To stay competitive, and compliant, and to hit your business goals, you need to consider how employee benefits affect your business. Use these 10 questions to come up with a winning strategy for 2025.
1. What benefits are most valued by my employees in 2025?
- Employee expectations have shifted post-pandemic. Have you conducted surveys or gathered feedback to understand what benefits your employees truly value (e.g., mental health support, remote work stipends, or fertility benefits)?
2. Am I offering competitive benefits for my industry and location?
- How does your benefits package compare to other businesses of similar size, in your industry, and in your region? Staying competitive is essential for attracting and retaining top talent.
3. Are my benefits compliant with the latest federal, state, and local regulations?
- Have you reviewed your benefits plan to ensure it aligns with 2025 regulations, such as changes to ACA (Affordable Care Act) requirements or new state-mandated benefits?
4. How are my benefits impacting employee retention and satisfaction?
- What data or metrics do you track to measure how your benefits influence employee engagement, satisfaction, and retention rates?
5. Am I leveraging technology for benefits administration?
- Are you using modern platforms to streamline benefits enrollment, communication, and management? Tech-driven solutions can reduce administrative burden and improve employee access to information.
6. What is my strategy for mental health and well-being support?
- Do you offer mental health resources, such as Employee Assistance Programs (EAPs), therapy sessions, or wellness programs, to address the increasing importance of mental health?
7. Do my benefits align with a hybrid or remote workforce?
- If you have remote or hybrid employees, are your benefits flexible and inclusive enough to support their unique needs (e.g., home office stipends, internet reimbursements, or location-agnostic healthcare plans)?
8. What’s my plan for controlling healthcare costs?
- Are you proactively managing rising healthcare costs through options like High Deductible Health Plans (HDHPs), Health Savings Accounts (HSAs), or wellness initiatives?
9. How am I educating employees about their benefits?
- Do your employees fully understand and utilize the benefits you provide? Are you investing in tools, workshops, or communication strategies to ensure they make the most of their options?
10. What innovative or emerging benefits should I consider?
- Have you explored adding new benefits that are gaining traction, such as caregiving support, student loan repayment assistance, on-demand pay, or access to professional development stipends?
Most of this research is from AI/ChatGPT. All 10 are vital to grow your company, recruit the best talent, and retain your current employees. Employee benefits have become almost as important as how you pay someone, so you don’t want to get this one wrong.
Let me if you’d like to dive deeper into crafting strategies around employee benefits.