As many organizations gear up for another open enrollment season, many HR professionals are asking, How can we offer benefits that attract and retain our top talent? Recently, I sat down with the ever-insightful Nicole Blevins to explore this very topic. Our conversation got into creative voluntary benefits that are not just perks but essential tools for meeting employees where they are in life.
Nicole highlighted a striking statistic from a Gallagher study: 67% of employers are seeking ways to offer more voluntary benefit choices because 63% of employees have indicated they would consider changing jobs for better benefit offerings.
That number hit home.
In a competitive job market, benefits can be the deciding factor for many employees. So, what are these voluntary benefits that could make a real difference?
Supplemental Health Benefits
We kicked off by discussing supplemental health benefits like critical illness, accident coverage, and hospital indemnity plans. Nicole reminded us that COVID impacted the world significantly; people experienced family members, friends, or even themselves getting seriously ill or facing unexpected health crises. These experiences have changed people’s perspectives on the need to be prepared for unforeseen medical events. Supplemental health benefits fill the gaps that traditional health insurance might leave, providing a safety net for unexpected expenses. “It allows support for those situations as well,” Nicole noted.
Legal Plans and Services
Legal issues can be a significant source of stress for employees. Offering legal plans provides that much-needed peace of mind. Nicole has seen many people asking about legal benefits like will preparation or consultation on personal legal matters. She emphasized that it’s mostly about having that “peace of mind factor.” Employees can access these services without the hefty price tag of retaining a dedicated attorney.
Identity Theft and Cybersecurity Protection
In an age where data breaches are alarmingly common, identity theft protection is more relevant than ever. Nicole mentioned that we all know cybersecurity breaches are on the rise; people are concerned and asking, “What benefits do I have if something like this were to happen?” Providing this benefit shows employees that you’re proactive about their personal security and aware of the modern challenges they face.
Permanent Life and Long-Term Care
Life insurance and long-term care benefits are not new, but their importance has been magnified recently. Reflecting on the pandemic’s impact, Nicole shared that it’s made people think, “I need to be prepared for that.” People are living longer, and the need for long-term care is becoming more prevalent. Offering these benefits helps employees plan for the future and care for their loved ones without undue financial stress.
Pet Insurance
Yes, you read that right—pet insurance! As someone who got a new dog during the pandemic, I know the importance of this benefit. Nicole affirmed that pets are like family to many people; employees want to ensure that their pets receive good care. Veterinary bills can add up, and offering pet insurance can be a unique way to show employees you care about what they care about.
Meeting Employees Where They Are
The underlying theme in our discussion was the importance of meeting employees where they are. Nicole cautioned that only some benefits would be great for some workforce; employees want different things, and other organizations have different needs based on their demographic makeup. This is where communication comes into play.
We encourage finding external resources, talking to your employees about what’s most important, and taking a baby-step approach. By understanding your workforce’s unique needs, you can prioritize benefits that will have the most significant impact.
Action Items for HR Professionals
- Survey Your Employees: Utilize tools like the Xenium “What People Want from Work” survey to gather data on what benefits your employees truly value.
- Prioritize Benefits That Align with Employee Needs: Focus on offerings that will most impact your workforce.
- Communicate Effectively: Roll out new benefits thoughtfully to avoid overwhelming employees.
- Consider Cost-Effective Options: Benefits like Employee Assistance Programs (EAPs) offer significant value without a hefty price tag. Nicole emphasized that it’s an inexpensive type of program.
- Stay Informed on Trends: Keep an eye on emerging benefits like student loan repayment programs, which could become increasingly important.
Offering creative and relevant voluntary benefits can set your organization apart in the race to retain top talent. But remember, it’s not about adding every trendy benefit under the sun; it’s about understanding your employees’ unique needs and meeting them.
Nicole wisely said, “We want to ensure that we’re meeting their needs to retain them.”
So, as you prepare for open enrollment, take the time to listen to your employees. After all, retention starts with understanding.