A few days ago I wrote about the topic of Total Rewards and it got me thinking about another hot topic when it comes to employee benefits: ROI. Many of us spend a lot of hours and even more dollars researching, selecting and deploying our benefits programs and yet it often seems like it’s an endless challenge ensuring that our employees understand, utilize and appreciate the programs we’re paying for. That’s why today I decided to talk about one of the most important activities an HR team can take part in: effective benefit communications.
It’s a sad truth that many companies use valuable resources to provide their employees with great benefits and then fail to communicate those programs effectively. Not communicating the value of your benefits programs is an enormous waste of opportunity, money and time…but luckily it doesn’t have to happen. If you want to ensure that you get the most bang for your benefits bucks, consider the following strategies:
- Treat benefits communication as a priority: When was the last time you and your team had a conversation, training or strategy session about your benefits communication program? Sometimes the best first step is simply deciding where to go and committing to treating your benefits communication like a priority is a great beginning.
- Train to be pros: Benefits communication is a constantly evolving field and it’s important that you stay on top of your game. If you’re a little bit rusty, read up on the latest trends in benefits communication and find out what other best in class companies are doing to ensure ROI. An expert communication plan takes expert knowledge and design, so make the effort to keep yourself and your team educated.
- Consider a jump start: Companies that are spending large sums on benefits programs, but not seeing the ROI, can often quickly turn their results around by interacting with a consultant. You probably don’t need a deep and involved consultation, but a true pro can help you shape up your communication in weeks, and drive ROI instantly. Looking into the option is worth a shot.
- Organize a Total Compensation and Benefits Statement: These statements are a way for you to show each of your employees the total value of the compensation and benefits package you provide them with. More often than not, putting the value of your plan in black and white is a wakeup call to your staff, one that makes then value and appreciate your company more. This upgrade in clarity produces more committed and content workers and better bottom line results, things we’re always looking to achieve.
If you think your benefits communication program could use a brush up it’s something you should definitely put on the agenda. Compensation and benefits are an enormous part of a company’s overall expenses and you want to be sure you’re getting value for your spend.