Attracting and retaining top talent in this tight labor market is a concern for many companies. Benefits continue to play a major role in employment decisions; however, studies have found many employees struggle to understand and value the benefits their employers offer. A recent survey found that 18 percent of workers were unhappy with their ability to access and enroll in their companies’ benefits plans. And 17 percent said they disliked the way their benefits were explained to them.
- The study also found that although 90 percent of employers viewed benefits as critical to their recruiting and retention efforts, 70 percent failed to offer plans that effectively engaged their employees or help them understand the value of their benefits.
Benefits account for 31.4 percent of workers’ total compensation, according to the U.S. Bureau of Labor Statistics. Upgrading your HR technology can significantly improve the way your employees understand and use their benefits – making such an investment well worth it for the long-term success of your business.
Use Your HCM to Increase Employee Satisfaction
Critical to the success of employee engagement strategies, is supporting your employees with ongoing and easy access to their benefits. This can be accomplished with an online self-service feature for employees to facilitate better benefits-related decision making. As a result, people feel more empowered and less frustrated, which leads to higher engagement, productivity and loyalty.
An HCM will positively transform your employees’ experience by:
- Engaging new employees at the onboarding stage: New hires who complete a structured onboarding program are 58 percent more likely to stay with an organization longer than three years. Your HCM should enable you to start the onboarding process for new employees, even before they set foot in your building. They can explore their benefit offerings, enroll and upload required documents, and electronically sign off on government required notifications. . On their first day, with these administrative steps already taken care of, they will feel more comfortable and ready to hit the ground running.
- Providing a user-friendly self-service portal: Employees often have questions about their salaries, benefits and time off and are looking for quick answers. Using a self-service HCM portal, they can access much of this information anytime from anywhere, including remote sites or via their mobile device. Consider having HR create short educational videos about your benefits and how to use the online resources. This adds a more personal touch to the process, while still meeting employee expectations of 24/7 access.
- Offering continuing education and confidentiality: Wellness and mental health benefit offerings are on the rise and much needed; however, many employees are unaware of what is available or how to use these benefits. Employees may not feel comfortable discussing these concerns with managers, so technology becomes the key conduit for this information. Providing access to and training about these benefits year-round through your HCM technology is a great way to keep employee informed and provide confidential real-time access to what they need.
- Increase visibility to Total Compensation. Employee benefits are a significant cost for your company, so you want to ensure your employees understand and appreciate all that the company is offering. During open enrollment your self-service portal can give employees easy to use enrollment and decision-making tools that illustrate the company’s investment and help them to select the right coverages. Once enrollment is completed, ensure your HCM technology is able to show employees the total value of their compensation including, salary, benefits, fringe benefits, and paid time off.
Keeping your HR technology up to date is critical to winning today’s competitive talent war. The HR Works team of certified HCM professionals can assist with choosing and customizing a system that will enable you to leverage HR tech to achieve all your business goals. Read our related posts or contact us today to learn more.
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