03/15/2019 Improve your Employer Brand with Improved Communication and Voluntary Benefits
Mathew A. Matarrese, National Vice President of Sales Combined Worksite Solutions
Improve your Employer Brand with Improved Communication and Voluntary Benefits
Good news for job seekers! The unemployment rate in December 2018 was at 3.7%, a 40 year low1. But, the tight market can make finding and retaining talent difficult for employers. Companies are staying competitive by offering more flexibility, higher salaries, improving their corporate cultures and improving their overall benefits packages and changing how benefits are communicated to employees.
Effectively communicating the value of employees’ existing benefits, or “hidden paycheck” and adding on voluntary benefit choices to packages are two of the easiest and fastest ways to improve your employer brand.
Total reward statements
Do your employees really know what their total compensation is worth? Total compensation, aka hidden paychecks, simply means the total of the employees’ salaries plus the cost of the benefits you provide to them. 53% of top-performing companies provide this information to their employees2, because it improves employee gratitude.
Not sure what to include? Here are some ideas-
- Vacation days and other paid leave
- Workers’ comp, social security and Medicare
- Subsidized health insurance premiums
- Stock options
- Gym memberships
- Onsite child care
- Company discount programs
- Employer contributions to retirement savings
- Tuition assistance
Develop an individual report for each employee, and share it with them as a way to make sure they know they’re valued.
Offering voluntary benefits
According to the Society for Human Resource Management's (SHRM's) 2018 Employee Benefits survey, 34% of surveyed companies increased benefit offerings in the 12 months prior to the survey.3 Adding voluntary benefits, such as supplemental life insurance or accident insurance, is a great way to improve employees’ peace of mind, and it typically does not cost the employer anything. A win-win!
There’s no right or wrong time to introduce new supplemental insurance options to your workforce. Every season poses new possibilities of injury and added medical expenses:
- Slip and falls outside or inside on icy/wet areas
- Snowmobiling or sledding
- Increased risk of auto accidents
- Clearing roof or adjusting satellite dish
- New sports and fitness attempts after cold down time
- Rain storms and road conditions
- Spring breaks (literally)
- School Sports
- Sports (adult leagues are huge injury pools)
- Increased travel on vacations
In this tight labor market, making sure your employees know what their benefits are worth and offering them supplemental insurance to help offset rising medical expenses are two relatively easy ways to improve your employer brand. To see how Combined Worksite solutions can help, contact us today!
1 ManpowerGroup. (n.d.). Solving the Talent Shortage in the United States. Retrieved from manpowergroup.us/campaigns/talent-shortage/
2 Use Total Compensation Statements For Engagement.” Use Total Compensation Statements For Engagement, paycor.com/resource-center/how-to-drive-employee-engagement-with-total-compensation-statements.
3 Miller, S. (2018, June 22). Employers Beef Up Benefits to Keep Talent. Retrieved from shrm.org/resourcesandtools/hr-topics/benefits/pages/employers-beef-up-benefits-2018.aspx
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