Friday Dec 09, 2022

Retain More Employees by Tailoring Benefits to Their Needs – Built In

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The pandemic has shaken up the workforce, and employees today expect more flexibility and choice from their jobs than ever before. The idea of the traditional workforce is nearly obsolete, and I would say the same is true of traditional work benefits. As standard workplace practices have shifted, companies have likewise re-evaluated their benefits packages to better match the evolving needs of employees. According to a MetLife employee benefits trend study, 69 percent of workers indicate that having a wider array of benefits would increase their loyalty to their employers.

Companies can fulfill this need by offering flexible benefits plans that allow employees to pick and choose benefits that suit their needs and life stages and to reselect options annually according to their evolving lifestyles. Flexible benefits differ from their traditional counterparts because they offer highly customizable subsidies with defined contribution and spending guidelines. 

Employees still get core benefits, but they also receive earmarked funds in an employee spending account that can be used towards a wide array of health or lifestyle benefits, including health and wellness programs, childcare, transportation or even home office equipment. With flexible benefits, both the company and employees reap the rewards. 

So, with this in mind, allow me to share more on what flexible benefits are and three ways companies can use them to meet the evolving needs of today’s workforce.  

What Is a Flexible Benefits Plan?

Flexible benefits plans allow employees to pick and choose benefits that suit their needs and life stages and to reselect options annually according to their evolving lifestyles. These benefits differ from traditional ones because they offer highly customizable subsidies with defined contribution and spending guidelines. Employees still get core benefits, but they also receive earmarked funds in an employee spending account that can be used towards a wide array of health or lifestyle benefits, including health and wellness programs, childcare, transportation or even home office equipment. Healthcare, flexible and lifestyle spending accounts are three common plans.

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What Are Flexible Benefits Plans? 

Every organization is made up of a diverse set of individuals in varying stages of their lives, which means they all have evolving needs. A 25-year-old and a 55-year-old are going to have different priorities in terms of benefits. For example, the 25-year-old may be focused on welcoming a new baby into the household, while the 55-year-old is concerned with wellness for healthy aging. Companies need to understand these varied needs and tailor benefits offerings accordingly. </…….

Source: https://builtin.com/recruiting/flexible-employee-benefits

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