National Employee Benefits Day will be celebrated on April 4th this year. While that may not sound like quite as much fun to celebrate as some of the holidays we usually tell you about, it actually is a day your company should take note of.
National Employee Benefits Day is your opportunity to highlight the value of your staff’s benefits package, in a fun and positive way.
According to the Bureau of Labor Statistics, private industry employers spend an average of $8.11 an hour on benefits for each employee, or almost 30% of an employee’s total compensation package (34.4% for public sector employees).
It can be easy for workers to focus on their wage as their compensation, and overlook the other 30% that the business is spending on their benefits.
Fun ways to highlight the value of your employees’ benefits package:
- Include paycheck stuffers that outline the value of the benefits package. Put a code or number on one of them that, if returned, is eligible for a prize. Employees may be more motivated to read through the information if there’s an extra incentive offered.
- Provide your employees with a detailed statement of the value of their benefits. Have you ever given your employee’s a statement of the value of their benefits? If not, you might want to prepare one to be distributed at this time. It’ll take some work on your part, but will be eye opening for your employees. All of the benefits — from FICA, medical insurance, vacation, sick leave, holidays, to little things like free coffee, company picnics, discounted products, and Christmas bonuses — all really add up!
Add a new benefit that won’t cost the company a lot of extra money.
There are many benefits that you can offer that are of very low cost to you, but that provide a big boost to employee morale!
Some possibilities include:
- Flex hours
- Adding a Take Your Child to Work Day
- Giving employees their birthdays or the anniversary of their hire dates off
- Providing referral service for day care or elder care
- Giving away discount movie tickets
I know a company that, once a quarter, has the bosses cook breakfast for the employees. It’s a simple idea, but the staff thinks it’s really fun and gets a big kick out of it. If you don’t already have an employee recognition program, such as employee of the month or quarter, this can be implemented without a lot of cost, and can be a great benefit to the employees, and for the company!
Another idea is to bring in lunch speakers a couple times during the week to discuss and offer employee benefits that are at no cost to you (and ask the speaker to bring treats). Costco will usually come out with goodies, and is happy to sign up new members.
You may also want to consider adding an insurance product that is employee-paid, such as Aflac, and ask their rep to bring cookies along. It’s a great time to have your insurance broker come in to answer questions on your company’s medical insurance package as well.
Tie it all together with a benefits fair.
Some companies tie it all together in a benefits fair. They bring all of their benefits providers together at one time in one room. Employees can talk with representatives from the insurance company, Costco, Aflac, life insurance company, retirement plan provider, or any other benefits provider. Make it a fun time, and include their families. Oftentimes it’s the spouses who have the most questions!
We provide benefits to our employees to attract, retain and reward them. Make sure that you’re getting full benefit from the money you’re spending on those benefits by using this great opportunity to educate your employees!