You provide benefits to help attract and retain employees, but are you offering the right benefits? While 7 in 10 employers believe their current benefit offerings are meeting employees’ needs, employees themselves are more skeptical – only 53 percent of workers with benefits are satisfied with the benefits packages they receive.1
Offering benefits your employees actually want may help you increase participation and support retention efforts. Also, understanding your employees’ needs may help you decide where to invest your employer contributions for group products.
How Employers and Employees Rank Benefits in Order of Importance
A recent LIMRA survey2 shows that employers may not be on the same page as their employees about what benefits are highly valued.
Of the benefits surveyed, the largest gap in importance was dental insurance. Employers believe that employees value dental insurance more than employees actually do. However, dental is still in the top five most important benefits to employees. Tuition assistance was the least important benefit to employees, while employers believe it is in the top ten most important to offer.
Medical benefits, paid time off, and retirement plans are in the top five most important benefits for both employers and employees. Employees and employers are also on the same page when it comes to ranking the importance of disability insurance. Both employers and employees rank disability coverage in the top ten most important benefits.
Ask Your Employees What They Want
Surveying your employees annually or even bi-annually can help you determine what benefits are most important to them. Only 18 percent of employers survey their employees regularly to find out which benefits they are interested in, while 34 percent admit to never doing so.3 Take time to evaluate your current benefit offerings, as well as ask about potential new products you’re considering. Engaging your employees in your benefits selection process will help them feel valued, while also giving you the opportunity to provide benefits your employees want, potentially increasing utilization.
Evaluate Your Benefits Strategy
Keep in mind, creating an effective benefits strategy is more than just selecting insurance products for your employees. Evaluate how your benefits complement one another, especially in relation to your major medical plan. Use employee survey data to help drive the benefits you decide to invest employer funds in, and which to provide as employee-funded.
We understand you may not have the time or resources to dedicate to a benefits strategy. We’re here to help. Our account managers can help you create a customized benefits strategy that can help you retain employees and save money.
1LIMRA: Mind the Gap: Do Employers Understand Employees' Benefit Priorities; June 2018.
2LIMRA: Mind the Gap: Do Employers Understand Employees' Benefit Priorities; June 2018.
3LIMRA: Mind the Gap: Do Employers Understand Employees' Benefit Priorities; June 2018.