If you’re part of the tech or marketing industry, you understand it takes time, resources and a bit of trial and error to create a product that satisfies the customer’s needs and stands out in the market. Designing your organization’s benefit plan follows a similar approach—but in this scenario, your “customers” are your employees.
Given that your team thrives in a collaborative environment that values diverse perspectives, engaging employees in this process should feel like a natural extension of your existing practices.
When employee needs are met, the payoff is significant. Employers who involve their teams are rewarded with a more engaged and loyal workforce, improved retention, a stronger competitive edge for attracting top talent and a benefit package that supports company goals.
The value of involving the employees
Involving employees in the benefits selection process ensures that the final offering is relevant and valuable.
When employees have a say in their benefit plan, they:
- Feel valued and understood: Their voices and opinions matter, fostering a sense of care and recognition.
- Engage actively: Being part of the decision-making process boosts their commitment to the company and enthusiasm.
- Utilize benefits more fully: Greater involvement means they’re more likely to take advantage of what’s offered, contributing to a healthier workforce.
- Perform at their best: When benefits align with their needs, employees feel supported and empowered, leading to higher motivation and productivity.
On the other hand, relying on traditional top-down decision-making is often assumption-based and overlooks employee needs. This approach can lead to:
- Wasted resources: Investing in benefits that don’t resonate with employees can lead to wasted financial resources and ineffective spending.
- Difficulty in attracting talent: A less appealing benefit package can hinder recruitment efforts, making it challenging to attract top talent.
- Misalignment with employee needs: Your plan may not align with employee preferences and needs, leading to dissatisfaction.
- Limited innovation: Without employee input, benefit plans may lack innovative options that could enhance satisfaction and wellbeing.
- Higher turnover rates: Employees may seek opportunities elsewhere if they perceive their benefit package as insufficient.
How to gather employee feedback
There are a few ways you can gather employee feedback, including:
Surveys: Use online survey tools to gather structured feedback from your team. This method allows you to ask specific questions and analyze responses quantitatively, making it easier to identify trends and areas for improvement.
Focus groups: Organize a small group of diverse employees to discuss the benefit plan and identify what is working well and where the company can improve.
Suggestion boxes: Set up physical or digital suggestion boxes where employees can submit ideas. This low-pressure option can encourage more candid feedback and innovative ideas.
Anonymous feedback forms: Provide a platform for employees to share their thoughts confidentially. This helps create a safe space for honest feedback, especially on topics related to benefits and the employee experience.
Keep in mind, it’s critical to make this process easy for both employees and you, the employer. Employees are more likely to engage and provide valuable insights if it’s easy to do so. For employers, seamless data collection and analyzation will help you make informed decisions faster.
How to balance employee preferences, costs and scalability
After reviewing your employees’ feedback, you may feel overwhelmed by the challenge of incorporating multiple preferences into your plan while adhering to your budget. It’s a complex task, but you don’t have to navigate it alone.
Our team is here to help you strike the right balance between employee wellbeing and cost control, ensuring your benefit package is effective and sustainable.
Here are a few ways we can support you:
- Informed decision-making: We’ll work together to review your employee feedback, alongside data from your current plan to identify which benefits provide the most value. This targeted approach helps you prioritize high-demand offerings and eliminate those that are less relevant.
- Cost-effective solutions: We specialize in identifying offerings that deliver maximum value without compromising quality. We’ll guide you in finding options that meet employee needs and fit within your financial constraints, such as Health and Wellness Spending Accounts. These accounts are cost-effective and provide employees with the flexibility to use their credits based on their diverse needs.
- Scalability strategies: Our team provides scalable solutions tailored to your present and future goals, including adaptable benefit plan models that evolve with changing workforce dynamics. For instance, a standard benefits plan typically includes Prescription Drug coverage, Extended Health benefits, Dental coverage, Life insurance, Travel insurance and Disability insurance. We will evaluate these features and help you scale them up or down based on your priorities, your employees’ needs and your budget.
- Add-On recommendations: In addition to the standard offerings, there are various add-ons that can enhance your plan. Options such as Health Spending Accounts, Wellness Spending Accounts, Vision, Employee Family Assistance Programs and Virtual Care can be customized to meet your team’s priorities. For example, if mental health is a priority for your team, we will explore options for additional mental health services coverage and employee support programs.
- Flexible benefit options: Our plans offer a high degree of flexibility, allowing you to customize coverage options that cater to employee needs while ensuring it aligns with your organization’s objectives and budget.
While our experts are here to assist you in navigating your options, it’s beneficial to gather employee feedback before meeting with our team. Having this information readily available allows you to discuss how to incorporate employee suggestions with us right away, making our conversations more productive.
How benefit plans can support your business goals
Did you know that your benefit plan is more than just an investment in your people? It’s also a strategic tool that actively supports your business goals. Here’s how a well-crafted plan can help achieve some of the most common objectives:
- Increase profits and customer satisfaction: A strong benefit plan helps attract and retain top talent, boosting the skills and expertise within your organization. Satisfied and engaged employees provide higher-quality service, which leads to better customer satisfaction and greater profitability.
- Reduce costs: A strategic benefit plan can help lower costs by reducing turnover and absenteeism. When employees feel valued and satisfied, they are more likely to stay with the company and take fewer sick days, leading to significant savings over time.
- Boost productivity: Designing a benefit plan that includes wellness programs and flexible work options can significantly enhance employee productivity. When employees feel supported and empowered, they are more likely to be focused and motivated, resulting in improved performance and output.
- Attract top talent: Just as customers are drawn to an exciting new product, employees are attracted to workplaces that offer competitive compensation. When an employer invests in their team’s wellbeing, word spreads quickly. Well-designed benefits not only set you apart, but they also strengthen your ability to attract and retain top talent in the highly competitive tech industry.
Talk to your employees about the selected benefit plan
Once the final benefit plan is selected, set a time to promote it to your employees. After all, customers can’t get excited about a product they don’t know about.
The best way to inform employees is through an in-person or virtual meeting, like a town hall or an informational workshop. During your announcement, communicate that the benefit plan isn’t a one-time imitative – it’s part of an ongoing conversation and updates will be shared regularly. Share the trends and insights you gathered from their feedback to explain how it led you to the final result. Make it clear where employees can find information about their benefit plan and who they can contact with inquiries.
If you’ve chosen a plan with Alberta Blue Cross®, be sure to mention that the plan is flexible and can evolve as the organization’s needs change.
Bringing it all together
You’re the pro at enhancing the user experience and increasing customer satisfaction. Think of your benefit plan as an opportunity to apply your expertise to make a product that exceeds employee expectations and boosts your reputation as an employer in the industry. By collaborating with your employees, you’ll create a plan that retains and attracts top talent, promotes a healthier, more productive workforce and supports your company goals.
Let’s incorporate employee feedback into your group plan
As your upcoming benefit review approaches, now is the time to start gathering employee feedback on your current plan.
We can help.
With over 75 years of experience, we have helped employers across Alberta navigate the complexities of employee benefits. Our goal is to help you create a plan that effectively balances employee preferences with your business needs.
Let’s get started – contact our team today to start building a plan that incorporates your employees’ feedback.
