Communicating the benefits of your group insurance plan can be challenging. When done incorrectly, it can cause disengagement and job dissatisfaction among your employees. A survey done in the US estimates that $300 billion is lost annually due to lost productivity for businesses. Although the number would be smaller in Canada, it is still a significant and largely avoidable loss. Obviously the more engaged your employees are the more productive and customer focused they will be, which leads to more profit and a direct benefit to your bottom line.
When communicating the benefits of your group insurance plan to your employees, here are some key steps to consider:
Know Your Audience
Taking the time to learn about your employee’s lifestyles, personalities and preferences can help you tailor your communications. Any employees, but especially millennials, respond better when they feel they are be talked too, rather than talked at.
Simplify and Educate
Communicate in a language your employees will understand. Complex insurance algorithms and formulas can seem daunting to even the business owner. Educate by simplifying the benefits and process for accessing them.
Leading group benefits providers are offering a wide variety of online and mobile tools for you to use. These communication tools are much more effective than a pamphlet or booklet that often do not get read.
Ask For Feedback
It may seem obvious but this step is often overlooked. Do your employees really understand the coverage available to them? Or in what situations they may not be covered under your plan? Employee opinion surveys are an excellent method of measuring their level of understanding, and provide suggestions for improvement to your plan.
Communicating the benefits of your group insurance plan effectively will lead to higher levels of engagement and employees that are more likely stay. Hiring and training employees is expensive; it is much more cost-effective and productive to hang on to the employees that you have. Contact DENT Benefits today to learn more about how to communicate with your employees!
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.