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Here’s a practical guide to help you get started on building a more effective benefits plan.
STEP 1: Start With Strategy
Tie benefits to your business goals.
Are you scaling quickly and need to attract talent fast? Trying to reduce turnover? Looking to manage costs? Your benefits should work with your company’s objectives.
Understand your workforce.
Use surveys, focus groups and even exit interviews to gather insights. Think beyond traditional benefits. What matters most to your team?
Consider different priority needs.
Multigenerational workforce can mean different needs. Retirement plans may matter more to certain employees, while others may prioritize student loan support or mental health resources.
Benchmark and explore trends.
See what peers are offering and stay ahead with emerging trends like flexible work schedules, lifestyle spending accounts and wellness stipends.
Step 2: Choose Your Administration Model
1. PEOs (Professional Employer Organizations)
- Comprehensive HR provider
- Access to premium benefits and compliance help
- Great for small to mid-sized businesses
2. In-House Administration
- More control
- Requires HR expertise and tech investment
- Often works in collaboration with a benefits broker
3. Benefits Administration Software
- Automates enrollment, compliance support, reporting
- Offers self-service portals for employees
- Integrates with payroll and HR tools
Step 3: Understand Rules and Requirements
Know the compliance must-haves. Noncompliance can lead to costly fines. Be proactive and get expert support when needed. Stay up to date with federal and state requirements, including:
- ACA (Affordable Care Act)
- FMLA (Family and Medical Leave Act)
- COBRA, ERISA, HIPAA
- Social Security, Medicare, Workers’ Comp
Step 4: Roll Out Effectively
Offer benefit options. Consider competitive plans, supplemental and voluntary benefits or flexible work scheduling. Personalized benefits = higher satisfaction.
Communicate clearly and often. Explain benefits in simple language. Use videos, FAQs and meetings to walk everyone through their options.
Launch the program. Coordinate with HR, payroll and your tech platforms. Make enrollment easy and accessible with portals or mobile apps.
Collect ongoing feedback. Employees’ needs will evolve. Use surveys and feedback loops to see what’s working and what’s not.
Review annually.
Make benefit reviews part of your regular planning cycle. Align based on employee input, business performance, and changes.
Want expert help supporting you in building your benefits strategy?
Let TriNet show you how.
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