Have you asked your employees about the benefits that are most important to them? Are you having regular executive conversations about your rewards packages? In this article, Joanne Sammer details the steps you need to take to expand the concept of benefits beyond the traditional offerings! "To remain competitive, business leaders need to seriously consider what current and prospective employees need and value. In the process, they're likely to find that what qualifies as an "employee benefit" is rapidly changing."
As the workforce landscape undergoes transformative changes, employers are redefining their approach to employee benefits to attract, engage, and retain talent. Traditional offerings such as health and retirement benefits are no longer sufficient; companies must now consider a more comprehensive and diverse range of benefits to remain competitive as employers. The tight labor market has spurred employers to seek every advantage to retain and attract workers, leading to a shift in focus from compensation to holistic employee well-being.
Verizon, for instance, has shifted its benefits strategy towards integrating employee benefits with employees' lives, aiming to make work easier and more fulfilling. This entails providing a wide range of benefits to address the diverse needs of employees, including options such as telehealth services, elder care assistance, and personalized benefits stipends. Customizing benefits to match the unique needs and preferences of their workforce has become a priority for companies looking to stand out as employers of choice.
Employers are expanding their definition of benefits beyond the traditional health and retirement offerings. Aspects such as flexible work arrangements and access to personalized benefits are gaining prominence. To determine the right benefits to offer, companies are leveraging data and insights into their workforce. For instance, IntelyCare, a healthcare staffing company, tailors benefits to support specific goals of its healthcare professionals, such as offering access to earned pay and financial incentives.
While offering competitive compensation remains important, a focus on benefits that resonate with employees' needs and values can differentiate employers in a crowded job market. Organizations are recognizing that a one-size-fits-all approach no longer suffices; instead, they are adopting tailored benefits strategies that align with the diverse aspirations and lifestyles of their workforce. This evolution in the understanding and delivery of benefits is helping companies enhance employee satisfaction, engagement, and overall well-being.