A competitive benefits package is one of the best ways that employers can attract the highest level of talent. However, rising costs can make it difficult to continue to offer the same type of coverage without making some adjustments.
Fortunately, there are several strategies you can explore that will help you lower the cost of Employee Benefits, without sacrificing quality or considering layoffs. Take a look at these tips to help you find a cost-effective solution that works for your business while continuing to offer your employees the best benefit coverage possible.
Look at Which Programs Get Used
It can be overwhelming when you begin to consider how to cut employee benefits cost. One of the first things you should do is look more closely at the programs you offer and how much use each of them gets. You may discover that you are spending a lot of money on something that has little participation and that you can easily eliminate.
Get New Quotes
Other cost saving employee benefits strategies are to shop around for coverage and get new quotes regularly. Your employee needs change over time, so reevaluate your rates to prevent over-insuring based on past numbers.
Delegating the paperwork involved for all your offered benefits to a third party can free up your in-office staff for other tasks and save you money. You can reduce your administration costs and give your employees access to knowledgeable representatives and tools like online portals.
Educate Your Staff
Inform your employees. Educate them on what their Employee Benefits include, and which options would be the most cost-effective for them. Many of the people you have on staff may not understand the different plans for health care or other insurance. You could both save money by analyzing the various plan levels and offering advice for individual situations.
Offer an HSA
Another way to improve upon your healthcare costs is to offer a health savings account. The money is available for a variety of needs, and any unused funds carry over to the following year. You cut your costs while giving your employees more control over their healthcare.
Re-evaluate Your Retirement Contributions
If you need a short-term solution during a financial pinch, you can temporarily reduce the amount of the employee’s retirement contribution that you match as the employer. Keep in mind that this can be an unpopular decision if you choose to implement it as a long-term solution.
Take the time to give your current benefit programs a thorough analysis. You just may find simple solutions that allow you to cut costs on little-used programs and the wrong coverage choices, so you can continue to provide your employees with great benefits.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.