We’ve been getting several inquiries on when the right time is to evaluate employee benefits offerings, and the answer is every year!
Yes, annually… And here’s why- as a business owner you don’t want to offer benefits just to “offer benefits.” You want to offer benefits to get the most ROI on your time and money as possible, and your benefit offerings are absolutely an investment that impacts that.
Normally the main goal of employee benefits is to keep quality employees from leaving and increase your stance in the hiring marketplace. What’s your goal for 2020 and how will turnover prevent you from hitting that goal? Do you think what you have in place will help you meet that goal? If the answer is no, then you want to evaluate what benefits are in place ASAP.
You also want to evaluate what you’re currently paying for employee benefits and see what other, cost-saving, alternatives might be out there. For example, we work with many companies that have under 50 employees where we moved their employees from a “group health” platform to an “individual consultation” platform, getting employees BETTER coverage and saving both employee and employer THOUSANDS of dollars each month. Had these employers not evaluated options, they would have never switched since they had no idea this option even existed (many brokers like to take a “set it and forget” it approach- not smart).
If you find yourself at a point with your employee benefits options that you’re not seeing a direct impact, then it’s time to evaluate. Annual reviews are a GOOD thing and anyone who tells you different many not have your best interest at heart.