Reimagining Employee Benefits
Let’s face it. The pandemic has changed our employees and what they want from their employee benefits package. Stressors and uncertainty have become the norm both in the workplace and in their personal lives. While competitive pay is great, post-pandemic workers are looking for employers to provide a more holistic employee benefits offering. A recent SilverCloud study found that:
- 90% of employees said they were more stressed because of COVID-19
- 32% of employees used sick days because of stress related to the pandemic
- 33% of employees do not have access to mental health benefits through their employer
- 15% of employees are not aware of what’s included in their benefits package
While health insurance continues to rank as the most important part of a benefits package, employee satisfaction can teeter if your overall benefits package isn’t something that will keep them both healthy…and well too. Reimagining benefit options to the workforce as “wellness options” may be the answer to attracting top talent or retaining employees and avoid the expensive cost of employee turnover too.
Quality over quantity
Even before the pandemic hit, a survey by Flexjobs found that work flexibility (84%) and work-life balance (80%) were of the utmost importance to a large segment of the workforce: parents. These benefits ranked higher than salary (75%) and health insurance (42%) and speaks strongly to the culture and flexibility of a workplace. What do employees really value? Quality of life over quantity of compensation. It’s true—happy people are healthier, and vice versa.
Innovate in order to motivate
Creating a benefits package that will inspire and motivate employees takes some strategy and sensibility. It’s a mix of health benefits, financial benefits, and wellness benefits. Health benefits include your normal medical, dental, drug and vision offerings. Financial benefits can be retirement plans, flex spending plans, and student loan assistance programs. And wellness benefits are things like paid time off, gym discounts, and remote work options.
Consider also a variety of benefits that fit employees’ unique lifestyles. By providing low cost, voluntary benefit options like cancer care, pet insurance, life insurance, and disability insurance, you create a more well-rounded benefits program that can bolster employee morale and demonstrates that you care about your employees’ health, well-being and future potential.
Creating loyal, business advocates
When employees are motivated to promote the company they work for, they become business advocates. And when a company successfully earns employee advocacy, it can be powerful brand advocacy. Employees who are inspired to speak positively about their workplace are happy employees. A great benefits package is one way to create loyal employee advocates who can help promote a healthy, supportive place to work. As author of the book Leaders Eat Last Simon Sinek once wrote, “Customers will never love a company until its employees love it first.”
Now more than ever, these times require attention to detail when it comes to hiring and retaining quality employees. A valuable benefits package that gives your employees richer options can lead to higher retention and satisfaction (watch out for these 5 mistakes). Give employees the right mix of healthcare and wellness benefits and you will make them feel valued and secure.
To learn more about how to create a quality benefits package, check out ProService Hawaii’s latest guide: How to Create a Benefits Package That’s Right for Your Business.