The two most important things to note when talking employee benefits as a HR Director
By: Kaleigh Cope, MJ-LEL ‘22
1.The Importance of Offering Employee Benefits – Most people know what employee benefits are, right? Whether you’re under your parents, spouse, or have individual health coverage, most individuals in today’s modern world know what employee benefits are, but what more could you possibly need to know about employee benefits? Employee benefits are so much more than just saving you money on last month’s emergency visit, although definitely a perk, there’s more…Did you know that employers often utilize offering certain employee fringe benefits as a recruitment technique? Did you also know that on average, an employee will opt to stay at one company longer because of great benefits? Lastly, did you know that offering quality benefits to your workforce can increase employee morale? --- Believe it not, it’s all true. The importance of offering employee benefits to your workforce is growing at rapid rates and if you are struggling with retaining your workforce, or finding solid talent, it might be time to review your benefits package. Here’s a great place to start: 2022 SHRM Employee Benefits Survey
2.Compliance is Key – This is a given and anyone working in Human Resources these days knows that our job title should essentially be “Glorified Employment Attorney” (or “Glorified Babysitters” depending on how you want to look at it), but compliance is truly key in the employee benefits space. As quickly as the health and welfare sector changes, we have to be ready and always on our toes. I think that it’s pivotal to understand that in the employee benefits space, most things are broken into “Small Employers” and “Large Employers”. Depending on where you fall, should be where you start your research – This has been huge for me when it comes to researching important filing deadlines. If you’re still struggling on where to start, click here: Employee Benefits Security Administration - Health Plans Compliance Assistance
The Tangible Two © 2022 by Kaleigh Cope is licensed under CC BY-SA 4.0
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