Long-term benefits plans: What employers need

Do you have a long-term benefits plan? Are there benefits you want to add over the next three to five years?

It’s a good idea to have a long-term plan. It’s one way you can stay in the top 10 percentile in your industry for benefits plans. And maybe even have the best program among your competition. That’s what you want to attract the cream of the crop and retain your current “A” players.

For those of you who had a long-term plan, but the pandemic knocked you off your course, don’t worry. Pick yourself up. Reassess where you are and keep ploughing ahead.

The thing you want to do is gradually build up your plan. Very few employers can change their plan to a gold shiny egg all at once.

One step at a time

Pick one thing to add every year.

Don’t have the budget to do so? Then it’s time to reassess your offerings.

Look at what you offer and figure out how much each benefit is utilized among employees. Those that have little utilization, get rid of them. Then reallocate those funds to a benefit employees say they want.

Oh yeah, ask employees what benefits they want that you currently don’t provide. Then each year, add one. Over the next three to five years, you’ll have a long-term benefits package your employees love, and potential employees desire.

Don’t get discouraged

Very few successes happen overnight. They happen gradually.

The key is to not let setbacks distract you from your goals.

For example, the pandemic knocked just about everyone for a loop. Firms scramble to stay afloat financially and/or provide employees with the physical and emotional support they needed.

But now that firms are back on their feet or at least getting back on their feet, they have to keep their eye on the prize: building the best benefits package they can offer.  

So, part of your plan should be accounting for setbacks. If “A”  happens, then we’ll do “B” to get back on course. Or if “C” happens, we’ll do “D” to regain our focus.

Having several plans makes it easier to deal with setbacks and stay the course.