In today’s competitive job market, attracting and retaining top talent has become a challenging task for employers. With numerous options available, employees are demanding more than just a good salary. A well-structured employee benefits program can be a make-or-break factor in attracting and retaining top-performing employees. However, it’s not just about offering standard benefits like healthcare and retirement plans; customization is key to creating a benefits plan that resonates with employees.
Personalized benefits are the key to creating a successful benefits program. Every employee has different needs, preferences, and lifestyles. In fact, 88% of employees consider benefits and perks to be a critical consideration before accepting any job offer. Specialty Accounts, or Lifestyle Accounts, are a fantastic way to provide personalized benefits for employees. At Benefit Resource (BRI), we specialize in creating customized benefits plans that meet employees’ specific needs. With our Specialty Accounts , employers can provide carded or non-card programs that are tailored to their organization’s unique requirements
The Value of Holistic Personalization in Your Benefits Strategy
Holistic personalization acknowledges each employee’s unique background, experiences, and goals. In today’s work environment, creating an employee benefits strategy that focuses on creating a robust and comprehensive plan aligned with the company’s culture and business goals is crucial. Personalizing the employee benefits plan can help employers create a more engaged and satisfied workforce.
The benefits program should offer financial benefits like healthcare and retirement plans and other perks related to employee well-being, professional development, and work-life balance. Employee well-being benefits can include wellness programs, mental health support, and other health-related benefits. Professional development benefits can include workshops, training programs, and mentorship opportunities. Work-life balance benefits included flexible work arrangements like remote working, paid time off, and parental leave.
How Employers are Leveraging Personalization in their Benefits Today
Numerous companies have already started customizing their benefits program to improve employee engagement and retention. For instance, employers like Amazon and Apple offer adoption assistance for employees looking to grow their families through adoption. Multiple companies offer pet insurance benefits to employees, reflecting the growing importance of pets in people’s lives.
Several employers are also focusing on improving work-life balance by offering perks for remote workers, including food allowance, in-home work setup allowances, and home-office expenses. Another example is employees at Pinterest, who are given a $500 annual allowance to celebrate a cultural tradition or personal day important to them. This flexibility helps encourage a more diverse and inclusive work culture, which can benefit employee retention.
Personalization Tactics Employers Can Leverage Today to Improve ROI Tomorrow
When creating a personalized benefits plan, employers can use a data-driven approach, collecting employee feedback to identify the most critical benefits items that employees value. Employers can create a detailed benefits communication strategy designed to foster a greater sense of employee ownership by creating personalized benefits content that inspires and motivates employees.
Another way to personalize benefits is by digital access. Employees today value easy and fast access to their benefits, which can be accessed via a mobile app, web platform, or chatbot. This flexibility helps to create a more engaged and empowered workforce, especially among remote workers or those who prefer working off-site.
Better Benefits Are Here to Stay
Employees are the backbone of every organization, and they deserve the best possible benefits. Personalization is a trend that is here to stay, providing employees with a more comprehensive, flexible, and relevant benefits package. Providing a personalized benefit strategy can be the deciding factor of whether or not employees remain with an organization or move on to a competitor.
Creating a Positive Corporate Culture from Within
In summary, employers can create a successful benefits program by adopting a holistic approach that focuses on the unique needs of each employee. Customizing employee benefits can help employers attract top performing employees and create a more engaged workforce. Employers today can leverage personalization tactics like digital benefits access, employee feedback, and customization of benefits content to create more robust and comprehensive benefits strategies. Investing in personalization will not only increase employee engagement and retention but also impact the bottom line positively.
Get in touch with us today to see how we can enhance your employee benefits package with Specialty Accounts.