Why Tailoring Benefits To Your Employees Is Better
If you haven’t already heard: the one-size-fits-all approach to employee benefits and wellness is a quickly dying approach to employee benefits that does not yield best results, for employee or employer.
Benefits management is not just an annual event. It starts with knowing what’s important to your people and requires a strategy that aligns with these values as well as company goals. Providing choice and resources for your entire employee population is a trend that will continue in the future. So adapting your approach to creating a benefit plan is imperative.
There are many reasons why personalization in regards to employee benefits is becoming a more popular idea:
Generational Differences
A new workplace culture is emerging. Millennials have surpassed Gen X and Baby Boomers as the largest represented generation in the workforce. Employees are no longer looking for just a job, paycheck and a desk. Today’s workforce demands an all-encompassing approach to benefits and wellness. Identifying the full 360 of well-being is imperative to attracting and retaining top talent.
Each generation wants different things. For example, as Baby Boomers are nearing the later stages of their lives, they probably want a different form of health care than their younger counterparts. Generation Xers are in a difficult position, as their parents are nearing old age, and their kids are becoming young adults, therefore they may be more financially stressed. Millennials crave individuality and freedom, and want a job that is flexible and will give them the opportunity to grow.
Personal Values
Depending on age, values, interests, and life situations, employees can, and do have very different needs for their personal benefits. The first step in providing personalized benefits is in knowing what is important to employees. According to the 2016 ADP Employee Engagement Study, younger employees tend to value education-related perks including student loan reimbursement, career-oriented training and paid continued learning, while older employees tend to value wellness programs and employee discounts.
Providing choice and resources for your entire employee population is a trend that will continue in the future. So adapting your approach to creating a benefit plan is imperative.
Importance Of Health And Wellness
An employee may want a benefit plan that directly positively impacts their health care. Employees want a benefit plan that accommodates their needs.
It’s important to remember that you’re dealing with unique human beings with different biological needs. This includes a person’s overall wellness, such as a focus on sleep, nutrition, meditation, self development.
Each employee has a different biological makeup, and health benefits as well as wellness plans, should reflect that.
Increases Bottom Line
A mass approach to benefits ends up losing a company money. Why? If employees do not value what is traditionally the second or third largest line item for a company, those benefits are not providing as much value as they cost. These benefits may not relevant to their needs and values. You need to hear from your employees about what is truly important to them. Personalizing benefit and wellness programs in response is the key to maximizing employee happiness. In addition, this will minimize the unnecessary cost on your bottom line.
Benefits work best when they’re aligned to company culture and growth goals. As well as an approach to benefits that meets employees’ unique needs. It is important to tailor benefits to your employees to ensure a happy and healthy culture and work environment. When humans thrive, companies prosper. Learn more at Beni.fit.
To learn more about the future of benefits, go to our blog “5 Employee Benefit Trends To Enhance Your Company Culture.”