How to use a benefits survey to boost employee retention
Fifty-four percent of employees said they would be willing to change jobs if their prospective employer offered better benefits than their current employer, based on a 2022 survey conducted by BenefitsPRO.
To retain employees, therefore, employers must offer more desirable benefits than their competition. In other words, employers must make sure the grass doesn’t (i.e., benefits) look greener on the other side of the fence.
The tricky part of that equation, however, is how employees define “better.”
A way to determine if employees are satisfied with the benefits being offered is a benefits survey. Studying the answers provided in such a survey helps in three ways. It helps:
- Employers understand what employees want,
- Refresh employees’ understanding of the benefits offered, and
- Reminds employees to use those benefits.
Ask questions about specific benefits offerings
A benefits survey might ask employees how happy they are with each benefit offered. For example, survey takers might be instructed to rate each benefit using a scale of 1 to 5, with 5 being very satisfied and 1 being very dissatisfied.
Allow employees to select N/A if they do not use a particular benefit, that way it becomes clear which programs are underutilized.
Another option is to have employees rate all the benefits offered, from most to least important.
Ask about the benefits package as a whole
Another way to glean how employees feel about their benefits is to have them answer true or false to statements such as:
- My benefits package is competitive and meets industry standards, and
- I understand the benefits I receive from our company.
These questions are important because benefits communication can be complicated. It is important to know that the information made available to employees about their benefits makes sense to them. Employees with a clear understanding of benefits will value and use the programs available.
If the survey results reveal there is room for improvement in educating and engaging employees about benefit offerings, consider it an opportunity to enhance the perceived value of benefits and improve employee retention.
Be open to problems, and ideas
A benefits survey may be used to uncover problems and generate new ideas.
To do this, ask open-ended questions, such as:
- What concerns are you experiencing with the current benefits package?
- Which benefit do you like the least and why?
- If you could add one more benefit to the current package, what would it be and why?
Getting input from employees when considering new benefit programs might boost employee morale. The information helps employers make informed decisions, as well as employees feel heard and valued.
Benefit surveys aren’t useful only for employers who want to add benefits, however. The information collected through a benefits survey may also help pin down which programs could be cut if a company is in the position of having to pull back on expenses. It is possible to discover money is being spent on specific benefits that employees don’t care about and wouldn’t miss.
Key to remember: A benefits survey is a useful tool for employers that want to make sure their offerings are valued by employees and are in line with the competition.