9655 Schmidt Lake Road | Plymouth, MN 55442
Attracting and maintaining a solid workforce can greatly improve the chances of organizational success. In order to do that, companies need to provide today’s savvy employee with not only a competitive salary, but a solid benefits package that meets their individual needs. However, with health insurance premiums posing budgetary challenges year after year, many employers are wondering how they can continue to offer a top notch compensation and benefits package and not break the bank.
At NFP, we hear this from our clients every day and have developed a system to help employers find the correct balance of cost and high -quality benefits that their employees can value.
Build a Strategic Road Map
Define you companies goals and objectives for one, three and five years into the future. During this process you should educate yourself on all factors that may influence your decision such as, gender and generational differences, current factors that drive health insurance costs, current legislation considerations, and competitor benefits and packages. Once you have a clear vision of how you want your company’s compensation and benefits positioned in the marketplace, it’s easy to build a process to achieve those goals.
Provide Clear, Concise and Continuous Communication
One of the most important components of a successful benefits package is employees’ perception. It’s a proven fact that employees who have a good understanding of their benefits also have a higher satisfaction level. Most employers communicate benefits once per year at open enrollment; however we encourage companies to continuously educate and promote the value of their benefits to their employees. Employees who understand how to make smart decisions regarding their healthcare and get the most out of their insurance will not only receive better care, but will also keep health plan costs down for the whole organization.
Create a Competitive Advantage
NFP partners with employers to develop a benefits and compensation strategy that puts them in a competitive position to recruit and retain employees. Implementing a total compensation and benefits approach aligns the organization’s strategic plan for growth and focuses on communicating the value to current and prospective employees.