Human resources professionals face many challenges as the fourth quarter of 2021 approaches. The rising costs of employee benefits are causing employers to reconsider benefit packages. They are turning to their human resource leaders to develop creative solutions to attract and keep quality employees. Employee benefits brokers can provide a range of options and packages to stay current with changing requirements.
1. Alternatives for Rising Employee Benefit Costs
Labor shortages, increasing gas prices and supply chain challenges are pushing up prices for health insurance and other primary employee benefits. As a human resource leader, you must address the needs of a remote-work environment, increasing childcare demands and employees’ desire to work in an inclusive and diverse workplace. One way to address these needs is to conduct a comprehensive policy review to understand available options and determine how to reduce costs or adjust benefit options.
2. Improving Communications with Employees
Not long ago, it was common to walk across the office and stick your head in your employees’ office. You could hold an all-hands meeting and chat with employees after work at the local watering hole. The new remote work environment makes employee communications more challenging than ever. It’s difficult, if not impossible, to develop a rapport with employees you only see on a computer screen. However, there are still ways to stay in touch with your workforce. Group virtual meetings and community messaging tools allow you to hear employee concerns. Technology tools like chat, CRM systems and electronic documents will enable you to work in the digital era and share your news about employee benefits with your remote team.
3. Flexible Benefits Packages Address the Needs of a Diverse Workforce
Remote employees have different needs than those working in a traditional office. Childcare, telehealth and at-home fitness programs are just a few of the programs employees are now seeking as they juggle their family, home and work activities all from the comfort of their kitchen table or family room couch. Health savings plans are popular to help offset the costs of high-deductible insurance policies.
4. Employee Benefits Brokers Play a Larger Role in Plan Selection
The benefits broker will play a more prominent role in helping you figure out what benefits packages to offer. The broker will present multiple options and help you select the right plan for your business. A benefits broker is a true partner to support your human resources role.
Preparation is the key to conducting a beneficial policy review. Therefore, you should work closely with your employee benefits broker to adjust your package to reflect changing times. To schedule a policy review, contact Innovative Broker Services at 916-932-2864 or download the checklist 8 Easy Steps to Your Best Open Enrollment Ever.