Think you’ve thought about everything when it comes to budgeting for benefits in the healthcare industry? Think again! There are super simple ways to optimize your benefits budget that are so easy, you probably aren’t even thinking of them.
Benefits make up 32% of total compensation on average. In this highly competitive market, you can’t afford to skimp. But don’t worry, there’s ways to provide excellent benefits for your healthcare workers, and not destroy your budget.
Cost Benefit Analysis
To ensure you’re getting the most out of your budget, go over every line. Compare what you have to what was spent last year - take industry standards into account too. (Psst. Not sure what those are? We’ve compiled data from top healthcare relocation policies to give you head start.). Don’t just look at the headlines of your budget - examine every line item.
To provide optimal benefits, look beyond your benefits spend. Look at the complete compensation package to get a better picture of what will work best for your employees and your budget.
Moving underutilized money can lend more to the benefits portion of your budget - without asking for an increase in your total budget. For example, in your relocation budget - you could cut back on short-term housing by offering more home-finding trips. Remember, when you’re analyzing your budget, the numbers aren’t written in stone until the final approval.
Evaluate Competitor’s Offerings
What are other hospitals in your area offering in their benefits packages? If you can’t answer this question, you aren’t doing your budget any favors. Of course you want to be at or above the competitor’s offerings, but how do you know what those are if you haven’t researched it?
This is the age of information - a simple Google search can tell you all you need to know! Glassdoor is an amazing resource that gets employees to spill the tea on organizations. Check out information on salary, health insurance, PTO, work culture and more. Find your competitor’s weak spots and adjust accordingly to ensure your benefits stand out.
Check out competitors' job postings. Are they offering flexible scheduling? That’s a top priority for a lot of nurses and a benefit that doesn’t impact your bottom line at all. Many hospitals will list their entire benefits package in the job description to entice prospective healthcare workers - use this to your advantage!
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Shop Around
It’s easy to go with the same providers you’ve used forever, but it can be bad for your budget. Everything from health insurance to disability insurance should be given a cost benefit analysis before every contract renewal.
A good rule of thumb is to contact at least three companies for quotes - but you can’t go wrong with the notion, “The more the merrier.”
Google can come to the rescue here as well. You know what the percentage of benefits should be, but is that specific to healthcare? Are other companies on average paying more or less than you? If they’re paying more - are they offering more? All of this information and more can be found by simply asking the internet. You can then use the information to your budgeting advantage.
Excel at Relocation
Maximizing your relocation budget is one of the easiest things you can do to optimize your benefits package and your budget.
If only a relocation company could do all the work for you AND save you money. Sound like a fairytale? It’s reality! It takes a ton of manpower to relocate an employee - and manpower means money.
It’s typically cheaper in the long run to outsource relocation to the professionals. Find a relocation company that offers a technology-based solution with an easy to use interface, that vets suppliers and gives your candidate options. Make sure they provide excellent support to ensure a great employee experience, as well.
Uwhile providing the best benefits to your healthcare employees.
