What Is Employee Benefits Management and How Can it Help Employers?
As an employer, employee benefits represent integral parts of compensating, caring for and retaining your workforce. These various perks and incentives, such as group health insurance options, employer-sponsored life insurance, financial assistance programs and training and educational opportunities, can all be critical investments for employers. However, employee benefits can often be complicated and nuanced, making optimization steps essential to your organization’s efforts.
How Can My Business Best Manage Employee Benefits?
When seeking to make the most out of your organization’s employee benefits portfolio, it’s often advisable to enlist the assistance of a broker or other trusted partner to help you establish an employee benefits management program. By establishing formal practices and processes through which your company plans to manage its employee benefits, you can make inroads to optimize utilization and return on investment for your workforce and the entire organization.
Why Does My Company Need to Prioritize Making the Most of Employee Benefits?
Optimizing employee benefits can provide your organization with many advantages, including the following:
- Improved cost-effectiveness—In many cases, your business invests significant financial resources and time into its employee benefits portfolio, but mismanagement can marginalize the return on these investments. By effectively managing its offerings, your company can help identify options that may be underutilized or misunderstood and introduce new features that employees may desire.
- Assured compliance—Changing employment laws and industry standards may force your organization to reassess and modify its employee benefits offerings. Appropriate management of employee benefits can help ensure you are aware of and adequately address changing standards and possibilities as they become required or relevant.
- Increased employee morale—Research has found that employees with better health and wellness are generally more efficient and less distracted in the workplace. As such, taking an active approach toward employee benefits management can ensure that your workforce has access to essential resources and assistance programs, which may reduce absenteeism, increase productivity and positively impact your bottom line.
- Greater attraction and retention—Effective management of employee benefits can help your organization understand how various offerings may appeal to your current talent, as well as potential candidates. As such, investing ample time and attention toward these efforts may help separate your company from competition in the labor market.
We’re Here to Help
At Lyceum Insurance Services, our dedicated team fully understands the critical role that employee benefits play in a successful and innovative workplace. We will draw on our over 40 years of experience serving employers to help your organization learn more about effective employee benefits management, identify areas for potential improvement and implement appropriate actions that can garner exciting opportunities. Visit our website or call 301-840-6624 to learn more.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
Categories: Employee Benefits