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Benefits Review

Written by Brandon Wright

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HRDelivered

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October 25, 2024

As the year comes to a close, it’s essential to conduct a benefits review to ensure your package is competitive, compliant, and aligned with both your budget and your employees’ needs. A well-structured benefits review not only helps attract and retain top talent but also keeps your business up to date with evolving regulations. HRDelivered is here to guide you through this process, ensuring you’re prepared for 2024.

Here are five practical steps to streamline your benefits review for the new year:

1. Evaluate Employee Feedback

Start by reviewing the feedback you’ve received from your employees over the past year. What do they value most about their current benefits? What improvements have they requested? Common areas to focus on include health insurance plans, retirement contributions, and wellness programs.

Practical Tip: Send out a quick employee survey to gather insights on what benefits your team values most. Use this data to tailor your 2024 package to better meet their needs.

2. Review Compliance Updates

Regulations related to employee benefits can change year to year. For 2024, it’s important to stay updated on healthcare requirements, family leave laws, and any changes to tax-advantaged accounts like HSAs or FSAs.

Practical Tip: Schedule a compliance check with your HR provider or internal HR team. Make sure your benefits offerings are aligned with federal and state regulations to avoid potential fines or disruptions in 2024.

At HRDelivered, we provide up-to-date compliance reviews as part of our year-end services, ensuring you’re not only prepared but ahead of potential regulatory changes.

3. Analyze Your Health Insurance Options

Healthcare costs can be one of the largest expenses in your benefits package. Take this time to assess whether your current health plan options still make sense for your business and employees. High-deductible plans paired with HSAs, for example, can offer tax advantages and savings for both you and your employees.

Practical Tip: Compare health plan costs and coverage for 2024. Look for opportunities to offer more flexible options, such as a mix of high-deductible and traditional plans, giving employees the choice that best fits their needs and family situations.

4. Consider Offering Additional Benefits

In today’s competitive job market, offering more than just standard benefits can set you apart. Consider adding or enhancing benefits that align with your employees’ needs, such as mental health support, flexible spending accounts, wellness programs, or financial planning services.

Practical Tip: Start small by adding one or two new benefits that are highly requested by your employees or are cost-effective. For example, wellness programs or mental health days can improve employee satisfaction without significantly increasing costs.

5. Prepare for Open Enrollment

Open enrollment can be stressful for both HR teams and employees, but with the right preparation, it doesn’t have to be. Ensuring that employees have clear information about their benefits options and providing support throughout the process can greatly reduce confusion and make enrollment smoother.

Practical Tip: Create a clear timeline and communication plan for open enrollment. Provide employees with easy-to-understand materials about their benefits and offer one-on-one support or Q&A sessions to help them make informed decisions.

At HRDelivered, we handle the details for you, from preparing employee materials to managing the entire enrollment process, so your HR team can focus on day-to-day operations.

Ready to Optimize Your Benefits for 2024?

Preparing for the new year doesn’t have to be overwhelming. By following these practical steps, you can ensure your benefits package remains competitive, compliant, and tailored to your employees’ needs. HRDelivered is here to help you navigate every step of the process, from compliance checks to open enrollment support.

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Brandon Wright

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