Employers who offer health benefits plans to their employees should be confident that they’re getting full value from it – and that means confirming not only that the business is paying the right price, but that employees are getting the right coverage. Here are four ways to confirm that your benefits plan is right for your employees.
1. Ask Them
There’s no better way to find out which benefits your employees value then to ask them. At GroupHEALTH, we help employers conduct anonymous surveys of employees to determine what coverage is most important, what services are working best, and what employees expect from their benefits plan. Sometimes you don’t even need a survey: a short conversation can help you determine what matters.
2. See If They’re Using It
One of the best way to determine if employees value their benefits plan is simply to look at whether they’re using it. This is especially true for benefits plans that include health and dental coverage or health spending accounts, because these often address routine or preventative care. There may be a number of reasons why benefits aren’t being used, but if they are being used it means employees are receiving value.
3. Compare With Competitors
Business leaders want to know that they’re getting as much value from their benefits plan as their competitors – not only to ensure that they’re getting financial value, but that their employees are getting value. That’s one of the reasons GroupHEALTH created the Smart Plan for Small Business – we used our knowledge of thousands of Canadian businesses and their employees to build a competitive plan.
4. You’re Using It To Hire
Nothing validates a compensation package like hiring employees – and benefits are part of employees compensation! A well built health benefits plan can help you attract new employees, and prospective employees are more likely to choose a company with an employee benefits plan than one without. Sponsoring an employee benefits plan can help you compete for the best employees.