It’s a big deal for employee benefits. Healthcare and a retirement plan are no longer just about
it. The expectations that today’s workforce has are very high, and they’re willing to leave if your
benefits program doesn’t meet them. A great benefits package may be the key to keeping
employees happy and engaged.
Contents
Learn What Your Employees Want
If you want to be able to build or revamp your benefits program, you need to know what your employees want. It doesn’t involve guessing or assuming. The easiest way to find out? Ask them. If you don’t have time for a full survey, casual conversations can work wonders. What matters most to your team might surprise you. Healthcare may be what some are interested in, or perhaps work-life balance perks like being able to work remotely or having days off for your mental health. The trick is to customize your products to their needs. Employees at different stages of life will require different things and remember. Student loan repayment, or even tuition assistance, could be important to a younger workforce. That said, employees with families might be more interested in the offers of childcare benefits or flexible work schedules. The idea is to have something for everyone in your benefits program.
Provide Competitive Healthcare Plans
Most employees are not willing to negotiate health benefits. Offering just a standard plan doesn’t suffice anymore. Employees want flexibility, and they want flexibility that works for them, and they want options. It would help if you aimed to offer a variety of healthcare options — medical, dental, vision, and even mental healthcare options. Secondly, think about how easy it is for employees actually to use these benefits. Employees can be frustrated by complicated processes or hard-to-understand plans. If people know what’s offered and how to use them, it goes a long way to getting people to use what’s available.
Incorporate Wellness Programs
Wellness programs aren’t nice to have. They’re a must. But don’t stop there; don’t confine it to physical health. Don’t forget about mental and emotional well-being. Benefits can include gym memberships, wellness apps, or even stress management workshops. These perks will show your employees that you care about their overall well-being. On an almost similar note, many companies also work with Employee Assistance Programs (EAPs), and they give counseling or therapy sessions. These programs can change someone going through a tough time and you are providing a huge benefit to your benefits package. Long term, wellness will also help reduce burnout and increase productivity.
Plan for Retirement
Employees usually think about their future, and healthcare is top of mind. You can show you have invested in their long-term success by offering a solid retirement plan. A lot of companies offer a 401(k) match, which is a huge reason for employees to start saving early. Some of your employees may not know how important this benefit is, so make sure they know. This has a lot to do with education. So, think about financial planning workshops or resources to help employees get the most out of their retirement plans. The more you make it easy for them to do, the better chance they have of getting in and using it.
Simplify Access with Technology
Benefits management is tough for the employer and even harder for the employee. An Employee Benefits App can sort through all of this and help everyone understand and use what’s available. These apps allow employees to check their benefits, submit claims, and even get updates, all in one place. It saves time and decreases confusion. Employers can also use the apps to see how much an employee uses and where there are points to be fixed. Plus, they can make the whole thing easier for the user, which will increase employee satisfaction.
Keep Evolving
A robust benefits program isn’t a set-it-and-forget-it situation. It has to change with your company and with the changing needs of your employees. Review what you’re providing regularly and tweak things if needed. But keep abreast of the latest trends in employee benefits so you’re always staying competitive. But you don’t need to change the program every year completely. Just small changes and additions can make a huge difference.
Conclusion
An employee benefits program is important for keeping your team happy and engaged. Through healthcare, wellness, retirement flexibility, and technology to make it all easier, you can build a package that addresses the needs of your workforce. Listening to employees and always improving what you offer is all about.