The Great Resignation and the COVID-19 pandemic highlighted the importance of employee perks and benefits. In especially trying times, employees fixated on health, financial security, and the work-life balance. Employees who found these areas lacking left their workplaces in favor of those with better wages and benefits.
According to a Mercer study, over two-thirds of employers plan to improve their health and benefit offerings in 2023. Employers with open enrollment dates in early 2023 should consider preparing early to boost retention and attract more talent.
To glean insight into what workers desire from their employee benefits, surveys can be useful tools. After collecting completed surveys, employers can determine which benefits to add, revamp, or remove.
Employee benefits are among the top reasons employees either join or remain with a company. Therefore, it is imperative that employers offer benefits that best fit the needs of their workforce.
Recent trends suggest employees are seeking remote and hybrid work environments along with flexible scheduling. Many employers allowed temporary remote work during the pandemic; however, employees are looking to make that change more permanent.
Telehealth gained popularity in recent years. Notably, more than half of surveyed employers claim they will offer virtual behavioral health, while 40% state they will invest in virtual primary care. Employers see the value in offering time- and cost-effective care.
Additionally, workers are requesting more in-depth mental health and financial wellness resources. Lockdown put a strain on families’ wallets and mental wellbeing, and moving forward, they want to feel more secure.
Greater compensation and professional development opportunities, unsurprisingly, rank high as well. In an economy where prices and inflation are on the rise, a pay increase can make a huge difference.
Once an employer finalizes which benefits will be offered, the next step is to communicate in a concise and accessible way. Any new or updated offerings should be emphasized to create excitement and spark interest. According to Voya Financial, one in three employees do not understand their elected benefits, which means there is significant room for improvement.
Employers need to focus attention on the benefits and explain them in a straightforward, easy-to-understand manner. By doing this, more employees will understand what is available and will be less likely to leave for similar or worse benefits.
Providing resources and multiple educational channels can help workers better comprehend the offerings. Employers may provide group meetings regarding available benefits and one-on-one meetings for questions. Visual learners appreciate videos, printouts, presentations, and comprehensive guides to supplement the meeting information. Periodic enrollment reminders should be distributed, featuring how-to information and enrollment dates. Lastly, a point of contact should be announced so employees know what to reach out to with questions or concerns.
If you have any questions about open enrollment or how to prepare early, contact your dedicated Creative Benefits team member.