Everyone hates to lose a good employee, especially when the reason for leaving is a small pay increase with diminished company benefits that result in a net loss in compensation.
An HR Director summed up the situation when she said, “The value of an employee’s benefits is often referred to as their hidden paycheck, because most employees have no idea what their benefits are worth.” She added, “It’s important for employees to understand that the value of their benefits frequently increases compensation by over 30%!”
What is the best way to make certain employees understand the value of their benefits? It’s pretty clear that informing them in a letter or through some other passive means simply doesn’t work. One solution that has proven effective is a customized, one-on-one multimedia benefits presentation with a personalized benefits statement provided at its conclusion.
According to the same HR Director, “With a well-planned communications project you not only know that everyone sees and receives their own personal benefits statement, but they also view a customized multimedia explanation of their benefits.” It helps to think about scheduling these employee benefits presentations off-cycle, between core benefits signups, so each employee can more readily focus on the message being delivered. In less than half an hour per employee, expert counselors can deliver an interactive, personalized, multimedia presentation and can include any other topic the organization wants to emphasize, plus a brief video clip of the organization’s leader, a feature that most employees really appreciate.
Near the conclusion of each employee’s half-hour meeting, counselors take a few minutes to offer a voluntary benefit that has been pre-approved by HR. An example of such voluntary benefits is long-term care insurance, which can otherwise be difficult to obtain. Because many employees take advantage of the voluntary benefit being offered, the organization pays absolutely nothing for the educational program being delivered personally to each employee.
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