Sage Advice

Five creative tips for effective business management

Benefits take up a large portion of an HR budget, which is why it’s important for a company to develop a management strategy that will increase employee return on investment, engagement, and staff performance.

Implementing an effective benefits management plan can be difficult, however, as there are many things to take into consideration. Keep reading to find five tips on putting in place a great benefits management plan:

  1. Be Innovative and flexible
  2. When thinking about employee benefits, oftentimes, most minds will go straight to fiscal-related benefits like retirement. Yet one of the easiest and least expensive employee benefits is a flexible work schedule. Flexible work schedules are gaining in popularity across all sectors, and for good reason. A recent Gallup poll found employee engagement was significantly higher at companies where workers enjoy a reasonable amount of flex-time.

    Gallup’s State of the American Workplace found that flex-time had the strongest correlation to employee well-being, happiness, and engagement. Gallup reported that engaged employees with flexible schedules had 44 percent higher wellbeing than disengaged employees with strict schedules.

    One of the greatest aspects of a flexible schedule is that it is cost effective. If employees are allowed to work from home on a regular basis and still produce quality work, there’s no reason for managers to discourage this practice. Instead, managers can score points with a staff by offering this highly desirable benefit to a workforce.

  3. Offer well-rounded health plans
  4. Effective benefits plans include more than basic compensation and health care plans. If a company can afford it, it’s worth it to invest in a robust health program. This doesn’t have to be hugely expensive, however.

    Building a fitness facility onsite is a great idea, but if a company can’t afford such a major investment, a health plan that comes with discounted gym memberships is an effective way to improve employee health and happiness.

    Another plus? Regular physical activity cuts down on illness, meaning lower absenteeism and lower insurance costs. In addition to offering sound HMO or PPO health insurance plans, companies can kick off health programs with weight loss or fitness competitions, which will bring some extra life to an office and improve morale.

  5. Balance work and life
  6. Remember above all else that employees exist outside of the office. This may sound basic, but many members of a company would argue that being overworked by managers makes them feel like they are valued only as workers and not as people.

    This is an easy fix. Employers can offer more time off, either through a revised benefits package or through incentive programs like sales competitions. Set up a monthly sales competition, and instead of (or in addition to) monetary rewards, award the winners with an extra day off that they can take whenever they’d like. This will allow for greater balance between work and life, and will improve worker happiness.

  7. Focus on communication
  8. If an HR professional or manager finds himself stuck deciding between benefits management plans, it’s a good idea to consult the staff. After all, they’re the ones who will be subject to any plan.

    Asking employees what kind of benefits they’d like to see, or what changes are necessary to improve productivity, will increase communication and the important relationships between a staff and their supervisors. Many companies are choosing to use office management software, which facilitates easy and effective communication.

  9. Stay open to possibilities
  10. There’s no rule that a benefits management plan has to stay the same for years at a time. In fact, keeping up with industry trends can help companies stay ahead of the competition.

    If a company wants to keep star employees around, they would be wise to update a benefits plan, incorporating flexibility with traditional perks. This is a winning combination that will improve employee retention, engagement, and productivity.

    Creating a motivational and cost-effective benefits management program can be tough, but with a little creativity and dedication to talent management, a company can improve practices across the board.

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This guest blog post is courtesy of Mary Anne Osborne, SPHR, and principal of the Osborne Group. Mary Anne is a peoplecentric HR professional and consultant with over 25 years of HR experience in telecom, finance, manufacturing, healthcare, and higher education. Mary Anne presents monthly on our complimentary Sage Refresh and Recertify Webcast Series that are approved for 1.00 recertification credit hours toward PHR, SPHR, and GPHR recertification through the HR Certification Institute.

Nexus: G-WEBCD5