With more than half the year behind us, it’s easy to see some new trends emerging in the world of employee benefits. Take heed, as these are what your employees and potential new hires are growing to expect.
Partly spurred by the work / life balance millennials have made paramount in the workforce, and partly brought about by the high number of full-time working parents, flexibility is one of the largest expectations employees have today. One-in-four employees thinks employers should allow telecommuting, according to an AFLAC survey, and more than half expect a flexible schedule.
Companies like wellness programs because they can help their organization cut overall costs, while employees like them because they’re helpful and efficient. If your company doesn’t offer something like a nurse line, benefits for health, or an on-site medical facility or pharmacy, it may be worth exploring.
One size has never fit all, and employees—especially millennials—recognize this. They want to be able to pick and choose which benefits they receive and customize them from a list of choices, so they can get options ideal for their age, lifestyle, health, and goals. In fact, when AFLAC asked what type of “store” shopping for benefits should be like, half of them said Amazon. For comparison, the second runner-up was a retail shop, capturing just 19% of votes.
There was a time when employers could offer a 401(k) and employees were satisfied. Then, a few savvy employers began adding educational benefits, so they could attract and retain the best talent. Nowadays, educated employees are self-starters and researchers. They want access to financial planners, so they can set up the best savings strategies for all their needs, which includes things like retirement and education, but also medical care, elder care, and emergency savings.
It takes HR professionals years to work out the nuances of employee benefits, and we have special training as well as niche-specific advanced degrees. Pair this with the litany options available to employees, as well as the new options in the pipeline, it’s no wonder they’re struggling to understand what everything means to them. Of course, we’re also catering to generations of information-seekers, and they don’t just want answers, they’re willing to research. As time passes, we’ll be responsible for providing them with more info throughout the year, so that they have the data they need whenever they need it.
The right benefits package can keep your employees happy and productive. Your offerings will also help you attract and keep highly-qualified individuals. If you’re not sure if you’re offering the best you can, or simply want your existing benefits packages reviewed, let us help. As human resource experts, we can help guide you in your selection and help you roll out your new plan. Contact us for more information on our services today.
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