Is Your Benefits Program Still Beneficial?

May 24, 2019      By Andrew Taylor

Ultimate Takeaway
  • Understanding how your employees feel about your current benefits offerings is the first step to making improvements
  • Not everyone will benefit from all of your benefits, and that’s okay, but tailoring your offerings to your peoples’ unique needs will net even greater satisfaction
  • Great benefits aren’t just for current employees. Offering the perks and benefits that people crave will attract the best talent around

Annual Checkup

When was the last time you had a checkup? I’m not talking about your annual physical (although, you should probably take care of that too) — I’m talking about your employee benefits program.

At some point, your HR team likely got together with key stakeholders in the organization to decide exactly what kind of benefits you would be offering to your employees. After taking into consideration your benefits objectives, your budget, and your employee needs, you came up with a stellar set of offerings that made everyone happy.

But that was then, and this is now. Is everyone still happy?

External factors can also hasten the need for program evaluation. The economy and regulatory environment are in constant flux, which makes hitting the mark and staying in compliance a moving target. And internal factors like business objectives, budgets, and employee needs are all subject to change as time goes on, so it’s important to evaluate your employee benefits program on a regular basis.

Personalization is Everything

I might be a little biased, but working at Ultimate Software has shown me firsthand how empowering it is to know that my organization is looking out for my needs, as well as the unique needs of my fellow UltiPeeps.

While you’re making revisions to your benefits program, it’s incredibly helpful to keep in mind that every employee’s needs are different, and they can vary drastically depending on a variety key factors. Some employees have family members that will also require insurance, while others may appreciate coverage of family planning benefits such as IVF. The point is that there is no cookie-cutter template for the “right” set of benefits.

Tailoring your employee benefits programs for your people is the key to unlocking a host of benefits for your organization. And of course, employee needs can vary depending on where they live and work. For example, the best perks and benefits for your Canadian employees might look totally different than the program you offer to your employees elsewhere.

The Bonus Benefit of Great Benefits

Balancing employee needs and business objectives can be an interesting challenge, but putting your people first can have longstanding benefits down the line. Not only will your workforce be happy and healthy, producing the best work for you and your customers, but a stellar benefits program will ensure your organization is bolstered by a strong talent pool as you grow.

Your employer brand is everything in the eyes of candidates. It’s what jobseekers think of your company when they imagine bringing their talents to your cause.

“Are their salaries competitive?”

“What’s their workplace culture like?”

“Do they offer health insurance?”

“What about my family?”

These are all questions asked by prospective employees, and if they don’t like the answers, you may miss out on some incredible contributors. Taking the time to ensure that your benefits program not only fits the needs of your current employees, but also appears desirable to jobseekers will keep your employer brand healthy in the long run.

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