3 Challenges Small Businesses Face with Employee Benefits
| The Fedeli Group
Providing high-quality benefits is key to attracting and retaining top talent and keeping employees engaged. But the cost and complexity of managing benefits is daunting for small businesses. Owners who are already strapped for time and resources must balance payroll and benefits while recruiting, training and retaining new employees. Employee benefits impact an employee’s work-life balance, financial security and personal well-being, so it’s important to develop an effective strategy that addresses cost, coverage and communication.
Cost is a major challenge for business owners, as healthcare premiums continue to increase with every annual renewal period. Many employers are hesitant to share the premium increase with the employees as they have done in the past because the marketplace is so competitive. They don’t want to lose top talent, so instead they absorb healthcare cost increases so employees can maintain the same benefits without additional financial contributions.
Coverage is another complexity in the healthcare benefits web as employers seek out ways to enhance their package to stand out in the marketplace. How can this be accomplished without breaking the bank? One solution is to offer voluntary benefits that reflect your company’s priorities and values while demonstrating your commitment to your employees. Through voluntary benefits, some employers choose to increase their PTO offering, disability or life insurance in the wake of the pandemic. They’re finding ways to be creative with the benefits they deliver to employees.
Without communication, employees will not realize the value of healthcare benefits and how they can maximize coverage. They can easily overlook important resources, such as an employee assistance program (EAP), which is typically covered by disability insurance. Other benefits include wellness programs, activities and discounts that slip between the cracks because employees are not aware these health-minded resources are available to them.
A comprehensive communication strategy is essential so employees understand their benefits, how to utilize them to improve health outcomes, and why doing so will save the company and their families money. If all of this sounds overwhelming, the good news is—you don’t have to navigate healthcare benefits communications alone.
At The Fedeli Group, we partner with you to provide resources and consultation. We connect the dots by creating employee benefits program that align with your organization’s philosophy and structure. Want to learn more? Let’s talk.