Ready to skyrocket your business productivity? Want to do it without spending a fortune on employee perks?
We’ve got the solution you need: insurance for employee benefits that actually makes a difference.
Fact is, most businesses throw money at random benefits programs that don’t increase employee productivity. You shouldn’t be one of them.
Benefits that matter can boost productivity by 21% (That’s a fact you need to know.) You just have to work with experienced employee benefit plan specialists who understand how to build a program that fits your workforce’s specific needs.
Welcome to this quick guide to using benefits insurance to improve your workplace productivity.
Table of Contents
- Why Standardized Benefits Packages are Productivity Killers
- Tailored Employee Benefits and ROI: You Need Both
- Crafting Benefits That Move the Needle: Tips and Ideas
- Best Practices for Implementing Results-Driven Benefits
- Wrapping Up
Why Standardized Benefits Packages are Productivity Killers
Believe it or not, most businesses don’t know what they’re doing when it comes to employee benefits.
They spend money on one-size-fits-all packages that are a productivity drain for two reasons:
- They throw money at benefits that employees never use.
- They fail to offer any benefits that actually matter to their teams.
Think about it: your younger workers need totally different benefits than your older employees. Your remote team members have a different set of challenges than your in-office employees. And yet, most companies offer their entire team the exact same stuff.
This is what leads to:
- A big waste of money and
- A big failure to increase productivity or engagement.
When employees don’t care about their benefits package, they start actively looking for jobs where they will. And when they leave your business, you suffer high turnover costs. But when you offer benefits that speak to your employees’ real needs, amazing things happen.
Tailored Employee Benefits and ROI: You Need Both
Ok, so you know you shouldn’t be wasting money on unproductive benefits. But how do you know you’re even getting a decent return on your benefits investments? Let’s look at some stats on benefits and ROI you need to understand:
- A total of 95% of companies who measure their ROI on wellbeing programs see positive returns.
- Businesses with strong wellbeing and benefits programs show big jumps in productivity. Why? Because employees who feel cared for by their employer work harder and longer.
- Check out these numbers:
- 75% of employees say their benefits program makes them want to stay with their employer longer.
- Companies with engaged employees see 81% less absenteeism.
- Wellness programs can save you $360 per employee per year in healthcare costs.
The reason you want to pay attention to this data is because these kinds of ROI stats apply to your business. Sure, the numbers might not be exactly the same. But if your competitors have an engaged workforce that’s 75% less likely to leave, you know your productivity could be better, right?
The point is this:
Tailored, strategic employee benefits insurance solutions can help you improve productivity and business ROI in lots of ways.
Crafting Benefits That Move the Needle: Tips and Ideas
Ok, you’ve got the facts on how to use benefits to increase productivity. But how do you actually build a benefits package that works?
It all starts with understanding your employees’ needs. And you can find that out with a simple survey.
Check out these findings on what employees really value when it comes to benefits:
- Healthcare coverage is by far the most important benefit 95% of employees say they need health insurance.
- Retirement plans are also a high priority 71% of employees want access to a 401(k) or similar plan
- Paid leave is a close 3rd 50% of workers say paid time off is super important to them.
- Mental health benefits are also super popular These days, mental health resources are a huge priority.
- Financial wellness is also on the rise 40% of employees say financial assistance is a benefit they need.
Ok, so you know what employees value. Now, how can you put that into practice? Well, you start with the basics, and then you add a few unique, targeted extras that work for your business and your employees.
Don’t Forget the Total Wellness Package
One of the most productive benefits you can offer? A total wellness program. These days, wellness is so much more than basic health insurance.
Mental health is a key part of this, as so many employees struggle with anxiety, depression, stress, and other issues that make it hard to work. Providing mental health resources, stress management support, and access to counseling can make a world of difference in productivity.
Financial wellness programs are also a key. Financial issues are a huge distraction for employees. When you provide financial planning tools, emergency savings programs, and other financial support, employees can focus on work.
Build in Flexibility
Successful companies know their benefits need to be flexible.
Employees don’t want to be tied down by one-size-fits-all programs. What they need is a set of benefits that they can tailor to fit their specific situations. This might mean:
- Multiple options for health plans
- Flexible spending accounts
- Remote work stipends
- Customizable wellness programs
- Choice in how they use their benefits
The more control employees have over their benefits choices, the more they’ll get out of them.
Most Practices for Implementing Results-Driven Benefits
Designing your benefits program is the first step. Implementing it in a way that actually produces great results is the second.
This is why you need to approach your benefits like any other business expense.
First, make sure you have the basics covered. These are your non-negotiables:
- A great health insurance plan
- Solid retirement options
- Generous paid time off policies
From there, add in your strategic extras.
Look at your workforce and build benefits that address the challenges your employees face. Your younger workers will want different things than your older team members. Parents will need childcare support. Remote employees will need home office support.
Partner with Specialists
Don’t try to manage your benefits program on your own. Find a benefits insurance partner who understands your industry and your team’s needs. They’ll help you make the most of every dollar you spend, navigate complicated regulations, and design programs that work.
Track and Improve
Track employee satisfaction, benefit utilization, turnover, and productivity rates.
This will show you what’s working and where you can improve. Use this information to refine your program year after year.
Communicate
Don’t make the mistake of assuming your employees know what they’re getting.
Educate them about their options and how to use them. Keep this education going on an ongoing basis.
Ok, this concludes our masterclass on employee benefits insurance solutions.
Ready to improve your company’s productivity by offering a benefits package that actually moves the needle?
Partner with experienced employee benefits insurance specialists who know what’s required and will work with you to design the perfect solution.
This could be the ROI-boosting game changer your business needs.
Wrapping Up
Employee benefits have a huge impact on business productivity, and the fact is, most companies aren’t even trying.
They buy expensive, one-size-fits-all packages that don’t address their workforce’s needs. As a result, their teams don’t care, don’t engage, and don’t work as hard as they could be.
Tailored benefits that employees actually use can boost productivity by up to 21%. There’s no reason you can’t improve your business numbers by being strategic and thinking outside the box.
Partner with the right people to design the perfect benefits package for your business and your workforce. Your ROI will thank you.