- July 18, 2018
- Posted by: Andy Scheu
- Category: Human Resources
To help employers get control of their benefits costs, EverythingBenefits, a provider of comprehensive, next-generation benefit technology solutions and services, recently released a new e-book, titled “Get Your Escalating Benefits Costs Under Control”.
The free 12-page e-book explains why there is a growing need for employers to work to reduce the nation’s rising employee benefits costs, outlines several methods organizations can use to offer cost-effective, meaningful benefits to employees, using a variety of cost-management and technology-based solutions.
With unemployment at 3.8%, an 18 year low, employers are under more pressure to offer more competitive benefits as part of greater overall compensation packages in order to retain and attract top talent. In addition, 7.9% of employees indicated that they’d prefer new or additional benefits over pay increases, according to Glassdoor.
This increase in demand and competition led to one-third of companies increasing their benefits offerings in the past 12 months. In an attempt to reduce the rising cost of benefits, employers are increasingly turning to solutions such as increased employee contributions, or utilizing technology to automate their benefits administration.
Automating benefits administration is a strategy that Time & Pay can help you achieve through their electronic and cloud-based systems. Click here to learn more about this process, and how it could help save you time and money.
Other strategies include:
- Implementing a Wellness Program
- Analyze Your Benefits Costs
- Reconcile Your Benefits Costs
“Benefits as a portion of overall compensation has grown rapidly in recent years, and employers are facing unique challenges when trying to mitigate administration costs. Our latest e-book highlights important industry trends related to benefits spending, shifting market demands, and how to best meet these challenges.”
– Rachel Lyubovitzky, CEO at EverythingBenefits