In the post-pandemic world, employee benefits are changing. More people are looking for employers that will provide more than just health insurance and a few days off every year. To be competitive with other employers, you need to offer top benefits. How is your business keeping up with recent changes?
Health and wellness benefits aren’t anything new, but how you mitigate the cost to your company may get easier. Many organizations are using artificial intelligence to assess whether or not the benefits they are offering are the best value for the company and its employees. This way, you won’t have to blindly choose a healthcare and wellness package that doesn’t address any of the needs of your staff.
Healthcare is typically a company’s second-largest expense, next to paying their staff. Being given some direction on how to lower costs using AI could lead to substantial savings. Essentially, the technology will analyze medical bills being covered or paid by the employer. Then it will go on to identify gaps in coverage, if there are any, and areas where you could be saving money.
There will also be more nontraditional benefits offered to employees over the next five years or so. More specifically, nontraditional benefits will help alleviate financial stress for employees. Recent studies have found that personal finance issues are the number one source of stress for most employees, so being able to relieve some of that stress could be beneficial for employers. It will help increase loyalty among your staff and improve productivity.
Retirement plans will still be highly sought after, but additional financial wellness programs will also be something employees are searching for. Programs may include financial planning and debt management help. You may also consider offering student loan payback options, supplemental insurance, or retirement planning services. Either way, providing these programs and services for your employees will help them build the confidence needed to help them improve and maintain their finances. Not to mention, a less stressed staff will lead to more productivity in your organization.
Last, but not least, employees want benefits packages catered to fit their specific needs. There is no “one size fits all” package for what you are offering your staff. To cater to their needs more, be open to adding different types of benefits to what you are offering. For instance, consider providing accident insurance and possibly even plans for legal services.
You should also offer paid time off for your employees to work on themselves. Many employees will be looking for companies that are offering PTO for things like personal development and even volunteering. Most importantly, they should have a variety of benefits to pick and choose from to know their specific interests are being catered to. It shows your staff that you care about their well-being and interests.
Partnering with a staffing agency can help you manage your employee benefits. Learn more about how Joynus can assist your organization.