Benefit Trends: Are You Staying Competitive in the Market?
Spring is in full swing, and while it’s tempting to take a pause on that “HR to-do” list, it’s actually the perfect time of year to get yourself prepped and ready for open enrollment, changes to your benefit offerings, and beyond.
In today’s market, it can be tough to stay apprised of all the benefit changes being implemented across all industries worldwide. However, staying on top of these trends is what will help you, as the employer, stay ahead of the pack! So, where to start?
Step one: assess your current benefit offerings. Are employees happy with what’s currently out there? Are you, the employer, happy with those offerings? Are employees taking full advantage, or even aware, of the full benefit package?
Think back to how your recent open enrollment process went. Was the process smooth and issue free? Are you happy with your current broker and the platform you are using? While there may not always be a one-size-fits-all package for every single employee, in general, the hope is yes!
If not, planning to get yourself ready for any potential changes will save you lots of headaches in the long run. We promise, your future 2024 self will thank you!
When we think of benefits in today’s market, the most common benefit packages include a combination or all the below:
“Standard” Benefits
Medical, Dental, and Vision Coverage
Paid Time Off (PTO)
Retirement Plan with an employer match
Furthermore, in recent years, it’s become more common for employers to offer more robust packages that include some, or all the following:
Supplemental Benefits
Short-Term & Long-Term Disability Coverage
Basic Life Insurance
Accidental Death & Dismemberment Coverage
Critical Illness Coverage
Hospital Indemnity Insurance
It has become increasingly common to offer these benefits, whether they are partially or fully employer sponsored. Offering as supplemental coverage is also always an option, but making these additional benefits available can give your employees peace of mind. Your current broker may be able to discuss these options and pricing with you, as well as market usage trends. If their firm does not offer these additional benefits, they very well may be able to point you to a trusted referral.
Additional Benefit Offerings
Flexible Scheduling
Can employees step out for an hour or two when they have a dentist appointment? Do they know there’s flexibility if they need to take care of brief personal needs and make up that time later in the week? Flexibility and mutual trust go a long way with attracting and retaining employees.
Remote Work or Hybrid Work Schedules
By now, we’re all familiar with the shift to a remote working environment through COVID and beyond, but in recent months, more employers are requiring a return to the office. Before implementing this change, it’s worth taking a look to see how the remote, or even hybrid work schedule shift has impacted employee productivity and happiness.
Wellness Programs
These can be facilitated through some insurance providers or can be spearheaded by HR. Creating fun new wellness challenges throughout the year help employees not only stay healthy, but engaged with others in the workplace, especially when feeling their employer’s support in making positive lifestyle changes. Oftentimes, according to Gallup and Workhuman, the simple act of recognition goes a long way for boosting employee wellness!
Childcare Assistance, Stipends & Tax Credits
With childcare costs continuously on the rise, many employers have looked for creative ways to support their working parents. Whether this be an annual stipend that can be applied to Dependent Care Credits, or even partnering with a childcare website or agency to help find affordable providers in the area. The U.S. Chamber of Commerce offers helpful resources for employers to get started.
Discount on company services (if applicable)
Depending on the nature of your business, you may want to consider offering discounts to your employers on your services. Some of your loyal customers may be right in front of you!
Mental Health Benefits
Perhaps the biggest trend we’ve seen emerge in the HR space for 2024 and beyond is the impact of mental health in the workplace and how proactive employer support can help increase employee happiness, productivity and ultimately retention.
Mental Health Benefits – Offerings surrounding mental health support are on the rise!
Mental Health Days
Specific time off allotted outside of vacation or sick time offerings that support those who may need time to help when burnout is looming. This could also be classified as “personal days,” as to not pinpoint only mental health but a healthy work/life balance.
Employee Assistance Programs (EAPs)
Believe it or not, this may be a benefit you already have and aren’t even aware of. It’s worth having a conversation with your current broker to see if this is a part of your current package, or if it can be for 2024. If not, there are tons of great EAPs available to enroll in, usually at minimal cost to the employer.
Digital App Subscription Support
There are a wide range of apps on the market that help with meditation, playlists, breathing techniques and more to help individuals re-center and focus. Many employers will partner with these groups to offer discounts or plans specific to their employees.
Wellness Programs
As we previously discussed, employee physical health and wellness can go a long way for employee health. In addition to sponsoring wellness programs, consider offering gym membership stipends, or partnering with a local fitness center or yoga studio to offer regular classes for employees before or after working hours.
Peer-to-peer Support
While all employees may not be as comfortable discussing mental health out in the open, for others having a mentor or internal group they can turn to, to help cope with any work-related stress can help ease their mental load. Consider this an opportunity to gauge employee interest in this type of mental health support, even just by helping to start the conversation.
Communicate
Spending time crafting an outstanding benefits package for your employees is essential. However, it make less of an impact if your employees don’t know about it! If you offer some, or even several of these resources, when was the last time it was advertised to your employee population? Is it only mentioned at onboarding and then never brought up again? Are resources to gain access to these offerings easy to access? Continuous communication and compassion goes a long way in keeping employees happy!
Next Steps
If you’re thinking of offering some of these benefits, that’s great, but are you getting the full scope of what all of your employees need? Does it cover all employee age ranges and demographics? To be set up for success, it’s all about being proactive! Conducting an annual culture survey or even having informal conversations with staff can help you get ahead.
Furthermore, look at the feedback you already have! Do you conduct exit interviews? If so, what is the most common trend employees are departing. While it’s not the same for every individual, benefit offerings are often a trending cause, especially when taking into consideration what your competitors may be offering.
Information overload, right?
That’s where Skywalk Group can help! Our team of consultants are experts in all things HR and can walk you through a successful benefit implementation, open enrollment all while continuing to navigate those benefits trends. Contact us today for more information on how to implement these benefit changes to stay ahead of the curve for 2024!
By: Delaney Dehnke