Exploring Alternate Employee Benefit Funding Options

Chris Freitas • Nov 13, 2023

Employers are facing the ongoing challenge of retaining top talent. While it’s commonly thought that the only way to improve employee retention is to ballon your expenditures even more, that’s not the case. 

 An extremely effective strategy for enhancing employee satisfaction is to effectively communicate the depth and value of their benefits package. In this blog, we'll explore how employers can boost employee retention by leveraging state-of-the-art benefits communication services. 

 

The Link Between Employee Benefits and Retention 

Before diving into how to improve employee retention through benefits package communication, it's essential to understand the relationship between the two. A well-designed benefits package is a valuable component of an employee's compensation, and ensuring that employees comprehend its full value can significantly impact their job satisfaction and, ultimately, their decision to stay with your company. 

 

How to Improve Employee Retention (Without Spending More) 

To address the challenge of improving employee retention, employers need to explore innovative ways to communicate the benefits they provide. KBI Benefits offers a range of cutting-edge technology and tools that can make this process seamless and cost-effective. 

Online HR Benefits Portal - Gone are the days of paper communication describing employee benefits. KBI Benefits provides an all-in-one portal that allows employees to easily and clearly track their available benefits. This transparency makes them aware of all the services your organization provides. Moreover, your business can utilize this service to track your employees' benefit usage and identify which benefits are used most frequently. KBI Benefits offers ongoing support by helping you analyze usage figures as part of routine plan optimizations. 

Digital Postcards - Beyond merely granting employees access to their benefits information, you can proactively keep them informed about changes to their plans. This dynamic approach to communication engages employees and ensures they stay updated on the latest developments in their benefits. This can foster a sense of connection and appreciation for the benefits provided. 

Educational Video Library - Another valuable service is KBI Benefits' educational video library, available to your employees at no cost. This resource allows employees to access in-depth videos that discuss their benefits, how to navigate the online portal, and address common questions. It's a valuable tool for helping employees troubleshoot any issues they may encounter while using the system, improving their overall experience. 

Total Compensation Statements - Often, employees find it challenging to comprehend the relationship between their take-home pay and the various components of their benefits package. KBI Benefits offers a tool that simplifies this understanding. Employees can easily calculate their total compensation, including their benefits, giving them a more comprehensive picture of the value your organization provides. 

Pulse Surveys - To optimize your employee benefits offerings, gathering feedback is crucial. Pulse surveys allow you to periodically check in with your employees and determine which aspects of their benefits they appreciate the most and which see less usage. This data helps ensure that every dollar spent on the benefits plan generates the most return on investment in terms of employee satisfaction and retention. 

 

KBI Benefits: Your Partner in Employee Retention 

Enhancing employee retention doesn't necessarily require spending more money. By investing in effective benefits package communication through KBI Benefits' advanced services, you can demonstrate the full value of your benefits, engage your employees, and ultimately foster a workplace environment where employees are more likely to stay. To discover how you can improve employee retention and productivity without breaking the bank, speak with a KBI Benefits agent today. 


Share by: