Skip to main content

How to Resolve Employee Benefits Gaps: 8 Strategies to Use Now

Employee smiling about employee benefits offerings

In today's competitive employment landscape, many organizations recognize that employees are their most valuable asset. To attract and retain top talent, employers must go beyond competitive salaries and create holistic and meaningful employee benefits packages that address diverse workforce needs.  

Understanding and addressing employee benefits gaps is crucial for employers who aim to create an engaged, supported and satisfied workforce.  

Well-rounded benefits packages often translate to enhanced employee well-being, boosted retention rates and a positive work culture. This article highlights proactive steps employers can take to identify and assess gaps in employee benefits offerings. 

Employer considerations: How to identify employee benefits gaps  

Identifying gaps in employee benefits offerings can be a complex task, as it requires a careful assessment of employee preferences, trends and organizational resources. Consider the following strategies for identifying and addressing these gaps: 

1. Review existing benefits  

Start by reviewing the current employee benefits package. While taking inventory of benefits, organizations should assess if they offer the basics (e.g., health insurance, sick and family leave) or anything unique compared to competitors or other employers in their industry.  

This is also a good time to review benefits utilization to better understand if there are any benefits that employees do not or rarely use. An example of this may be employee assistance programs. 

2. Analyze employee demographics and specific needs 

Demographics such as age, gender and marital status can influence employees’ preferred benefits. Recognize that those needs can shift over time, so this is an ongoing exercise. 

3. Gather employee feedback 

Collect feedback directly from employees through surveys, focus groups or other methods. Employers should consider inquiring about employee satisfaction with existing benefits, what they value most and if there are any benefits they feel are missing from their package or that could be improved. 

4. Benchmark against industry standards.  

Research industry standards and best practices to understand what benefits competitors and similar and local organizations provide. This can help employers identify any gaps in their offerings. 

5. Explore emerging trends and employee preferences 

Stay informed about employee benefits trends. Current trends include flexible work arrangements, mental health support and student loan assistance. This is also the time to consider employee feedback results and reported preferred benefits. 

6. Prioritize employee benefits based on budget 

While employers may choose from a long list of attractive or preferred benefits, the reality is that they must also consider organizational finances and resources to determine the feasibility of new or different offerings. Prioritize the budget-friendly benefits that would have the most significant impact on employee satisfaction and overall well-being.

7. Communicate changes effectively 

Employers should ensure clear and effective communication with employees when introducing or modifying benefits. Education is critical to utilization, so employers should clearly describe any changes, provide their rationale and explain how benefits changes align with employee feedback, emerging trends and organizational goals. 

8. Monitor and reassess  

Benefits needs and preferences change over time, so it’s important for employers to regularly monitor utilization and effectiveness of offerings. If drastic changes were made to the benefits package, check in with employees to gauge their feedback.  

Lastly, keep the conversation going with employees to keep a pulse on their preferred benefits and reassess available options to ensure they meet evolving needs. 


Take a proactive approach to employee benefits offerings 

Savvy employers continually evaluate their existing benefits, gather employee feedback, benchmark against industry standards and strategically address any identified gaps. By periodically reassessing benefits offerings, employers can ensure they remain competitive in the labor market and meet the evolving needs of the workforce. 

By taking a proactive approach to understanding needs and preferences, organizations can create benefits packages that truly support current and prospective employees. This concerted effort can lead to increased workplace engagement and satisfaction and, ultimately, organizational success. 

If you’d like additional employee benefits guidance, TruePlan can help. Our team of experts can assist you in finding the right employee benefits package for your organization and guide you through customized benefits solutions. Contact us today to get started identifying and closing employee benefits gaps. 

This Benefits Insights is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2024 Zywave, Inc. All rights reserved. 

Popular posts from this blog

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods.  Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams."  In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin
Read more

Employee benefits strategies: 5 budget-friendly ideas

Retirement and employee benefits help create a solid foundation for recruitment and retention. They’re also pivotal in enhancing job satisfaction, boosting productivity, encouraging employee well-being and increasing workplace morale. With the work landscape evolving rapidly, organizations are revisiting their offerings to develop stronger employee benefits strategies.  The first area most small- and mid-size employers investigate is quick, short-term ways to foster company culture. In this blog, we’ll cover budget-friendly ideas to improve your employee benefits initiatives. Think of them as smaller action items that can help you gain a competitive edge. Then, we’ll take a closer look at how customizing your benefits plan can support your new efforts.  1. Promote a healthy work culture  Investing in employee benefit plans is not just about fulfilling a checklist. It's about creating an environment where employees feel supported in both their professional and personal lives. Benefi
Read more

What are Alternative Investments? 4-Part Introduction

The market has seen a lot of uncertainty in recent years. Because of this, many organizations are looking for new ways to diversify their investment portfolios. Our best-kept “not-so-secret” secret: alternative investments. In this blog, we'll explore alternative investments with a focus on how they can potentially shield your portfolios from downside market volatility. In addition, we'll break down its benefits and risks and whether it could be a good fit for you. Part 1: What are alternative investments? Alternative investments may help diversify your investment portfolios through non-traditional investment strategies. Non-traditional investment options have varying liquidity ranges depending on the strategy and fund structure. Alternative investments are sometimes referred to as alternative assets. According to the Harvard Business School , the seven types of alternative investments are: private equity; private debt; hedge funds; real estate; commodities; collectibles; and s
Read more