Employee engagement is more than just a buzzed about phrase in Human Resources and people management. It’s a critical component to the success of a business. Latest findings from industry polls conclude that employee engagement is becoming more of a challenge than compliance, which is not only saying a lot, but a detriment to any company.
HR pros finds themselves grappling with new, and innovative ways to engage teams, improve employee morale, and boost job satisfaction to minimize turnover. One of the ways this can be achieved is by reviewing supplemental compensation.
Benefits packages have long been tools in recruiting and retaining top talent. Now however, they play a crucial role in the engagement process, by giving employees more control and management over their own benefits.
Mid to large sized companies offer a variety of plans to employees. An HCM solution can help manage policies and the different options – making benefits administration easier for HR professionals and more accessible for employees. Online open enrollment empowers employees to choose their own plans. Accessible policy information and explanation of benefits lets your team navigate complex coverage without confusion.
As the future of Social Security continues to be up for debate, more individuals are looking to their employers for supplemental savings and future investments. IRAs and 401ks play an important role in job satisfaction. Budget friendly matching or contributory funds that offer additional compensation for employees can minimize turnover. Giving your team the opportunity to enroll, adjust deductions, and manage their investments provides a sense of security and increases motivation through peace of mind.
Over the last five years, the advantages of Flexible Spending Accounts (FSA) has become a staple in most compensation packages. As it becomes more difficult to offer benefits that appeal to multiple demographics, companies are giving employees the opportunity to decide how they spend allocated pre-tax dollars. More individuals are gravitating to FSAs to supplement medical expenses, but also as a savings plan with funds available at their disposal. Employees appreciate having more of a say over the distribution of their income.
Innovative HCM and HR solutions support employee engagement with empowering capabilities, connected accessibility, and self-service features. Netchex streamlines benefits enrollment and management for individuals and administrators. With uncomplicated point and click functionality, intuitive technology, and a user-friendly interface, more companies rely on Netchex for the improved processes that inspire teams.
Partner with Netchex for full Human Resource solutions and the big data and reporting tools today’s HR managers need to make better business decisions. Maintain budgets while providing optimum benefits and compensation benefits and compensation packages that improve employee engagement. Learn about our complete suite of services including payroll, compliance, recruiting, time and labor, and benefits management that simplify the business of HR.