Connecting the dots: linking benefits with company success

Employees show up for work ready to apply their talents for a number of reasons, not just for the wages. Salary is but one of several strong motivators, along with recognition, a positive work atmosphere, growth opportunities and benefits.

To better arm the plan sponsor in the ongoing battle for the best talent—and, therefore, to increase the likelihood of achieving its business objectives—here is a list of benefit issues to consider.

Speak to the generations
Benefits are not one-size-fits-all. Although many employers strive to achieve one-size-fits-most, it’s hard to suit “most” when baby boomers, gen X and gen Y are all reporting for duty. Consider providing greater benefits choice to suit employees’ diverse needs. Flexible benefits, a healthcare spending account and generationally appropriate retirement options are three plan design features to keep in mind.

Use the program to keep employees healthy
A company is hard pressed to achieve its business objectives when employees experience widespread health issues or struggle to balance work and life commitments. Determine the primary health issues facing your employees, perhaps through a health risk assessment, and then tailor your wellness program accordingly. It’s better to provide a scaled-down wellness program that is tailored to your group than a more comprehensive program that is too broad and unfocused.

Begin a benefits dialogue
According to a 1999 study conducted by Dr. Kenneth Kovach of George Mason University, thousands of employees rated the need to feel “in on things”—now known as engagement—as their third-highest motivating factor. While engagement crosses into all areas of work, it can begin with, or be reinforced on, the benefits platform. Start a dialogue with a benefits survey to probe possible new directions or to determine if the benefits plan is fully appreciated. Plan it carefully so that you don’t promise what you can’t deliver. Then keep the conversation alive by sharing the results and responses with employees.

Think outside the benefits box
As important as life, health, dental and disability benefits are to an employee’s overall compensation, don’t forget the non-traditional benefits: educational subsidies for professional development; transportation subsidies; additional vacation or summer days; lunchtime exercise; birthdays off; the ability to work from home; and rewards for leads on new hires, to name a few. These benefits may garner as much enthusiasm from employees as the more traditional benefits and may also be relatively inexpensive.

Stay true to your culture and corporate messages
Respect your company’s culture. For example, a large immigrant demographic may have a unique perspective on a company retirement program. For this reason, one manufacturing company, which regularly states its commitment to assist worker families that are new to Canada, understands many of their employees face financial concerns that are more immediate than retirement. Therefore, they enable employees to withdraw a percentage from the company’s profit sharing plan once every three years. Another, concerned about employees’ retirement years, insists their plan must hold funds for future retirement. If you understand your workforce culture and tailor your benefits and retirement programs accordingly, you demonstrate respect for employees and tighten the employee/company allegiance.

After implementing these strategies, a company must communicate them so that employees have a firm grasp of the dollar and individual value of the benefits program. They also need to see the connection between benefits and corporate objectives. Employees who understand this are more likely to value their jobs. In return, the company gets—and keeps—the right talent to reach its business goals.

Esther Huberman is a communications consultant with Pal Benefits Inc.
ehuberman@palbenefits.com

To comment on this story, contact us.