Now that it’s the end of May, commencement ceremonies have started across the country with speakers giving new graduates advice on how to survive “the real world.” Many of these graduates—whether they’re in high school or college—will enter the workforce and face new challenges and situations. I know that as a parent I’ve tried to prepare my own children for the challenges they’ll face by trying to equip them with skills they’ll need, but it’s up to them to actually use these skills.
As I was thinking about this, I realized that the same could be said for companies and their employees, particularly when it comes to benefits. Senior management and human resource staff can encourage employees to utilize their benefits packages fully, but it’s up to the individual employee to take advantage of all their options.
Employee Benefits of HR Construction Software
In the construction industry, human resources (HR) entails a significant amount of tracking. Up-to-date records of certifications, training, safety incidents, and benefits such as insurance, PTO, and retirement contributions must all be maintained. With all these tracking requirements, it’s no wonder there’s software for construction to help HR staff manage employee data. Unfortunately, from what my HR colleagues have told me, many employees don’t use the tools to which they have access, such as medical and dental claims tracking, and only think about their benefits when they’re hired or become eligible for them. Ideally, your employees should be encouraged to frequently review their benefits – everything from medical and dental insurance to life insurance and disability, and especially 401K options, to make sure they’re still maximizing their use and that their benefits match their needs.
Manage Retirement Options
It’s easy to forget about retirement investments. The monthly contribution is deducted automatically, so for employees, it becomes an “out of sight, out of mind” occurrence. But these contributions and how they’re invested shouldn’t be forgotten, especially if contribution matching is part of your employee benefit package. Generally, retirement fund contributions are matched up to a certain percentage or specific amount. Often times, employees forget about matching and don’t take full advantage of it. To help your workers save the most for their future, encourage them to check their pension contributions to ensure they’re maximizing their benefits. But that’s not the end of pension management. Once the money is invested, employees should be encouraged to evaluate their funds’ performances. In fact, US Labor law now mandates that employers educate their employees on investment options.
Although tracking and reminding employees of all aspects of their compensation packages takes some time and energy, the benefits of doing so can be great for your people and therefore for your company. And your employees will appreciate you for it right away. The help and reminders you give your kids? Well, that appreciation usually comes several years later.