The answer is yes. If you haven’t done one in a while, it is time.
How do you think your workforce has changed in the last decade? Is your workforce younger and paying off student loan debt or struggling with mortgages? Are those responsibilities keeping them from contributing to their retirement accounts? Is that a concern in your organization?
Employee Benefits are an important part of an employee’s compensation. In this tight job market, it is important to understand where your employees are in their satisfaction of what they are being offered as well as what you are competing against if they are thinking about other opportunities.
Sometimes small changes to the benefit package can make a big difference without being a big impact in cost. As an example, not all employers offer vision coverage and yet glasses can cost employees a lot of money by the time they pay for scratch resistant coating, progressive lens, and other upgrades. The cost of vision coverage is small when compared to medical or dental benefits. One of our clients conducted an employee benefits survey and found out that a majority of the employees would rather have a vision benefit than long term care.
Employers are also getting creative when adding voluntary benefits. The word “voluntary” means the employee pays for a portion or even all of the benefit but the employer is making it on a payroll deduction basis for ease of budgeting. This can include options such as accident policies, life insurance for employee and/or dependents, cancer policies or even pet insurance.
These are just some examples of things you might want to include in your survey. You probably won’t know what you are missing unless you do a survey to ask your employees what they really want. Online surveys can be quick, easy to do and sometimes free.
 Source: SHRM OCT 2017 – How to design an Employee Benefits program. Common market research techniques include employee inquiries in the form of personal interviews, simplified questionnaires or sophisticated research methods.