MAY 23, 2024
5 Questions about Employee Benefits You Must be Able to Answer
There are more ways to compensate your employees than just through pay, and employee benefits are an important part of how you reward your staff for their hard work and dedication. A U.S. Bureau of Labor Statistics March 2023 report shows 87% of full-time private industry workers are provided access to medical care benefits, up to 55% (depending on the industry) had access to paid family leave, and up to 76% (again, depending on the industry) had access to wellness programs.
We at Payroll Vault stress to you that, as an employer, it’s important to understand employee benefits and be able to answer your staff’s questions about employee benefits. Let’s look at how important these benefits are, what you should know, and emerging trends in employee benefits.
The Basics and Importance of Benefits
Employee benefits are forms of compensation provided to employees beyond salaries or wages. Some common benefits include health insurance, retirement plans, paid time off (PTO), and flexible work arrangements. These benefits are pivotal in hiring new employees and retaining valuable talent; an August 2023 article on the Forbes website said 90% of respondents to a Society for Human Resource Management survey highly valued healthcare benefits, and 83% said they highly valued flexible work and PTO. These benefits go hand-in-hand with pay to provide for the health, future security, and work-life balance of your staff and their families.
Key Questions About Employee Benefits
An employer like you needs to communicate with your staff about their benefits. A third-party HR solutions provider like Payroll Vault can help you get the information you need to pass along to your staff. Here are some employee benefits questions to ask yourself, so you can answer your employees’ questions effectively:
- Is the benefits package clearly understood by your employees? Make sure your staff knows what benefits are available to them and how they’re accessed.
- Does your benefits package provide employees with what they want and need? Regularly soliciting feedback through employee surveys, round table discussions, and Q&A sessions will help you keep tabs on your staff’s requirements and expectations.
- Is there open, clear communication between leadership and employees about benefits? Regularly engage with employees to foster open, honest dialogue.
- Does your benefits package meet all legal requirements? Consulting with third-party experts like Payroll Vault, as well as legal advisors and business attorneys, will help you meet all federal, state, and local government regulations for employee benefits.
- Is your benefits package affordable and comprehensive? Make sure your benefits package is within your budget, while providing for as many employee needs as possible.
Lastly, when asking your staff about their needs and expectations, here are some good questions about employee benefits to ask:
- Which benefits are most/least important to you?
- Is there anything about your benefits you don’t understand?
- Are you satisfied with your health insurance, PTO, and other perks?
- Are there any perks you think would improve the workplace culture?
- What changes would you like to see during the next enrollment period?
- Do you know who to contact with questions about benefits?
Trends in Benefits
Keeping your valued employees and attracting new ones is a big boon of offering employee benefits, so it pays to keep up with what’s sought after by the workforce. Payroll Vault provides a library of HR resources to create policies and plans, including employee benefits. Here are some trending benefits that you may want to consider for your business:
- Flexible work arrangements like remote work and hybrid work schedules
- Four-day work weeks and similar work schedule adjustments
- Personalized benefits packages that address each employee’s life circumstances
- Mental wellness benefits to avoid stress and burnout
- Financial wellness benefits to help employees plan for their financial future
- Professional development benefits to help employees learn new skills through mentoring, training programs, and more
Providing employee benefits can be a boon to both your employees and your business when they meet everyone’s expectations. Payroll Vault welcomes the opportunity to help you create the best benefits package for you and everyone at your business.
Find Your HR Solutions with Payroll Vault
We have the expertise small business owners like you need, from payroll to HR services for small businesses. Our boutique-style offerings allow us to customize the services you receive to your business needs. Visit your nearest Payroll Vault location today to learn more about what we can do for you.
