The Great Resignation is leading companies to rethink their approach to employee benefits. While flexible work initiatives seemed cutting edge only a few years ago (remember summer hours and Fri-Yeahs?), today a hybrid work environment is a standard consideration for many job seekers. Well-being offerings (financial, mental health support, parental/family care leave) are edging up the list of must-haves for job seekers.
While HR leaders grapple with which offerings to add or remove from benefits packages, an immediate solution is at hand: do a better job of communicating the value of the benefit programs you have now. Then promote new offerings as an extension of your company values.
Consider these three steps:
1. Market your benefits like you do your brand. Go beyond employee orientation and open enrollment and talk up benefits year-round. Research indicates that only 49% of employees understand their benefits and close to 80% do not review their open enrollment materials. Let’s do better! Develop monthly educational updates and interactive tools for employees to get more detailed information. Dive a little deeper into how your benefits make a difference to employees.
2. Survey employees about their benefit preferences. To really understand why some benefits are popular and why others are underutilized, conduct a detailed benefits survey. Just adding a few questions to the annual employee engagement survey won’t provide the insights needed to make accurate decisions. Times change and some of the current offerings may not meet the needs of today’s workforce. This data can also guide decisions on what benefits are needed to remain competitive.
3. Keep it simple. Remember, everyone learns differently. Use a variety of communication channels and tactics. Brief, visual content delivers a big impact. Few are willing to spend the time required to read through a Summary Plan Document. Clear language and easy-to-understand scenarios entice employees to learn more.
When employees believe they are valued in the workplace, productivity, retention, and engagement rise. Telling a compelling story about your company’s benefits can contribute positively to that result.
Too often employees only think about their workplace benefits once a year–during Open Enrollment. Perhaps that’s because many Human Resources groups focus on the administration of benefits, not marketing the variety and value of the employee benefits package. Internal communicators can provide value by partnering on this issue and adding a little sizzle to benefits marketing efforts.
As the Great Resignation shows no signs of slowing down, companies that provide better support, education, and marketing of workplace benefits may obtain an advantage in employee retention. When benefits usage rises, businesses also realize the full value of this investment.
Here are three steps to consider in promoting your company’s employee benefits.
Understand benefits usage
While the list of benefits offered may be long, it’s unlikely that all benefits are equally as popular. Pinpoint the benefits that are underused by employees and set participation goals. Show you care by surveying employees to understand their interest in current offerings and identify potential new benefits that they value. Not surprisingly, benefits that support wellness and mental health/resilience
Prioritize benefits education
Market your benefit offerings to employees year-round. A deep dive each month on individual offerings can be effective, particularly if employees share their stories about why they use them. Create an annual calendar aligned with notable month-long observances (such as May-Mental Health Awareness Month; October-National Financial Planning Month).
Take a multi-channel approach
Covid-19 has forever changed the delivery and pace of internal communications. With remote work becoming the norm, it is imperative that benefits communications are available through digital channels. Lunch and learns can move to webinars. Intranet content must be compelling and regularly refreshed. Offer digital coffee breaks to engage employees to discuss workplace benefits. Raise the profile of your offerings and provide multiple opportunities for employees to learn more. When employees feel informed and supported in the workplace, engagement, retention, and performance increase.