Your employees work hard to make your small business a success, and they deserve benefits that support their health, happiness and financial security. Many companies rely on employee feedback on issues such as benefits, but they struggle to use that input effectively.
How do you tap into what your employees are thinking to ensure they’re getting the benefits they need? Follow these tips to make the best use of employee feedback regarding benefits, boosting worker loyalty, retention and trust in the process:
1. Identify common themes
Many small businesses gather employee feedback through surveys. You’ll obtain plenty of useful information, but you need to know how to make sense of it. The simplest way to dive into the data is to identify common themes. Does the feedback suggest your employees need vision care or dental insurance? Are they interested in term life insurance? Pinpoint the areas of greatest concern to your employees, which will give you a good starting point to add or adjust benefits.
2. Be transparent
Your employees want to know their input is being taken seriously. Also, they want to know what you’re planning to do with the information they’ve provided. Be transparent throughout the entire process, letting your employees know what you’ve gathered from their input and how it is going to affect their benefits. Answer questions from your employees promptly and honestly to show you care about their concerns.
3. Project future benefits
Employee feedback can offer many insights into how your benefits should be structured. Your employees’ input serves as a guide to which benefits you should be offering and to what degree. You may not be able to foresee exactly what kinds of benefits your employees will want in the future, but you can get a better idea with the help of predictive analytics.
Integrate feedback regarding benefits with other employee data to paint a more accurate picture of your employees’ needs. You can use software to draw up a rudimentary plan or seek outside expertise for a more in-depth analysis.
4. Set benchmarks
By setting benchmarks for success, you can use your employee’s feedback to propel your small business forward. Creating actionable deadlines to improve benefits shows you’re truly invested in your employees’ well-being.
For example, you could pledge to offer supplemental health insurance by next year or create a timeline to implement cash-back insurance plans for emergency situations. Establishing benchmarks for progress will also help you stay accountable for the actions you plan to take.
5. Follow up
Your employees' input is an invaluable resource for your small business. Don’t just look at feedback once. Keep it at the forefront of every discussion regarding benefits, and continue to seek comment from your employees. Also, be sure to keep the conversation about benefits going all year, not just when the open enrollment period begins. There is always an opportunity to refine the benefits your small business offers.
To learn about partnering with Nationwide to develop a competitive group benefits offering for your employees.