Studies have proven that time and again, workers place significant emphasis on the employee benefits offered to them by their companies. In fact, a study by Willis Tower Watson found that 78% of employees are more likely to stick with a company based on the benefits package provided.

Another 40% of individuals from a Rogers Gray study said that their loyalty to their current company would likely increase if they felt they were offered customised benefits that suited their unique needs. And, looking forward, over 50% of employees involved in a MetLife survey believe that these benefits are going to be even more important in the next three to five years

So, all things, considered, it is no wonder that it is important to continually re-evaluate your offerings. But how can you tell when it is time to make a change? Keep an eye out for the warning signs listed belowif any sound familiar, it is likely time to make some updates to your offerings. 

Is It Time to Update Your Employee Benefits Plan?

 

You Are Not Attracting Talent

Perhaps an open position has sat vacant for months, either due to a lack of applicants or due to attracting the wrong type of potential employees. Or, conversely, perhaps you are finding that you are getting numerous applications that HR pursues, only to find none of the candidates want to move forward after receiving an offer.

First, evaluate the job description to ensure it accurately describes the desired candidate and the skills required. Then, cross-reference the associated salary with industry standards. If, after both these steps, you find everything is up to par, it could be your benefits plan that is causing an issue.

A 2015 study by Glassdoor found that 60% of respondents indicated employee wellness benefits was one of the primary factors influencing whether they would accept a job offer. Potential candidates will often pass up on a job opportunity because the position in question did not provide the benefits they were looking for, including health insurance, paid time off, family leave, and 401(k) investments. 

Your Current Employees Are Not Opting In

It is no secret that investing in employee benefits is costly. However, if your employees are not opting into your current offerings, you will likely end up spending even more than you would if you made some upgrades.

To start, there’s retention costs to considerreplacing an employee who decides to leave can cost anywhere from 50% to 400% of their current salary. Additionally, the funds spent maintaining benefits packages that are not being used inevitably become wasted expenses. 

First, put together a record that outlines the total number of employees opting into company benefits. Then, further break that data down to determine which benefits are being utilised.

Once you know which benefits are not being utilised, you can start to identify areas that need improvement. For those with low opt-in rates, consider upgrading to something more desirable.

Poor Online Reviews

Employee benefits are one of the most commonly discussed factors in company reviews. And unfortunately, if your current offerings are not doing much to please your workers, this could be detrimental. Negative online reviews on sites like Glassdoor® or Indeed® impact your business in numerous ways. To start, a recent study found that poor ratings from current employees could cause more than 57% of candidates to avoid applying for a position.

These kinds of ratings could also impact your ability to secure business partnerships, as potential clients might be less interested in teaming up with a company that does not seem to have strong support from the inside. 

First, create a report of commonly used phrases or keywords in your negative reviews. If you find that phrases like “employee wellness,” “benefits,” “culture,” “resources” or “support” crop up often, it could be time to re-evaluate your offerings to improve internal views of the business. 

How Gympass Can Help

Whether you want to attract new talent, retain existing employees, or bolster your company’s brand, the employee wellness benefits offered by Gympass will get the job done. We have created membership programmes broken down into different tiers, so you can select the right plan to suit your company’s size and goals. With access to more than 55,000 fitness partners, mental health resources, and virtual classes, you can ensure your investment will be well worth it. Visit our corporate site today to find out more about how employee benefits impact your enterprise.