Are You Using the Best Benefit Management Services for Your Business?

Posted February 16, 2015 by Layne Davlin
benefit management services

Do you take full advantage of benefit management services?

Benefit management services help you provide the very best extras to your employees at the lowest cost. However, the impact of doing so can be significant. The right provider will help you make the most of every dollar you spend.

Just look at a few of the ways a quality benefits plan can help your business:

Cream of the Crop Candidates

Nearly 60 percent of HR leaders say benefits are among the most important draws to any job. Salary alone won’t bring in the best and the brightest. Why? Because top performers are smart enough to see the value of robust health insurance plans, flexible scheduling and paid maternity leave. They’re attracted to companies that offer employee extras because it means workers are valued.

That’s part of a company culture that tends to remain despite business slumps, meaning the massive layoffs and bonus cuts practiced by other corporations are less likely to happen. Benefits aren’t just extras to take advantage of; they’re a sign of security that’s hard to ignore when stacked against the competition.

Happier Employees

Two-thirds of happy employees put in more hours at work. They’re more productive. They’re less likely to leave—a big benefit in a climate where 90 percent of employees say they’re willing to leave for greener pastures. Plus, they broadcast the benefits of working with your company, which improves your brand’s reputation.

You can talk to your workers about which benefits matter to them the most, but talking with benefit pros might help you more. They see the trends across industries of what entices people to a company and what makes them stay put. Healthcare is a big motivator, especially in today’s Obamacare world, but surprisingly, flexible scheduling and policies that care for families make the biggest impact when it comes to retention.

Many top positions focus so intently on improving work relationships that employees wind up struggling to stay connected to their families. That’s a problem businesses need to attack head on in 2015.

Higher Profits

Fortune’s “Top 100 Best companies to Work For” all have something in common besides happy workers. During the times when their work environments improved, so did their profits, by an average of 22 percent. Happy workers feel empowered, and as a result, they feel confident enough to take charge and try new solutions. They also feel more invested in their jobs because they appreciate the worker policies in place. Employees who feel valued place greater importance on their jobs.

Benefit management can help a business discover the best selection of benefits available for their employees. Your service should have a number of options available, and they should be suitable for different budgets. Ideally, working with an outside agency should help you gain lower prices for higher quality services. These services can also help with long-term administration to prevent these special employee programs from becoming a problem for your business.

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