Total Rewards
How Employee Benefits Can Help Nonprofits Attract & Retain Talent
No matter the area of focus, nonprofits exist to serve others and make a change in the world. Employees show up every day ready to transform lives and make an impact in their communities, but their jobs aren’t easy. Since these organizations use their funds to further their missions, nonprofits often struggle with the inability to offer high wages for demanding jobs. One way to combat this is through a strong benefits plan. To attract and retain talent, here are five components your benefits plan should include:
- Employee Benefits Survey – The first step to creating a benefits plan is figuring out what employees need through a survey. This questionnaire can help employers identify individual financial stress, leading to financial wellness offerings and bring clarity to under-valued benefits. It can also help employers understand employee total reward preferences, such as PTO vs vacation time or tuition reimbursement. Overall, a survey is the best method to uncovering employee opinions and gaps in coverage.
- Non-Traditional Benefits – When most people hear the word “benefits,” they often think of health insurance or paid time off. But what about things like pet insurance or Uber credits? These additional benefits typically cost little to employers but can be valuable to employees and help an organization stand out among the rest.
- Advocacy – The healthcare industry can be challenging to navigate alone. Having a dedicated specialist on call, even after working hours, allows employees to worry less about insurance and focus more on their lives. A client care advocate does just this by handling coverage questions, enrollment concerns and any claim issues that may arise.
- Benefits Communication – Benefits communication plans inform employees of coverage information and any changes that occur. They can be shared through channels like emails, webinars or in-person documents. Having a plan that’s written in the language of your company’s culture makes employees and their loved ones feel secure and included in the process.
- Alternate Funding – The days of “traditional” healthcare plans are in the past. Plans can now be tailored to your organization’s unique needs and can include being fully insured, self-funded, level-funded and consortiums including captives. Having a custom plan offers employees the best coverage for their needs.
If your nonprofit can achieve the perfect mixture of benefits and perks to make employees want to stay long term, you will see a return for your investment. Happy employees are over 12% more productive than unhappy ones. At Exude, we believe your benefits and total rewards strategy should be an extension of your overall organizational objectives. To learn more about our services and options, contact us for a consultation.
