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Ideas for Employee Benefits
Benefits & Compensation
Ideas for Employee Benefits
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
I work for a nationwide mortgage banking company. We currently have a very large turnover rate. We pay our executives very well and they are highly respected by upper management (all but two are male)
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Forums » Topic Forums » Benefits & Compensation » Ideas for Employee Benefits
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Ideas for Employee Benefits
posted at 7/11/2000 3:02 AM EDT
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Posts: 63
First: 8/1/1999 Last: 8/31/2000 |
I work for a nationwide mortgage banking company. We currently have a very large turnover rate. We pay our executives very well and they are highly respected by upper management (all but two are male). My concerns focus around the "little guy" (including myself). Our company is not interested in providing extra benefits and perks to employees if it is going to cost them anything. What I need to do is prepare a proposal offering several different ideas (along with cost ratios) on possible benefits packages without appearing as if I am trying to be an employee advocate (they hate that). I have to present my proposal in a manner that appears as if it is strongly geared toward the company. Does anyone have any ideas? Benefits are not my strong suit, I am pretty desperate. Please help!!! |
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Ideas for Employee Benefits
posted at 7/12/2000 2:41 AM EDT
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Posts: 7
First: 5/18/2000 Last: 7/12/2000 |
It is often hard to convince the leaders of an organization that it is in their best interest to spend more on employee compensation. However, studies have shown that compensation is one of, if not the, most frequent reasons people leave organizations. A good way to approach the situation is to rationalize the argument by comparing the benefits your company offers versus those of your competitors and other companies like yours. When your argument is placed in this perspective, "perks" are usually proven to be neccesities rather than niceties.
One source of benchmarking data is the U.S. Chamber of Commerce Employee Benefits Study. The Chamber has conducted the study annually for over 50 years and is well respected as a fair and objective report. The Study excludes Executive/Officer compensation, so the comparisons would not be skewed by the fact your org. pays those people very well. The Study also breaks down both what is offered and what it costs, so you will have a lot of different ways to look at the situation. Finally, the study is wholistic in that it accounts for total benefits packages ... this is important because it will allow you to address where your company spends more than others and areas where it doesn't measure up. You might even discover that you are spending more than you need to on one benefit which could then be used on another new benefit, accomplishing your goal of increasing benefits without significantly increasing costs. If you are interested, send me an email at gmelia@uschamber.com to participate in this year's Study. You'll receive the information you need for free and will appear to be coming from less of an employee advocate position since you didn't just go out and buy a study to support your position. |
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Ideas for Employee Benefits
posted at 7/13/2000 3:55 AM EDT
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Posts: 28
First: 7/5/2000 Last: 11/27/2000 |
You may consider not only providing the cost to the organization, but also the potential cost-savings to the organization in the short-term and long-term. For example, how much money would the organization save on insurance premiums over the long-term by implementing a wellness program.
Also, you may want to "sprinkle in" low cost benefits such as a mentoring program or "cross-training" that both have huge potential for long term retention. Check out a few benefits web sites (if you haven't already) and see what other companies are doing to offer a comprehensive "total" benefits package. Lastly, I am assuming you are a human resources professional for this company. If this is the case, I am a little concerned that management's attitude is that you shouldn't be an employee advocate. Advocacy is part of your job! If you don't advocate for benefits that will attract and retain qualified personnel, management is making your job more difficult and time-consuming (i.e. costs of continually recruiting, hiring, training/retraining, etc.) Just an opinion, but you may want to give that some thought. Let me know how it turns out. Sincerely, Jenise Larkins |
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Ideas for Employee Benefits
posted at 7/13/2000 10:45 AM EDT
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Posts: 63
First: 8/1/1999 Last: 8/31/2000 |
I agree with you. Employee advocacy is the main reason I went into this field 12 years ago, I got tired of employees getting screwed! My company seems to think employees aren't worth much (especially low-level females) and their answer to an employee with a "who-cares" attitude is "get rid of them". I would rather find out what is causing the attitude and fix it!
(P.S.-The answer is yes, I am searching. Any ideas?) |
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Ideas for Employee Benefits
posted at 7/19/2000 9:04 AM EDT
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Posts: 6
First: 7/19/2000 Last: 6/17/2002 |
TonetteP,
Have you thought of suggesting that your company provide access to top-rated law firms around the country for its employees through a comprehensive Pre-Paid Legal plan? The best part is that each employee can become a voluntary member of the legal plan without the company paying a dime! The company can, however, significantly reduce the costs of absenteeism and employee turnover with this type of benefit. Get in touch with me and I can forward some information to you. Kermit Furlow Group Benefits Specialist Pre-Paid Legal Services, Inc. 1-800-268-0313 kermit@prepaidlegal.com |
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Ideas for Employee Benefits
posted at 7/21/2000 3:49 AM EDT
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Posts: 1
First: 7/21/2000 Last: 7/21/2000 |
Many companies including mine offer free programs to HR and benefits departments. We run a half-hour seminar on a variety of topics ranging from employee benefits, retirement plan options, financial aid planning for education among many other topics. We provide a free lunch for all participants. If your interested give me a call at (617)349-1035 x2739. Mike Crawford |
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Ideas for Employee Benefits
posted at 8/8/2000 8:35 AM EDT
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Posts: 47
First: 9/26/1999 Last: 6/5/2003 |
We currently offer a lot of benefits to our employees. Some of the voluntary benefits include Long Term Care and Group Universal Life Insurance where employees pay the full cost through payroll deductions. We also offer tuition aid assistance, PC loans, affiliation with the local credit union, Walt Disney Magic Kingdom Club Card, affiliation with a mortgage company along with several other "minor" benefits that are of really no cost to the company but help the employees with their day to day activities. |
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Ideas for Employee Benefits
posted at 8/14/2000 10:07 AM EDT
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Posts: 48
First: 6/11/1999 Last: 4/13/2001 |
cost-free benefits (other than the administration and payroll deduction costs): movies passes, long term care benefits; personal insurances (homeowners, car, life, etc.)--all paid for by emp; health & retirement seminars (one of our local hmo's provides two in-house seminars a year, our retirement plan provider comes out once a year to conduct a financial/retirement planning seminar); credit union; public transportation passes.
other benefits well worth the 'er cost: employee assistance programs; tuition assistance. if your turnover is high you might run the cost of turnover (ads, hiring fees, time lost while new person ramps up, etc.) and run that by your bosses. With unemployment at record lows I'm surprised your co. isn't feeling the pinch more regarding hiring jr.level folks. We are having a devil of a time with certain positions, and trumpet every little benefit we offer, and are constantly looking for new ideas. Thanks for your question. |
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Ideas for Employee Benefits
posted at 8/21/2000 1:01 AM EDT
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Posts: 12
First: 8/21/2000 Last: 11/9/2000 |
How about a supplemental Long Term Disability program. It allows the little guy to purchase supplemental disability at a group discount but they pay for it out of their own pocket so the company doesn't pay anything.
Another idea is that if the company has over 100 employees you could start a Voluntary Employees Medical Assn (VEMA). It works like a 401k where employees contribute and have a menu of options including welfare benefits and mutual funds. The company usually has a match but can structure in a cost recovery mechanism. |
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