Summer has been in full swing with employees focused on vacation plans. Before the Fall rush is a good time to review and revisit your benefits. We know the recession has presented challenges to support and continue some employee benefits and we know organizations who are finding creative ways to replace most costly benefits with alternative ones. These smart organizations will be ahead in retaining key employees as employment opportunities increase, post recession.
According to the SHRM 2010 Employee Satisfaction Survey, Employee Benefits placed second to Job Security in this poll. Health care and medical benefits rated the most important followed closely by paid time off and defined contribution plans including 401(k), etc.
We know many organizations were faced with difficult decisions in 2009 and 2010 regarding employee plans including increased contributions, cut coverage and stopping employer matches for 401(k) s.
Our suggestion is to put your focus on the communication side of benefits to employees. If you made cuts or cost containment changes, let your employees know the dollars saved in implementing these changes. Give them a real sense of your plan for the future around benefits including what it would take to reinstate some lost or changed benefits. Information goes a long way ….
