The services that employers provide to their workforce needs to be both useful and financially valuable. Otherwise, they won't be considered worthwhile and certainly can't be expected to function as sufficient compensation instead of money. That's why so many organizations turn to employee benefit consultants to diversify their offerings and find new benefits that appeal to employees.
However, there's no use in giving away access to particular services or groups if personnel aren't correctly taking advantage of them. For example, health insurance coverage doesn't provide nearly so much value as one might think if most employees don't know what kind of coverage they possess or how low their deductibles are.
This is an especially difficult problem when it comes to retirement funds. There is a tremendous number of such accounts that employers can set up and administer for their employees, each of which are subject to different sorts of regulations and must be managed in particular ways. For instance, a Roth IRA and a standard IRA incur vastly different tax liabilities depending on when they receive funds.
Explanation isn't the only kind of service that must be provided. In fact, measurement is very important as well. A recent Wells Fargo survey found that only 50 percent of employers actually checked up on their workers' retirement plans and alerted them to growth or losses that would significantly affect their eventual retirement plans.
This is a very small sort of generosity that companies shouldn't have any trouble providing. A worker who is able to confirm the status of their funds and accounts with an employee benefit specialist will not only value her benefit package a great deal more – she'll respect her employer as well.
