow the leader severely limits creative thinking and stifles any real innovation that could be happening.

Successful businesses are on the leading edge of their industries. Not the following edge. Playing copycat will keep you constantly on your heels— and at the back of the line.

If it was easy, everyone would do it

Ugh. Remember this one? You probably heard if from an auntie or uncle, and shrugged it off accordingly. But dang if those folks weren’t full of wisdom and experience!

Following the crowd is taking the easy way out. It’s much harder to blaze your own trail. And much more rewarding.

If your goal is to be the same as every competing company in your industry, that is exactly how potential customers will see you. Because there is nothing that makes you different, there is no reason to choose you over one of the many other providers.

Saying the same things, doing the same things, and maintaining the same business model isn’t the path to growth. Or even sustainability. At the end of the day, you’ll be working harder and harder with less result.

Not only are you in constant reaction mode, you’ve molded yourself after someone else, which means your story isn’t really your own. And today’s consumers are all about the story.

Once upon a time…

Businesses could simply open their doors and people would show up. Not anymore.

Consumers now have an infinite number of choices. Companies that deviate from traditional models are often the ones seeing the greatest success. Especially when they tell a story that appeals to their customers on many different levels. If you’ve been looking to your competitors for inspiration, it’s time to step out of that box and create a new narrative. One that’s true to you.

Who said you have to run your company like everyone else? Certainly not your grandma. She’s a finicky shopper. And she knows better.

Be the leader your dog thinks you are

As far as clichés go, this is a newer one. But it works. Because your dog is extremely loyal, and will follow you just about anywhere. (Caveat: Even Fluffy knows better than to jump off that proverbial bridge.)

Think about your favorite business. The brand you’d follow anywhere. You know, that one that if they suddenly ceased to exist, you might just shed some real, live tears. What made you fall in love with them, and what makes you continue to stay connected?

Is it because they’re just like the other guys? Is it their “sameness” that inspires you? Heck, no!

It’s time to stop worrying about what your competition is doing and define your organization on your own terms.

  • What drives you to do what you do?
  • What values does your company hold dear?
  • How are you demonstrating those values to your team, your customers, and your community?
  • Are you weaving them into your business model and decision making?

Create a true, genuine, and unique story that appeals to your buyers and gives them a new way of comparing you to the plethora of choices and providers out there.

Now you’re not following the leader. Now you are the leader.

 

Photo by Piotr Marcinski 

5 Pillars of Employee-Related Expenses eBook

 

Can Charitable Giving Make Your Employees healthier?

You know charitable giving is good for the community, and for the various individuals being helped by non-profit organizations providing shelters, food banks, job training, after school programs, and many other vital services to vulnerable populations.

But can it also help the people who donate and volunteer? As in, you and your employees?

The short answer is yes

Research shows that people who give back to their communities are happier and healthier than people who don’t.

But it’s not quite that simple. It’s also important to remember that individuals who donate time and money are in a position that allows them to do so, which could help explain why they are both happier and healthier. Many people who are struggling can’t give away what they don’t have.

That said, there have been plenty of studies that show how charitable giving positively affects health in a variety of ways, including increased feelings of joy, reduced stress, lower blood pressure, better sleep, and even longer life spans.

A few quick facts from the research:

  • Frequent volunteering has been associated with lower blood pressure and greater psychological wellbeing.
  • Brain imaging research has shown that the brain’s pleasure centers became activated when people chose to donate part of a new stash of money to charity, rather than keeping it all for themselves.
  • People with a higher level of meaning and purpose in life experienced better sleep quality and had lower instances of sleep apnea and restless leg syndrome.
  • People who regularly helped their friends, relatives, and/or neighbors had a lower risk of dying over a five-year period than those who didn’t. Interestingly, receiving help wasn’t linked to a reduced death risk.

Now, just imagine if these happy, well-rested people with low blood pressure and long life expectancy were your employees. Wouldn’t that be fantastic?

Wouldn’t it also be fantastic if your organization was committed to giving back to the communities where your employees live, work, and play?

Giving is good for business

Does your company have a charitable giving program in place?

  • Do you offer payroll deduction or gift matching?
  • Do you allow your employees to take time off to volunteer?
  • Do you support causes and organizations that align with your goals and mission?

If not, it’s time to ask yourself why.

There are many other ways that giving can positively affect your business, in addition to your employees and your community. If you need a little extra convincing, here are a few great benefits that can be gained through a culture of giving:

Tax breaks

The obvious financial benefit. Give enough money and you’ll save some later. It’s a win-win scenario! A great way to improve your community and your bottom line.

Positive image in the community

Everyone loves a feel-good story. Are you that company who provides a great product or service but gives diddly-squat back to your community? Why not be the organization who gives customers the warm fuzzies instead?

If you think people don’t really take this into consideration when making purchases, we’ve got two words for you: TOMS Shoes.

Better employee engagement

Think employees don’t really care about this kind of stuff? We’ve got two more words for you: Think again.

According to Project ROI, a well-designed corporate social responsibility program can:

  • Increase employee productivity by 13%
  • Increase employee engagement by up to 7.5%
  • Reduce employee turnover by 50%

Clearly, employees want to be employed by businesses who care. Not just about their employees, but about their communities as well. Once they find themselves at a company that does, they will happily work harder and stick around longer.

Talk about the gift that keeps on giving! Just imagine how happy your management and HR teams would be in this scenario.

More Revenue???

Yes, charitable giving can even have positive effects on overall revenue.

The Project ROI research found that companies who invested in corporate social responsibility saw increases in revenue of as much as 20%. Twenty percent! Who doesn’t want to see that?

With all that extra profit rolling in, you can afford to be even more generous. And make your employees, your business, and your community that much happier and healthier.

Start cultivating a generous company culture today. It’s good for everyone.

 

Photo by Wavebreak Media Ltd 

5 Pillars of Employee-Related Expenses eBook