How Smart is Your Employee Benefits Strategy?
We know that employees want their benefits to help them achieve a work life balance, but we also know that they are more diverse than ever– even within the same generation. This means employers are presented with a challenge of what to include in their benefit offerings and how to communicate this offering so as to reach all their employees. The aim is to increase employee’ participation in and appreciation of their employer’s offering. The hope is that executing on a benefits strategy properly will inspire employees’ loyalty and increase their satisfaction.
Here are four tips to think about when designing and executing on your employee benefits strategy:
- Wide Selection: When employers offer a broad assortment of benefit options, their employees can better pick and choose what would help them achieve the balance they seek. Remember that work life balance is a concept that is very individual. What helps one person may not impact another in the same manner or even at all. Offering a broad selection also keeps it interesting and differentiates the employer.
- Tailored Solutions: One size does not fit all. When employers deliver employee benefit packages that meet the needs of the individual, they show they acknowledge and appreciate their increasingly diverse workforce. Determine which benefits should be received by which employee and customize the same offering to meet different needs, as necessary.
- Clear information: By providing complete information that is written in simple language, even the most complicated benefits become understandable and enticing. Compelling descriptions and illustrative applications of benefits means that employers can also motivate employees to participate in benefits they perhaps did not previously value. Lastly, clear information also eliminates confusion and any resulting calls to HR for clarification.
- Simplified enrollment: When employees can enroll in insurances and benefits easily, they are able to take advantage of what their employers offer. They are not impeded by lengthy, confusing, or frustrating processes. Instead, they can focus their energies on ensuring they take advantage of the offer for themselves and their family members, as applicable. They can discover options and ways to help achieve work life balance and added financial security, and this enhances their appreciation.
Overall, the goal is to enable employees to choose what fits their particular lifestyles, preferences, and needs. Employers can focus on the employee benefits portion of the total reward to differentiate themselves, attract talent, motivate their workforce and more. Keeping the benefit offering wide, tailored, clear, and intuitive helps enhance employee loyalty and overall commitment to the organization.