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What Drives Your Employee Benefits Decisions?

At some point you may be asked “what is your WHY?” Perhaps in an interview, or in a performance review. The question is not an easy one to answer if it is the first time you have ever been asked. This simple question is getting at what drives us, personally and professionally. The answer, for some, may be simple. For others, it may be more complex with several important drivers to their WHY.

When it comes to employee benefits, most employers don’t regularly ask themselves the WHY associated with providing employee benefits. They may occasionally ask it out of frustration, such as when they are faced with a particularly challenging increase in costs. That is a natural reaction, however, that is probably not the right time to address the question. The right time is before that ever happens, so that you already know the answer.

When we ask this question of our clients, we get many different answers. The most common answer is a question,

Don’t we need to offer them?

From a compliance perspective the answer is no, but from a practical perspective the answer is more likely yes. As the base level, employee benefits can be a driver to attracting and retaining employees. That, for some, is their WHY. For other companies, their WHY is different and those responses become OneDigital’s WHY.

Here are some of those answers:

    • “Offering benefits to our employees shows them that we are invested in them.”
    • “We care deeply about our employees and we don’t want them to worry about how they will be able to pay for their healthcare.”
    • “We need to offer strong benefits to our employees to make sure that they come back to work here tomorrow, and not down the street.”
    • “I think that having a great benefit program improves employee morale and helps to keep our employees healthier.”
    • “Last year one of our employees suffered a significant medical event. After nearly 3 months he was able to return to work again. He sent thank you notes to every member of the leadership team thanking them for offering a strong medical plan that helped to pay for his medical bills and a disability plan that provided income for he and his family. That is why we do this.”
    • “Our employees tell us that we have an incredible culture here. We want our benefits to reflect that culture.”
    • “Our benefit programs cost us about 30% of wages. Our data shows us that turnover can cost us as much as 10x those same wages, the math tells the story.”
    • “Our employees take care of our business; benefits are how we can take care of our employees and their families.”

     

    What is your WHY? Tell us, we would love to hear it. Knowing your WHY helps us to build a better program for you and your employees.

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