How to Fill the Gaps in Your Employee Benefits Package |CBIZ

How to Bridge the Gaps in Your Benefits Offerings

In today's competitive employment landscape, many organizations recognize that employees are their most valuable asset. To attract and retain top talent, employers must go beyond competitive salaries and create holistic and meaningful employee benefits packages that address diverse workforce needs.

Understanding and addressing any gaps in employee benefits is crucial for employers who aim to create an engaged, supported and satisfied workforce. Well-rounded benefits packages often translate to enhanced employee wellbeing, boosted retention rates and a positive work culture.

How to Identify & Fill Gaps in Your Benefits Program

Identifying gaps in your benefits offerings can be a complex task. It requires a careful assessment of employee preferences, trends and organizational resources. Consider the followings strategies for identifying and addressing these gaps:

  • Review your existing benefits program. While taking inventory of employee benefits, organizations should assess if they offer only the basics (e.g., health insurance, sick and family leave) or if they provide unique offerings compared to competitors. This is also a good time to review benefits utilization to better understand if there are any benefits in your package with low utilization.
  • Analyze employee demographics and specific needs. Demographics, such as age, gender and marital status, can influence employees’ preferred benefits. Recognize that those needs can shift over time, so this should be an ongoing exercise.
  • Gather employee feedback. Conduct surveys, focus groups or collect feedback through other methods to gather information and opinions directly from employees. Employers could inquire about employee satisfaction with existing benefits, what they value most and if there are any benefits they feel are missing from their package or that could be improved.
  • Benchmark against industry standards. Research industry standards and best practices to understand what benefits your competitors provide. Looking for benchmarking data? Download our 2023 Employee Benefits Benchmark Report.
  • Explore emerging trends and employee preferences. Current trends include flexible work arrangements, mental health support and student loan assistance. This is also the time to consider employee feedback results and reported preferred benefits.
  • Prioritize benefits based on budget and resources. While employers may be faced with a long list of attractive or preferred benefits, the reality is that they must also consider organizational finances and resources to determine the feasibility of new offerings. It may be helpful to prioritize the benefits that would have the most significant impact on employee satisfaction and overall wellbeing.
  • Communicate changes effectively. Employers should ensure clear and effective communication with employees when introducing or modifying benefits. Education is critical to utilization, so employers should clearly describe any changes, provide their rationale and explain how benefits changes align with employee feedback, emerging trends or organizational goals.
  • Monitor and reassess. Benefits needs and preferences change over time, so it’s important for employers to regularly monitor utilization and effectiveness of offerings. If drastic changes were made, checking in with some employees to gauge their feedback could be worthwhile. Keep the conversation going with employees to keep a pulse on their preferred benefits and reassess available options to ensure they meet evolving needs.

Savvy employers continually evaluate their existing benefits, gather employee feedback, benchmark against industry standards and strategically address any identified gaps. By periodically reassessing benefits offerings, employers can ensure they remain competitive in the labor market and meet the evolving needs of their workforce.

How to Bridge the Gaps in Your Benefits Offerings https://www.cbiz.com/Portals/0/BI_Webinar_Series/09082020rotator.png?ver=Sv76mG1ZmXrBFc0SYLeBdA%3d%3dTo boost employee recruitment and retention, we recommend employers conduct a health plan gap analysis to enhance their existing employee benefits packages.2023-06-09T17:00:00-05:00In today's competitive employment landscape, many organizations recognize that employees are their most valuable asset. To attract and retain top talent, employers must go beyond competitive salaries and create holistic and meaningful employee benefits packages that address diverse workforce needs.NoneEmployee BenefitsYes