It is essential to offer more flexibility, both in where and when work is done. A large percentage of the workforce have prioritized family and wellbeing over work. It is no longer arranging life around your work demands. Offering remote options, hybrid options and tolerance regarding how PTO is utilized will be more important to employees over non-essential perks that used to draw talent or grab their attention.
One emerging area I see is what I am calling “Career Wellbeing” — and coming together of things traditionally done separately by Benefits & HR. Millions of Americans have tasted remote work and for many, remote work have given them an opportunity to work for companies previously not accessible to them. Going forward, I see benefits like student loan reimbursement to training that enhances one’s work skill set to coaching that improves performance to support which showcases employees both internally & externally coming together under a “Career Wellbeing” umbrella that leading companies will use to retain current talent & continuously attract new talent to stay relevant, reinvent themselves & stay at the forefront of being an employer of choice. -Hesham Sheikh Director - Head of Benefits Sunrun Inc.
The pandemic may be waning, however, the effects on the economy promise to have a more lasting impact. With inflation on the horizon, there is a renewed focus on the cost of everyday living. Employees are more mindful than ever as to how their paycheck is spent. Employers have the opportunity to speak to this very issue through “lifestyle benefits.” There are programs available that allow employers to offer paid contributions to everyday needs and services such as Instacart, Netflix, Uber, Disney, Spotify, DoorDash, Airbnb, and countless others. Employers have seen a 50% reduction in turnover simply by offering lifestyle benefits and allowing the employees to choose which fits their needs best. It’s innovative, practical, and a fitting answer to attraction and retention in a post-pandemic 2022.
Assistant Vice President | Employee Benefits Consultant at USI Insurance Services
Answered 4 years ago
The pandemic has exacerbated the problem of compartmentalizing employee health. Now more than ever, employee well-being is about more than simply providing health benefits to your employees. It’s about customizing your employee benefits package to fit the comprehensive needs of a changing workforce by integrating key facets of employee health, mental, physical, and even financial. For example, in blue collar industries where the work is often very physical, integrating the management of worker’s compensation insurance with employee benefits is critical to the overall health, well-being, and satisfaction of the employee. In a post-pandemic world, employee health is even more crucial to the success of both the employee and the company as a whole and a comprehensive and meaningful Employee Benefits package is the foundation of overall employee wellbeing that will improve retention, productivity, and a company’s bottom line.
Access to primary care will look different. AmazonCare will show up at your door and if you shop at WalMart, you might find a full service medical and dental clinic where a shipping and receiving area might have been. You already now can get most of your primary care at CVS stores. Organizations with strong consumer and customer service backgrounds are entering the primary care space - with better patient experiences, better outcomes and less costly. Embrace the new normal and help employees understand that they have more options.
The one big change most employers are implementing in benefits is incorporating natural wellness alternatives into benefits policies. Many people want more natural ways of addressing health and stress and employers are finding that providing some co-payment options for things like acupuncture, massage therapy, chiropractic, and natural medicines helps lure and retain employees. While these alternatives were once demeaned by traditional medicine, many doctors and hospitals are finding that they are great supplements to both healings after an illness or injury as well as providing solid prevention against illness.
After the pandemic, I believe incorporating remote working shifts will be the next step in employee benefits in many organizations. Companies have started realizing that remote work is helping workers avoid mental breakdowns since they will have a proper work-life balance schedule. No longer do they have to stay away from their families all week but are some few days where they work at home.
Inflation, Inflation, Inflation! Inflation is absolutely killing your bottom! It\'s time to look at other avenues in order to reduce costs and put that profit/surplus back to your bottom line! The one area that could provide an immediate impact is in the area of how you\'re providing group benefits to your employees and their families. There are 2 solutions, if your group can qualify, your firm could save @ 10-20% or more/year in premium costs and even provide better plan designs! These solutions also provide eligibility for your 1099s! Never assume that what you have in place, is the best for your firm and those covered! The time for change is NOW!
Many companies are looking into ways of furthering wellness initiatives within their workplace. These efforts may include offering more flexible work hours or creating healthier working environments. Further down the line, some HR leaders predict that there will be an increased focus on social and emotional wellbeing in benefits offerings as well. This could involve things like stress management training or promoting a positive culture at work that supports healthy relationships both inside and outside of the office.
The biggest perk you can offer employees during these times is a flexible management style and flexible hours to work from home at their own convenience. We will continue with this trend after the pandemic as it fits into a culture I would love to embrace more long term. As long as the work gets done and employees are motivated to work from home, it serves as an incentive. I enjoy having warm relations with my staff and I am a flexible leader who exercises empathy and tolerance in the workplace. If you have a great committed team then incentivize their productivity with perks, compliments, and great warm relations. The perks that I offer for great productivity each month depending on what employees enjoy best. For some it might be an online educational cause (a popular choice), eating vouchers to spend on food or wellness programs that are relevant to serve their needs. I must stress that flexibility is key to enjoying the benefits of a productive inspired team.
Company benefits have changed, and employers nowadays provide more mental health support in the era of job crisis, depression, burnout, etc. COVID-19 has maximized these concerns along with increased stress for more than 70% of Americans. For workers, the challenges of remote working add to their pandemic stress, and such issues have taken a toll on their wellbeing. So, once the businesses reopened, the leaders started expanding health benefits to provide more mental health support for their employees through employee assistance programs, counseling, and therapy. These programs also offer health support for those grappling with adjusting to remote work.
