Selecting and managing employee benefits can be a large task even in the smallest of companies. It’s generally a group effort in regards to the executive team which has to be overseen by the CEO. Here are some of the techniques that you can use in order to stay on top of benefits and remain compliant with all pertinent regulations.
Delegate and Follow-up
Medical benefits, employee compensation, and other perks that are offered by the company are generally overseen by the Human Resources department. Depending on the size of the company, this could be one person’s job or portioned out to a variety of people. Your role is to follow-up with this department to ensure that employee benefits are in-line with your competition. Employees are more likely to leave your company if they feel as though they can receive better benefits somewhere else.
Know the Facts
Understand your legal obligations to your employees so that you aren’t caught off guard. For example, most companies are required to have workers’ compensation insurance. This will protect you in the event that one of your employees is injured on the job. Speak with a workers’ compensation lawyer so that you can have the most up-to-date information in regards to what this type of claim would involve and your responsibilities to your workforce.
Some of the best CEOs are the ones that involve their employees. This could mean that you have an open door policy so that you show the employees that are care about what they think. Ask for input in regards to the quality of benefits that your employees want. You may even be able to partner up with other companies in order to receive a discount on a larger group policy. This could save you money while keeping your employees happy and loyal.
Use Documentation for Review
Document incidents that occur in the workplace. This will afford you the greatest amount of protection in regards to employee injuries or other types of claims against your insurance. Conduct meetings with executives and make those notes available for your employees to review. This doesn’t mean that you need to publish all of the items that were discussed, just those that effect the business and the employees directly. Being transparent will also help you to better manage the benefits of your company.
Being CEO means that you have a lot of responsibilities that are often outside of your control. Educate yourself about the happenings of your business so that you can make the best decisions possible.