Why Your Organization Should Offer Personalized Employee Benefits
Employee benefits are an integral part of your organization’s overall compensation package. In fact, research has shown that many candidates and employees may value optimal benefits offerings more than higher direct wages and salaries. However, offering a generic employee benefits portfolio is typically not an adequate way to optimize the advantages of these incentives and programs. Customization is a key component of providing ideal employee benefits.
Advantages of Personalized Employee Benefits
By allowing employees to personalize their benefits selections, your organization can better cater to their unique circumstances, including their needs, preferences, budget and goals. Specifically, these opportunities may garner the following advantages:
- Optimized health care spending—Not all employees require the same level of health care resources. By helping employees customize their health insurance plans, you can ensure they and their families have access to the medical services they need while avoiding unnecessary costs.
- Reduced financial stress—Many common employee benefits offerings may impact your employees’ financial situations. Student loan reimbursement programs, health savings accounts, 401(k) plans and other financial tools can help employees pursue their fiscal goals and manage their budgets.
- Greater workplace productivity—When employees are healthy, it may improve their focus and productivity in the workplace while also reducing absenteeism and work-related accidents. So providing employees with the right benefits options can have a direct impact on your bottom line.
- Improved employee wellness—Your organization may include wellness programs in its employee benefits portfolio, such as those involving fitness goals or smoking cessation. Offering these opportunities may have a significant impact on overall employee well-being in your workplace.
- Better attraction and retention—When it comes to making your workplace appealing to top talent, the importance of ideal employee benefits cannot be overstated. Providing your workforce with valuable options catered to their unique circumstances can help separate you from competition in the labor market and discourage current employees from seeking other opportunities.
- Internal development opportunities—Hiring and promoting from within your own organization can promote a positive workplace culture and may also be more cost-effective than seeking outside candidates. Customized employee benefits may provide participants with the opportunities they need to improve their skill sets, allowing them to pursue their career goals and advance your organization’s mission.
When composing an employee benefits portfolio with personalized options, your organization should first reach out directly to its workforce. Conducting surveys and hosting focus groups may play a critical role in helping your leadership team and human resources department understand the desired benefits programs and the customization options your employees may want. Similarly, this feedback may help your organization identify parts of its current benefits portfolio that are unnecessary or suboptimal, potentially leading to greater cost-efficiency and freeing up funds for different options.
We’re Here to Help
At Lyceum Insurance Services, our dedicated staff understands the importance of employee benefits packages. We will draw on over 40 years of experience to help your organization assess its situation and optimize its offerings to provide employees with the personalization and programs they desire. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
Categories: Employee Benefits