What is a winning modern benefits package? Take note.
It’s no secret, work norms have been turned on their head. People are leaving jobs at an astonishing rate in search of workplaces that align with their life and goals.
Recruiting and retaining top talent has never been harder.
Business leaders are rethinking compensation and benefits to remain competitive and attract and retain the talent they need.
Traditional benefits, mental health, remote work support, financial wellness...there’s a lot out there. It’s difficult to know which benefits to invest in.
The key is to focus on your people.
Winning benefits provide the support your people need, the way they need it, so they can be their best self.
Covid has taught us a lot about what is most important.
The global pandemic has impacted every aspect of our lives. It’s changed our perspective on work as a result. A renewed focus on family, health, and financial security have many questioning whether their company is aligned with their life goals.
Focusing on what your people need and providing it the way they need it helps them realize their goals, overcome their challenges, and live their best life.
Your team is looking for support in these areas:
- Health and Wellness
- Financial Security
- Flexible Work
1. Health and Wellness
74% of employees are concerned about at least one aspect of their well-being.
Health benefits are a critical part of any benefits package. Traditional health, vision, and dental packages are expensive. Choosing the right plan for your company is a critical first step.
Traditional insurance aside, leaders should look to holistic approaches to promote wellness among their team. Supporting wellness and preventative care initiatives, saves businesses money by helping their team be more productive and take less time off to recover from sickness.
Here are some options to support the health and wellness of your team:
- Telehealth
Ensuring telehealth is part of your health and wellness benefits is a great way to help your employees get the help they need, the way they need it. Telehealth has shown to improve patient satisfaction and reduce hospital admissions, saving your people money on expensive in-person visits.
- Counseling
Companies have long provided Employee Assistance Programs (EAP) to provide access to counseling and advice for employees. However, with less than 10% of employees actually using EAPs on average, it is critical to properly inform and promote this option to ensure use.
- Mental wellness
85% of employees say mental health benefits are important when they evaluate a new job opportunity. Small monthly fees for wellness apps like Calm and Headspace can go a long way for your team.
2. Financial Security
54% of employees say financial challenges cause them the most stress in life.
For good reason, the average employee is up against a slew of financial stressors. The top stressors?
Uncertainty for the future, debt, and medical bills.
Providing assistance that addresses these stressors head on makes sure you’re making the most impact when you offer financial benefits to your team..
Here are some options make sure your team is financially secure:
- Retirement
Many employees are wondering if they are doing enough for retirement. There are many options available in this space ranging from IRA-based plans to defined contribution plans. Selecting which plan is right for you and your team is a difficult task that requires a fair amount of research and in many cases professional help.
Student loans have become the second largest source of debt next to mortgages across multiple generations. Student loan repayment assistance (that’s what we do! 😊) is the #1 perk behind health and PTO making it an excellent tool to attract and retain talent. Recent legislative updates allowing tax-free, employer-sponsored payments to employees’ student loans have many companies considering the new benefit as a way to recruit and retain talent.
- Health Savings Accounts (HSA) / Flexible Savings Accounts (FSA)
Typically seen as a health benefit, HSAs and FSAs are financial instruments that give your employees flexibility over how they handle their medical bills.
3. Flexible Work
One of the most talked about, blogged about, webinar-ed about topics following the pandemic: remote work.
60% of employees prefer flexibility in where and/or when they work.
Flexibility means supporting the environment where people can be their best self. The key is determining how much of this environment you can support. This depends on:
- What your onsite costs are
- If there is an opportunity to reduce costs by switching to a remote or hybrid model
- Which aspects of a remote environment are critical to provide for your team
Providing the hardware (laptops, monitors, etc.) to do the job is the basic first step of allowing remote work. Finding ways to create a supportive and productive remote environment from there on takes some creativity.
Here are some options to support a remote or hybrid team:
- Socialization
Socializing is still important for your team and is part of their health and wellness. Creating authentic and accessible virtual spaces for your team to socialize is important. Pro tip: skip the after hours “virtual happy hours”. Carve out some time during the work day a few times a month for everyone to play games together over video chat. This is more accessible and shows how much you value team interaction.
- Asynchronous tools / processes
The value of remote work is the flexibility it provides your team to work when and where they would like. Asynchronous collaboration and communication tools make sure that projects progress without everyone being online at the same time. There are many asynchronous tools out there. Luckily, most are a relatively small investment for a high productive return!
- Training
Communicating expectations, norms, and processes for your remote or hybrid team will play a significant role in making sure it is successful. Ensure managers are trained on how to manage a remote team and what the signs of a disengaged employee look like virtually.
Winning benefits provide the support your people need, the way they need it, so they can be their best self.
We have covered a lot of options for helping your team. How do you know which is the right combination?
Many times leaders end up offering very universal, cookie cutter benefits packages in an effort to cover as much ground as possible.
This is a strain on resources and it’s not built for your team specifically.
You want to provide the support your people need, the way they need it most, so they can be their best self.
Look for areas of overlap between health & wellness, financial security, and flexible work.
Finding the right combination consists of:
- Setting a realistic budget: determine what can you spend per person
- Identifying what your team's expectations are: this requires honest conversations that removes pressure. The goal is to figure out what matters most to your team. A well crafted, anonymous survey can support these conversations
- Setting timelines and choosing metrics to review and measure the success of your decisions
By being honest with yourself and your team and setting out with a people-first focus, you will find the right combination!
Interested in learning more about student loan benefits?
Read our blog summarizing student loan repayment assistance and see why it’s becoming the most desired perk in the country. Reach out to hello@getdolr.com to meet with one of our experts to see how a tailored student loan repayment assistance program can save you money on hiring, turnover, and taxes.
