Employers Who Want More Productive Workplaces Should Examine Benefits Options

Posted by on Apr 17, 2013 in Broker Development, Employee Benefit Program | 0 comments

Employers Who Want More Productive Workplaces Should Examine Benefits Options

 

Recent research shows that only 40 percent of workers in the United States would highly recommend their employers’ workplaces as good locations for employment. In addition to this, the study showed that those who did recommend their employers were more likely to be satisfied with the workplace benefits offered to them.
The study also found that 60 percent of workers who recommended their places of employment said that benefits were important reasons why they continued working for the same employers. More than 50 percent of respondents said they were willing to pay more for benefits if more product choices were offered to them. Almost 60 percent of employers surveyed said that offering voluntary benefit options was a great savings strategy. A similar survey in 2012 showed that only about 30 percent of employers felt this way.

Researchers concluded that workplaces where better benefit options were offered had a clear connection with workers’ job satisfaction. Since the survey also shows that the majority of employees are willing to pay more for better benefits and more choices, this should help employers realize their opportunity to provide better benefits without impacting the bottom line of the business. When companies improve their benefits options, it is important for them to not only encourage but enable employees to participate. Without doing this, the strategy is less likely to be successful. The study showed that barely more than 40 percent of employers were satisfied with their current participation levels by employees in benefits programs. However, the study also revealed some ways for improving participation.

One of the ways employers can boost participation rates is by improving communications related to benefits. More than 50 percent of employers said they believed communications were understandable enough for all employees. Nearly 45 percent of employees agreed with this statement, so this means not all communications truly are clear enough. Almost 35 percent of employees rated benefits communications from employers with a “C” or lower. Developing a comparison process that workers will find familiar is an important step. About 75 percent of employers offering online enrollment stated they were happy with their employees’ participation rates. They also reported offering a buying experience that measured up well against the best positive experiences documented online.

Employers everywhere should take the time to analyze the needs of their workers and examine their own benefits packages. By improving the experience of shopping for voluntary benefits and by providing more options, employers can increase their workers’ satisfaction levels and retain better talent. To learn more about voluntary benefits and the available options, discuss concerns with an agent.