Child Care benefits are crucial as working parent struggle to find and afford Child Care - having a direct impact on workplace attendance and productivity. On average, employees miss nearly twice as much work due to Child Care issues vs. healthcare. In addition, 65% of all parents are late to work, or must leave early, because of challenges with their Child Care. Offering Child Care benefits can provide organizations a decisive competitive edge. The U.S. Chamber of Commerce Foundation found companies that provide Child Care assistance decrease absences by 30%, job turnover by 60%, while increasing productivity more than 30% and recruiting efforts by 80%. Child Care benefits, like those offered by TOOTRiS, have proven to grow the bottom line, yielding the highest human capital return on investment while improve workplace morale. The need for Child Care will only grow. What is your company's doing about it?
One of the most crucial retention requirements or benefits in a post-pandemic world is work flexibility (although regrettably the discourse on this is being dragged into a culture war). It doesn’t necessarily mean a full time remote offering, of course, but an understanding that employees expect at least some form of flexibility when it comes to their working arrangements. With so many previously office-first companies now having to adapt to even a partly remote work model, it’s crucial as both a benefit offering and method of retention that a hybrid or unique remote work offering is on the table for any new hires.
Companies are investing in new strategies to retain top talent and attract future hires. We’re now seeing a shift from pandemic-focused benefits to a more holistic approach that provides employees with a sense of wellbeing. What are the most common changes in employee benefits strategy this year? We have gathered data from hundreds of HR leaders and companies to discover the most common benefits changes taking place.
“With stress and burnout levels continuing to climb, employers are putting the overall wellbeing of their employees at the top of their list,” said Regina Ihrke, senior director, Health and Benefits, WTW. “The organizations that most effectively move the needle are those that develop a comprehensive benefits strategy that supports all aspects of their employees’ wellbeing. It’s also important to articulate that strategy to employees, conduct manager training and measure effectiveness.” “As we move through 2022, employers struggling with recruitment and retention will look to make their wellbeing programs a differentiator to attract and engage top talent. For years, employers have used financial rewards to encourage employees to take action for their own wellbeing; however, as those incentives have often failed to change employee behavior, employers are seeking new avenues to engage and incent employees to take charge of their own wellbeing,” said Ihrke.
Healthcare providers and employers are quickly figuring out that there is a need for employee benefits to be adapted in order to accommodate for the changing world. With pandemics such as the flu, it is important to take into account the potential for illnesses spreading throughout an office or company. There are many things that need to change in order for healthcare and employee benefits to be effective during a pandemic. Some of the changes that need to happen include increasing access to preventative services, developing better tracking systems, and increasing communication between employees and their health care providers.
In a world where there is a pandemic, people are more concerned about their health and well-being than ever before. Employees now do not want to be bounded by corporate options for their health insurance plan coverage. That's why employers should offer more comprehensive coverage and more flexible options to employees — for example, giving them a stipend or allowance they can use on anything they need for their health and well-being. Employers who want to provide their employees with better support for mental health or encourage a healthy lifestyle for all employees should consider implementing an employee assistance program (EAP). An EAP can provide support for addiction, alcoholism, confidential counselling, and therapy services.
It\'s important for middle-market employers between 150 - 2500 to look at proactive ways to drive Population Health Management (PHM ) and engagement with primary care providers. The increasing number of employees with chronic conditions will continue to drive up healthcare costs over the next decade. According to group health plan data from USI, 5% of plan members incur 60% of claims, largely due to undiagnosed conditions or mismanaged chronic disease. USI\'s claims data also shows that 70% - 80% of adult plan members do not received recommend cancer screenings. USI\'s Data shows that with meaningful incentives 50% - 80% of plan population will engage with a primary care physician. Putting together proactive benefits enrollment along with quarterly employee meetings will help drive employees to the doctor. Healthy employees drives revenue, increases productivity and reduces turnover.
Introducing perks to reward employees for innovative solutions, productivity and recognition is the best way to go forward. In fact, businesses have already started to implement perks and this is a great way to expand on benefits after the pandemic. In this way, you will inspire ongoing productivity, and team building, and improve employee morale. What became very clear to most of us when the pandemic set in, was the ongoing interconnectedness of work and life. This means that as entrepreneurs and employers we must appreciate that work plays a crucial part in the quality of a person's life - adding benefits also like health care, and wellness programs to support the mental and physical health of employees will add great value to a person who might really need those benefits and extra care.
Two things occurred during the pandemic to shift attitudes on benefits. One, both company owners and managers realized how important they are. Many people viewed health benefits as an "extra" because they never got sick. Suddenly, they needed them. This means employees will give benefits additional scrutiny and have higher expectations that companies will need to meet. The other major change is in companies' offering more wellness benefits. This includes things never included before like natural supplements, vitamins, gym memberships, yoga class offerings, and things like chiropractic and acupuncture. Employees lost a lot of faith in the medical and pharmaceutical industries during the pandemic and many are far more interested in taking on their health. They are looking for benefits beyond traditional medicine that promote health and well-being.