Employee benefits can add a significant amount of expense to the already hefty price tag of total costs for an employee. These helpful tips are aimed at helping reduce employee benefits costs while unlocking the value of the benefits that you have available.
Explore Health and Wellness Bonuses
Your staff may not be taking full advantage of the health and wellness offerings provided by your insurance provider. You can work closely with your benefits team to ensure that staff members fully understand and are able to access these important options. Everything from fitness challenges to discounts on healthy living products can reduce the overall out-of-pocket expense for your staff members without costing the company additional funds.
Create Recommendations for Life Stages
Perhaps your insurance partner offers great perks for staff members in certain stages of life, such as having a baby or getting close to retirement. These often-overlooked benefits can reduce employee benefits costs overall by helping introduce timely resources when staff members are in need. Having proactive care during a challenging life event may mean the difference between expensive remediation and care and being able to maintain a healthy quality of life without added expenses.
Encourage Short-Term and Long-Term Disability Insurance
Staff members may not realize the value that disability insurance can bring to their lives unless they have been in a life-changing situation such as a catastrophic illness. When staff members are not only facing extensive hospitalization bills or long-term care as well as the possibility of no longer being able to work, it can cause a great deal of stress and additional negative impacts on mental and physical health. Introducing the importance of short-term and long-term disability helps staff members have peace of mind knowing that their families are protected in case the employee becomes disabled or unable to work in the future.
Tuition Reimbursement Plans
Helping employees take full advantage of their benefits means helping clearly communicate the long-term value that will be received from furthering their education. It’s not unusual for long-term employees to misunderstand their training benefits, which can be a great way to improve their career trajectory. Your benefits partner can help you find creative ways to keep employees up-to-date on how their benefits can support lifetime learning goals.
Working with a trusted, reliable employee benefits broker ensures that you have access to the latest information and research to help maximize the value of your benefits package. Not only does this help improve recruiting tactics, but can also play a part in maintaining long-term positive relationships with your staff members.
Ready to learn more about keeping employee benefits costs in line with your budget? Contact us to explore creative ways to reduce employee benefits costs while providing value to your staff members.