Three Challenges Companies Face When Offering Employee Benefits

Three Challenges Companies Face When Offering Employee Benefits

iSure

The tight labor market has made companies rethink their benefits offerings to help recruit and retain talent. However, there are many challenges in offering employee benefits that companies may have to address.

Increasing Costs

As the costs of health and wellness benefits continue to rise, companies must find creative approaches to keep costs in check. iSure suggests reducing costs by offering a defined contribution from which employees can select their benefits with company dollars. Creative strategies like these help mitigate costs and maintain a robust level of coverage options.

Compliance

The risk of non-compliance with the Affordable Care Act (ACA) has provided a challenge for many growing businesses, especially in determining what coverages they are required to provide. A proactive human resources department helps navigate this challenge by proactively monitoring the benefit offerings and accessing whether the expansion of the organization requires changes to the benefit plans.

Mental Health

With mental health issues on the rise, employers need to help increase awareness regarding the role that mental health plays in maintaining a healthy workforce. Implementing accessible mental health benefits and encouraging their employees to use them is one-way employers can meet the mental health challenge head-on.

Despite the challenges, there are many strategies a company can implement to offer competitive employee benefits. With a little creativity, employers can reduce risks and turn their challenges into opportunities.