The pandemic changed a lot of things for a lot of businesses, and employers have been struggling to reel in high-quality talent. Employers are keenly aware of the challenges in securing high-quality candidates in a competitive market. While increasing compensation is a strategy, it's not always feasible. This is where optimizing your benefit plans through a comprehensive employee benefit plan audit becomes critical. Auditing employee benefit plans not only ensures compliance and efficiency but also enhances your appeal as an employer. Below are some innovative strategies to leverage your employee benefit programs, positioning them as a key differentiator in attracting new talent and retaining your valued team members.

1. Reevaluate Your Benefit Programs

What benefit programs do you offer now? Do these benefit programs appeal to the Workforce of today?

It’s possible that the programs you offer aren’t as valuable to your employees as they once were. For example, if your business implemented remote or flexible work schedules in 2020 or 2021, your benefits will almost certainly need to change. Replacing a parking and transit benefit program with mental health support or better childcare benefits could be just the change your employees want to see.

2. Gain Intel

Gather as much information as you can from others in your industry and from other local businesses. If you learn where successful companies are spending their money, you can figure out what benefits are most valued.

The SHRM Benefits Survey is a great place to start. This survey provides insights into the latest trends and benchmarks in employee benefits, empowering you to design competitive and comprehensive benefit plans that meet industry standards and exceed employee expectations. Survey results will help you pinpoint the benefits most valued by your employees, enabling your business to attract and retain top talent by offering benefit packages that stand out.

But take survey information like this with a grain of salt. Your employees’ desires and expectations should be the driving force behind your benefit plan decisions. Talk to your employees about what perks they value most and focus your energy there.

3. Reevaluate the Company’s Benefit Structure

Another way to meet the needs of individual employees is to have a la carte options. Your main benefits (like your health insurance and retirement plan) will likely need to be the same for all employees, but you can offer different add-ons that employees can select. For example, if you offered a childcare flexible spending account (FSA), employees with small children can opt in, and employees without children can simply not participate. 

To compile the right types of offerings, get familiar with your employees’ demographics. Average age, income level, and family situation can dictate what benefits your employees will value. But don’t just look at your current employee makeup; track how employee demographics have been changing and take those trends into consideration.

4. Improve Communications with Employees

Employee turnover is expensive, disrupts the workflow, and can negatively impact morale. One way to help reduce employee turnover is to improve communications with your employees, especially when it comes to your benefit plan offerings.

You’re likely required to send annual updates to employees about their retirement plan, but how many other times during the year are you reaching out? It’s possible, if not likely, that many of your workers are unaware of the benefits available to them. Remind your workers what benefits they have at their disposal and help them sign up for those programs if they need it. 

Connect with an Advisor to Optimize Your Benefit Plans

Effectively auditing your employee benefit plans with a detailed checklist is not just about compliance—it's a strategic move to elevate your organization's appeal in the competitive talent marketplace. Whether it's refining existing plans or implementing new, innovative benefits, the right approach can significantly impact your ability to attract and retain exceptional employees. If you're looking to ensure that your benefits program is as efficient and attractive as possible, connecting with a specialized advisor can provide the expertise and insights needed to navigate this complex terrain. Reach out to your Meaden and Moore advisors if you have questions.