With employee retention and talent acquisition critical in today’s competitive recruiting environment, employees expect benefits outside of traditional insurance programs. Modern benefits packages now take into account employee financial wellness, as well as meet the different generational expectations of your workforce.
Four components that make your benefits package modern and more desirable:
Benefits outside of traditional insurance programs — Traditional benefits typically include medical and dental coverage, perhaps vision and basic life and/or accident coverage. Modern structures include these core benefits and include benefits in the form of discounted services that employees use year-round. For example, this might include pre-paid legal services that cover everything from will creation to review of rental agreements or pet insurance that offsets the cost of pricey medications for furry family members.
Financial wellness — Financial issues can overwhelm employees, impacting their productivity and their health. Modern benefits offer more than just accessibility to a 401(k) or similar retirement plan. Whether it’s debt counseling services or financing alternatives via a purchasing program for bigger ticket items such as appliances, these are the options today’s employees want in their benefits package.
Workforce generational expectations met — Does your workforce have a large percentage of millennials? Or perhaps you’ve got a large percentage of baby boomers getting close to retirement. Each generation has different benefit needs and desires. Your package should align with the generational expectations of your workforce to be most effective.
Voluntary and tertiary benefits — While jumbo employers typically offer more benefits, smaller employers often compete for the same talent, yet aren’t able to provide the same level of benefits or a similarly attractive benefits package. Today’s employees are keenly aware of benefits, particularly with the increasing shift of costs (such as around medical coverage) to their own pockets. Voluntary and tertiary benefits help you make your package more appealing by adding programs such as accident insurance, discounted auto insurance, and other enticing benefits.
Ensure your benefits package meets the demands of your employees and the talent you need to attract.
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