Benefit packages are often overflowing with options and choices. Fringe Benefit Analysts helps simplify the dissemination of information and ensure that employees are properly informed and educated in order to help them understand and appreciate the full value of their benefit options.
Making Your Benefits Count
Employees undervalue their benefits for many reasons including:
Employers communicate the value of the benefits poorly and infrequently.
Employees have little or no choice in selecting benefits packages or options.
Employees misunderstand the market value of their benefits and the additional cost of their compensation package to their employers.
For employees to understand the value of the benefits they receive, employers must educate employees and family members and provide monthly benefits statements that share the true cost of the benefits.
Effectively communicating the ins and outs of the benefits being offered to your employees will positively impact your organization in five ways:
1. Increases Competitive Advantage
If you want to retain and attract a loyal base of excellent professionals, then teaching them the value and inner-workings of their benefits is essential. When an employee gains a good understanding of their current benefits and becomes comfortable in how they are supposed to function, they can utilize the benefits to their full capacity. This understanding and utilization is coupled with a higher appreciation of the benefits their current employer is providing and said employee is less likely to look for employment with “better benefits” elsewhere. Many employees will also develop a deeper appreciation toward their employer, noticing that they care about their employees to have their benefits explained fully and properly. This appreciation is further compounded when employees talk to friends or family only to discover that this kind of benefits education is not common practice, which deepens the employee’s value of their company and the benefits offered.
2. Improves Morale & Productivity
When a strong effort is being made by the company to educate employees on the benefits offered, employees feel more confident in choosing selections based on their unique needs. This support of an employee and their family’s health and well being positively impacts employee morale and job satisfaction. Those two factors lead to a more productive workforce, which can improve profitability and efficiency.
3. Saves Time
Executives and HR departments have a multitude of extremely important responsibilities; none of which will benefit from being sidetracked throughout the year by answering all sorts of one-off benefit questions. Having a strong, on-going education structure in place with a team readily available to assist, will lead to fewer questions, headaches and time-off-task scenarios for all involved parties.
4. Increases Enrollment
The more an employee understands their benefits, the better prepared they are to make an informed decision. In most cases, employees will realize that the benefits being provided by their employer are far superior to what is available on the individual market, and unquestionably a better option than rolling the dice by not insuring themselves.
5. Promotes Rate Relief
Properly educated employees can make more informed decisions when health care services are needed. This higher understanding can lead to significantly lower claims activity, which can directly impact renewal costs for an employer. Fewer claims equal less of a renewal increase. It’s a financial win for the employer and employee alike.
Custom Benefit Guides
Fringe Benefit Analysts provides professionally produced guides for open enrollment meetings and for new hires containing all the information employees need to make informed choices regarding benefits.
These benefits guides are customized to each client and their offering in regards to their benefit packages.
When partnering with Fringe Benefit Analysts, employees can provide personal information one time, via a secure website, to populate multiple documents and can then print a number of completed carrier enrollment forms and applications.
Enrollment Meetings and One-on-One Consulting
After many years in business, we have found that holding general employee meetings during the open enrollment period are vital to employees’ understanding of their benefits package and option. In order to assist with these meetings, Fringe Benefit Analysts will prepare all materials, announcements and correspondence to ensure a productive meeting.
One-on-one benefit consulting visits help to ensure employees have all their questions answered.
Employee Resource Website
In an effort to consolidate information and provide for ease-of-use, Fringe Benefit Analysts builds a customized benefit portal for each of our clients providing quick access to benefit plan summaries, PPACA required documents, web links, provider directories, forms and client-specific documents.