Businesses nationwide are making impressive strides in improving benefit offerings by welcoming employee feedback and keeping up with emerging trends such as flexible work schedules, customized retirement plans, and unlimited paid time off (PTO). This proactive approach is instrumental in creating a positive work environment by addressing employees’ evolving needs. Employee benefits consulting is playing an invaluable role in the elevation of benefits satisfaction.
Let’s look at some key factors that are contributing to employee satisfaction. If these are not already a part of your benefits package, the benefits consultants at eBen will show you how to design and implement a comprehensive package that enhances employee satisfaction and retention.
Common Factors of Benefits Satisfaction
Empowered employees positively impact the organization as a whole. A well-designed benefits package can create a positive perception of the company, fostering motivation and commitment.
The following benefits offerings are providing great satisfaction with current employees and are desired by those seeking employment opportunities.
Customization
It’s important to carefully consider the diversity of your workforce and tailor benefits to the varying preferences, needs, and expectations of workers of different age groups and backgrounds. This replaces the previous norm of a one-size-fits-all package. Employees feel heard and seen when receiving benefits that are meaningful to their life experience.
Comprehensive Coverage
With the changing workforce, the need for more expansive coverage is increasing. This is in conjunction with the growth in health care and other expenses in the United States. A Kaiser Family Foundation survey found that 4 in 10 people with employer-sponsored insurance had difficulty affording health insurance or a health-related expense. With the premium costs on the rise, the total share of employee contributions also continues to grow, cutting into workers’ take-home pay. Companies that have been vigilant in their efforts to improve coverage in line with the cost of living are experiencing improved satisfaction from employees.
Explore Wellness Perks
Companies across the country have been attracting and retaining employees with discounted gym memberships, free healthcare apps, and other wellness offerings. However, for some employees, wellness offerings may not align with their abilities or home life. Success can be found by exploring family-friendly wellness options that improve their quality of time such as flexible scheduling or remote work options, or consider building in downtime into the schedules of your employees.
Modern Offerings
Staying up-to-date with the latest benefits trends to see what modern employees want and expect when applying for a job can be impactful for current and prospective employees. Employees today are placing significant value on their time and well-being and tend to stay with a company that values those tenets. Employee benefits consultants have significant resources to help your organization shape a package that matches the
needs of your employees.
Prioritize Proper Education Around Benefits
Even when employers provide top-notch benefits, employees may be at loss concerning access and utilization if that isn’t clearly communicated. Often, it is not a lack of offerings but a knowledge gap that leads to misunderstanding and dissatisfaction. Taking the lead to ensure that employees are well-educated about the benefits available to them is key. Employers can bridge this gap by providing accessible and easy to understand resources such as regular workshops and personalized consultations. Employees are more likely to feel satisfied and supported when they know how to navigate and maximize their benefits, leading to higher engagement and retention.
Building a Comprehensive Benefits Package
Today’s job market is highly competitive, making it a top priority for many organizations to find and keep loyal and talented employees. Competitive benefits packages are showing employee satisfaction and retention, and are integral in maintaining a healthy and productive workforce, and elevating company culture and morale.
There are several elements of a successful benefits package, starting with
support for well-being:
- Good health services help promote productivity in the workplace.
- Wellness services like mental health services, childcare, and housing assistance can help foster a healthy work-life balance.
- Flexible work arrangements, where applicable, should be considered. Companies that allow employees to work remotely, part-time, or compressed work weeks often find that their workers are happier and more productive.
- Mentorship programs or training workshops can help prepare employees to more effectively contribute to the company.
- Financial planning services or money management can help empower workers to pay off debt, save for the future, and live more comfortably.
When building a benefits package, consider the future of the organization and the staff that contributes to its growth. Skilled professionals often seek careers that provide them with challenges and the opportunity to accelerate their career path. When workers are stressed about money, their performance in the workplace can suffer.
Employees have been instrumental in helping organizations shape their view of wellness, impacting the benefits offerings that encourage retention and satisfaction of employees. By better understanding employee needs and priorities, organizations can design a plan that includes benefits that workers actually want and with the proper education, will use.
There are several ways to gather employee feedback, through surveys, team meetings, and exit interviews. Knowing what offerings are currently being sought can make your company more competitive and improve retention. With the right assistance, there are strategies that fit every company’s budget.
