Employee Benefits

4 Ways to Know: What is a Good Benefits Package for Employees?

Side view of a smiling business woman using smartphone, recording voice message while driving a car.

News reports warning about the great employee resignation of 2021 weigh heavy on employers’ minds. During the pandemic, about 20% of employees changed jobs. Nearly one in four additional employees plan to hunt for a new job. For most businesses, the thought of losing workers is concerning, especially since they’re still recovering from the pandemic.

Although people are interested in changing jobs, Gallup reports that workers also are concerned about losing their health benefits. So your employee benefits package can make the difference in keeping top talent or losing them to competitors. But what are the right benefits to offer? Consider these four ideas so you can answer the question, “What is a good benefits package for employees?”

  1. Features personalized benefits

    About 158 million Americans receive employer-sponsored health insurance. They value these benefits to help them with a variety of medical needs. They know that without insurance benefits, they probably couldn’t afford the health care they need. Plus, employees and their dependents have different needs. So workers prefer benefits they can personalize. Give employees choices by offering benefits with different features, coverage levels and costs. They’ll appreciate the opportunity to create a benefits package that fits their needs along with those of their dependents.

  1. Focuses on well-being

    The pandemic created a lot of anxiety and stress for employees. Throughout this experience, they appreciated the security of their benefits. So be sure to offer a variety of benefits with generous coverage options. Workers especially want benefits that support their overall well-being, including their mental, financial, social, spiritual and physical health.

    Due to COVID-19, many employees especially are struggling with their finances, often living paycheck to paycheck. They’re worried about how they’ll handle unexpected costs, such as a medical procedure. And they are concerned that it will take several months to recover from their financial difficulties. Employers can help by offering financial well-being programs, such as setting a budget, saving for retirement or assisting with student loan payments. Review this blog for ideas.

    Employees also have struggled with mental and physical health problems. Feelings of depression, frustration and distress are common. Many employees worked remotely during the pandemic and still do. While they are grateful for their jobs, some do miss working with team members in person. Along with depression, employees may have slacked off on exercising and eating healthy. So they appreciate paid or partly paid memberships for online or in-person fitness programs.

    Find out your employees’ preferred benefits by conducting a short online survey. Ask several questions to explore a range of options and needs. Also, managers can talk with employees to gather employee feedback about current plans and their ideas for new benefits.

  1. Supports flexible work

    As businesses adopt hybrid working arrangements – where employees alternate between working from home and in the office – workers want flexible schedules. During the pandemic, they got used to juggling work and personal responsibilities. They appreciate the flexibility to schedule their workday without having to be at their desk during traditional business hours.

  1. Helps employees understand benefits

    Employees in every industry say they appreciate their benefits, but they don’t fully understand them. Most businesses devote a significant part of their budget to employee benefits and perks. That’s why it’s a smart investment for companies to educate workers about their benefits choices and plan features.

    Create a benefits communication strategy with monthly messages to share with employees in each age group. Include examples of how they can use their benefits, such as preventive care options that will help them maintain good health.

    During benefits enrollment, clearly describe the benefits and coverage levels in terms each employee group will understand. Set up online chats or in-person meetings to help workers sort through the options that best fit their needs. In addition, send monthly benefits updates reminding employees how to use their plans.

Sources:
Gallup
CNBC
G2
BBC
The Guardian
Outback Team Building