Most organizations don’t think too much about their overall benefits strategy. They may just recycle the package they offered the previous year and use the same system and benefits to make decisions for the upcoming year, or they may try to craft a plan that fits into the same budget, despite increasing costs. Regardless, balancing the desire for improved benefits with the need to minimize costs can make finding the right benefits package challenging. You need a plan. Here are some best practices when planning your benefits for 2023:
Conduct a Needs Assessment
Your benefits strategy should take into consideration your company’s culture, your goals for the upcoming year, and any gaps that currently exist in your coverage. Before you can start planning for 2023, you need to determine your current and future needs. Consider whether your primary goal is improving benefits, reducing overall costs, or combining both. Talk with your employees about what sorts of benefits they would like to see. Most will want health insurance and some kind of retirement or savings plan, but there may be other needs your employees have that could be addressed by adding different types of benefits. Identifying needs and examining where your current plan has gaps can help clarify your benefits plan and goals for the coming year. An HR outsourcer, like Employco, can help you examine the needs and goals of your organization to determine what benefits should to be part of your plan.
Design a Plan
Once you have determined your needs and the goals you and your employees want to achieve, it’s time to design a plan. That plan should align with your HR strategy and overall goals while also providing the benefits and coverage that are important for your employees. Your benefit offerings should be selected to help your employees achieve goals such as wellness or financial security. Our budget will also determine what you offer and it’s important to maximize costs to provide the best coverage at the best price. Partnering with an expert like Employco can help you select the right benefits and products to meet your needs and budget as well as save you time and money.
Educate Employees
One of the primary issues organizations face is that employees don’t always understand the benefits that are offered or how to utilize them. Education is key. Take the time to educate your employees on the benefits options they can select during enrollment. Set up informational sessions where your employees can meet with benefits experts to review the different features of each benefit and ask any questions they may have. Working with an HR outsourcer, like Employco, gives you access to benefits experts. We can assist you with enrollment period educational sessions and provide documentation that helps your employees fully use the benefits you offer.
Evaluate Regularly
One of the best ways to know how to plan for the upcoming year is to evaluate how your current benefit offerings are working. Review claims data to see which benefits are utilized and which could be eliminated in future offerings. Regular reviews of how your benefits are helping employees and the company reach their goals is also key to determining the effectiveness of your benefits package. Examine the role benefits play in recruiting to see if your package is competitive. Taking the time to examine how your benefits package is performing and supporting your organization and employees gives you valuable insight into crafting an updated plan for the next year. It will also help save you time when it’s time to start planning again.
Employco can help you create a benefits plan that optimizes coverage for your employees while maximizing your budget. Our cost-controlled benefits and administration are designed to keep your benefits package competitive. Contact us to see how we can save you time and money.