Employee Benefits | Do your employees love your benefits as much as you do?
Employers and HR professionals must adopt employee benefits strategies that resonate with their workforce. A recent survey revealed a disconnect between how HR personnel perceive benefits and how employees experience them.
Employers can use four key strategies to attract and retain top talent.
1. Ask: Dig deeper with thoughtful surveys
Move beyond generic surveys and pose specific, open-ended questions to employees, encouraging deeper insights into preferred benefits. The goal is to identify the reasons behind satisfaction or dissatisfaction.
2. Listen: Understand Employee Needs
Listening is vital to identifying discrepancies between employer perceptions and employee sentiments. Realizing that employees may express emotions and opinions differently, employers should look beyond data points and pay attention to nuanced feedback.
3. Act: Address Core Employee Needs
Having gathered insights, employers will need to balance feasibility and costs with employee requests. Benefits advisors can help navigate costs and options, weighing the impact of potential changes on employees. It’s about aligning benefit offerings with the core needs identified through the feedback process.
4. Repeat: Continuous Improvement
Crafting an employee-centric benefit plan is an ongoing process. Workforces evolve, and so do their needs. A recommended cycle is every six months, allowing employers to stay attuned to employee sentiments and adapt benefits accordingly.
Why It Matters
Employee benefits play a pivotal role in attracting and retaining top talent. Studies indicate that many job seekers consider benefits a crucial factor in job acceptance. By tapping into employee preferences and sentiments, employers provide desirable benefits and position themselves to support overall employee well-being.
While these strategies form the foundation, understanding the types of benefits that hold the most significance for employees is equally vital.
Essential Benefits to Consider
Health Benefits
- Traditional group health insurance
- Health reimbursement arrangements (HRAs)
- Health and wellness fringe benefits
Retirement Benefits
- 401(k) plans
- Defined benefits plans
Remote Work
- Full-time or hybrid remote work options
- Remote work stipends for internet and phone expenses
Education and Professional Development
- Tuition reimbursement programs
- Paid job training
- Knowledge-sharing webinars
- Technology stipends
Family Benefits:
- Fertility benefits
- Adoption assistance
- Childcare support
- Eldercare
- Meal allowances
- Pet insurance
Additional Considerations:
- Paid Time Off (PTO): Crucial for establishing a positive company culture
- Flexible Schedules
- Employee Assistance Programs (EAPs): Anonymous mental health benefits
- Commuter Benefits: Reducing transportation expenses
- Reward and Recognition Programs: Boosting engagement and retention
A comprehensive employee benefits plan goes beyond monetary incentives. Employers must consider the diverse needs of their workforce and adapt continuously. Benefits advisors can serve as invaluable guides in this process, helping employers navigate the complex landscape of employee benefits to attract and retain top talent.
Originally featured in UBA’s November 2023 HR Elements Newsletter.
