5 Ways Benefits Keep Great Employees: Make it your New Competitive Advantage
Guest Author, Mallory Dunbar, Learning Specialist, Greatness Magnified
Employee benefits used to be a significant selling feature to job seekers. Having health and dental was seen as a bonus. Now, it is the bare minimum. Job seekers are looking for new, innovative benefits that differ from the plans they are leaving behind. People want more. Benefits are now a way to attract and retain top talent. They differentiate you from the competition. That’s why organizations and industry professionals are reimagining benefits to accommodate better and reflect what people genuinely want.
In our conversation with Gavin Mosley, CEO of Mosley Group Benefits, we discussed the changing nature of benefits today. Gavin has a daily window into how organizations are leveraging innovative benefit plans to recruit and retain top talent. Watch the video and read on about the five key benefits trends.
Spoiler alert: your benefits plan may just become your competitive advantage!
1. Flexible Benefits
Workforces are increasingly diverse. The standard benefits package, perhaps ideal for the typical married 40-year-old with young children, isn’t ideal for the 20-something, single employee. There is no longer a one size fits all plan. Your workforce is diverse, and your benefits should be as well. Flexible benefit plans are designed to provide a wide range of coverage to a wide range of employees with varying needs and wants. Employees and leaders can select what best suits their needs by offering a menu of choices, while employers can still manage their costs.
2. Financial Benefits
With the cost of living through the roof and more and more people living pay cheque to pay cheque, offering financial benefits is a way to help bring financial equity to the workforce. By having a robust benefits plan that includes access to a lawyer or student loan repayment programs, you are less likely to have employees worrying about their ability to access resources or have the funds they need to survive.
As an organization, you want your employees to associate you with helping through your greatest pains and greatest joys in your life. People are far more loyal to an organization where they know they are genuinely valued and cared for by their employers.
3. Preventive Focus
Benefits have typically always been reactive – you must get sick before you can start leveraging them. Companies want a healthy and happy workforce, yet most benefit plans don’t reflect that. A shift from reactive to preventive benefit plans focusing on wellness is needed. Benefits like gym memberships, on-site fitness centres, preventive health screenings, nutritionists, and coaching allow employees to focus on their health, prevent burnout and increase productivity and positivity in the workplace.
4. Transparent Plans
Frequently, employees don’t even realize they have access to certain benefits because their plans are too complicated to understand. A recent survey found that 20% of employees aren’t aware of the benefits available to them, and 26% don’t know how to access their available benefits (Environics Research, 2021). Not only does this impact employee well-being as they can’t access the help they need, but it is also a poor use of corporate funds.
Educating the leaders in your organization on the benefits available to employees and how to access them is an excellent first step in making employee benefits more accessible and transparent. The leaders who work closely with employees are likely to be the ones to notice if they need help. Educating leaders on your company’s benefit plan allows them to be there for their team when they truly need it.
5. Remain Adaptive
The benefits industry has evolved rapidly over the past few years. Changing trends, demographics and economic landscapes have resulted in significant shifts in employee needs. Creating and sustaining a desirable benefits package requires organizations to be adaptable and engaged with their employees. The world is constantly changing, and your organization’s benefits package should reflect that. Check-in with your employees to see what they need and adjust accordingly.
Employee benefit plans are a part of something bigger – they show your employees that they are valued and appreciated. By having a benefits plan that recognizes and reflects the needs of your employees, you are telling them that they matter.
When attracting and retaining talent is more challenging than ever, a holistic, human-driven benefits package is a way to stand out from the competition. Recognition comes in many forms, and an employee-driven benefits package is one of them.
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