July 28, 2021

 

Mid-Year Check-in on Your Employee Benefits Plan

The summer months are often a time for vacations and relaxing.

It’s also the perfect time to analyze your organization’s benefit plan. No, it might not be as appealing as catching rays on the beach or a backyard barbecue, but the slower months can be the ideal time to prepare for next year.

And what you do now to prepare could help your company save money down the road.

Where do you start?

 

Pulse the plan performance

The quickest way to know the true health of your benefit plan is by asking your employees.

“It starts with questions,” Apex Senior Account Executive Andy May says. “One of the most valuable questions is, ‘How do your employees view their benefits?’ ”

Surveying what employees do and don’t like about their overall benefit plan can be very telling to HR leaders. The same survey could show how popular — or unpopular — aspects of the benefit plan are to employees.

As employees settle into the slow and lazy days of summer, now is the perfect time to take stock of the year thus far. With so many unknowns left to navigate, summertime is a good opportunity to reflect on the past months and your organization’s plans for the rest of 2021.

 

Make adjustments where needed

If you’re taking the time to find the health of your benefit plan, it would be unproductive to not act and make improvements.

If most employees are unhappy about the premiums they’re paying, is there a way to lower those costs without sacrificing coverage? Is there a benefit employees wish they could select that isn’t currently available?

On the flip side, there could be a benefit that is underutilized. Could it be eliminated to save costs and help allocate those saved dollars elsewhere?

 

Stronger benefit plan helps the company

It’s important to review your company’s benefit plan and ask employees for input.

Why? A stronger benefit plan makes your company more attractive.

A strong plan can be used to attract talent, and then retain that talent once you have it.

Apex can also help your organization review your benefit plan.

Contact us about receiving a free Custom Benchmarking Report to see how strong your benefit plan is. You’ll also be able to see how your plan stacks up against other Indiana employers and competitors in your industry.