Employees’ Benefits Expectations Are Changing — Are You Prepared to Adapt?

Employees’ Benefits Expectations Are Changing — Are You Prepared to Adapt?

Employers have long recognized the importance of employee benefits, but the pandemic propelled benefits to the top of employees’ priority lists. Amid evolving expectations and increased competition, how can employers stay ahead of the curve? In this article, we discuss employees’ changing benefits expectations, the importance of tailoring your offerings accordingly and how you can effectively leverage those offerings to increase retention

Evolving Employee Expectations

The pandemic opened a door to new benefit possibilities, including increased flexibility, added support and enhanced employee resources. This drastically shifted employees’ expectations, setting a new baseline for benefits that employers must rise to or risk losing top talent.

Gone are the days when simply offering a 401(k) and health insurance was sufficient. Today’s ultra-competitive job market requires employers to think outside the box to meet the evolving demands of their workforce, and one way to do that is through the introduction or expansion of benefits that address the difficulties exacerbated by the pandemic. Taking this action will exemplify that you are willing to go above and beyond to support your workforce — physically, emotionally and financially.

Thinking Beyond Standard Benefits

From mental health support to increased flexibility to additional voluntary options, the following are just a few examples of how employers can think beyond traditional benefits to meet their employees’ needs.

  • Mental Health Resources — The pandemic took a serious toll on employees’ mental health and wellness. Expanding mental health benefits alone won’t eliminate burnout, but it may provide the lifeline that employees need.
    • An Employee Assistance Program (EAP) can be tailored to a workforce to provide critical employee resources. Beyond the traditional focus of substance abuse, an EAP can involve behavioral health counseling, mental health resources, therapy and more.
    • For years, telemedicine has been expanding to offer employees nonemergency care from the comfort of their own homes. Telemental health, or online therapy, is a subset of telemedicine that can be particularly helpful to employees looking for added mental health support from their employer.
  • Flexible Work Arrangements — With work-life balance becoming increasingly important for employees, flexible work arrangements can allow employees to better juggle work and personal responsibilities. It’s highly likely that remote work will stick around long after the pandemic concludes, and employers that want to hold on to top talent should consider incorporating flextime programs, compressed workweeks, telecommuting, part-time work and job sharing into their benefits.
    • Along with flexible work arrangements, additional workplace support for parents can go a long way when it comes to retention. Offering paid or unpaid family leave and employer-sponsored child care can help employees take much needed time off and show up to work ready to focus.
  • Voluntary Benefits — Voluntary benefits are typically 100% paid for by employees, with some employers choosing to cover a portion of the premiums. This makes them an effective solution for employers looking to provide additional perks to employees without raising costs.
    • Typical voluntary benefits include dental coverage, vision insurance, financial counseling, life insurance and more. More recently, additional offerings, such as identity theft, pet insurance and critical illness, have become increasingly popular among employees.

Want to know if your employee benefits program includes the perks that employees really want? Fill out our interactive scorecard, “Are Your Employee Benefits on Trend for 2022?

Leveraging Benefit Offerings

Communicating the full value of your employee benefits is the best way to leverage your offerings. Implementing year-round communications will help your workforce better understand not only the benefits options available to them but also how to enroll in and use them effectively.

For more guidance on fostering impactful employee benefits communications, check out our webinar, “Attract, Retain, Engage — Building an Employee-Centric Communication Strategy.

The pandemic opened a door to new benefits possibilities, and that door is not closing any time soon. It’s essential that employers embrace evolving employee expectations and adapt or risk incurring reduced retention in the coming years. For more guidance on how you can expand your benefits program to meet your workforce’s needs, connect with our experts today.

Employees’ Benefits Expectations Are Changing — Are You Prepared to Adapt? https://www.cbiz.com/LinkClick.aspx?fileticket=ht6ER9_hf9w%3d&portalid=0We discuss employees’ changing benefits expectations, the importance of tailoring your offerings accordingly and how you can effectively leverage those offerings to increase retention. 2022-04-22T16:00:00-05:00Employers have long recognized the importance of employee benefits, but the pandemic propelled benefits to the top of employees’ priority lists. Amid evolving expectations and increased competition, how can employers stay ahead of the curve? In this article, we discuss employees’ changing benefits expectations, the importance of tailoring your offerings accordingly and how you can effectively leverage those offerings to increase retention.Employee ManagementEmployee BenefitsYes