The low number of employees that participate in a company’s retirement program could be attributed to the way that benefits are promoted and explained to workers. These plans are among some of the biggest rewards offered by an employer to reward their employees, but they remain underutilized even in companies where employer contributions are matched. Conversely, some companies don’t offer enough to their workers and when that happens, employees who feel slighted in terms of what benefits they are offered will feel undervalued.
Rather than having a once-a-year push where employees are handed packets of information that is not explained, or if it is, comes off as a lot of boring, less than understandable acronyms and terms geared toward Wall Street investment types. After a short amount of time, workers are wondering why it can’t be easier so that they can get back to work and do their jobs. Because of this, workers just seem to miss the window when they can sign up for such benefits.
Sean Ciemiewicz a principal in the Retirement Benefits Group, an independent plan consultant outlined some questions that both employers and employees in a recent article at Workforce.com and offers suggestions on how to get more participation from employees in company offered retirement plans.
Companies can make it a whole lot by bringing in retirement and benefits consultants who will take the time to sit down with each employee individually and go over what benefits are important to them. Whether it is insurance, social security, planning for college, debt consultation, and other issues that each one faces can make a world of difference. When a worker is able to feel more in control of their benefits and overall financial health and that of their family they tend to be more productive and invested in the company overall.
At NetPEO, we focus on helping companies determine the kinds of benefits packages are best for their organizations and the employees who work for them. We take great pride in being available for and listening to the needs of our clients. Even with all of the confusion that surrounds compliance with the Affordable Care Act, we can help you navigate such challenges successfully.
NetPEO understands about addressing your employees’ needs to help you attract and retain them as well as keeping a watchful eye to concerns regarding your company’s bottom line. Contact us today to discuss your concerns about handling your employee benefits and employee health care packages.