Each workforce is made of unique individuals with diverse backgrounds and interests. So why opt for a one-size-fits-all benefits package? Instead, consider providing benefits options that are as unique as your employees. Doing this could help attract and retain valuable employees in your workforce.
In fact, 73% of employees said having customized benefits made them more loyal to their employers, according to a MetLife survey. Additionally, the survey found that 83% of employees would trade a small pay cut for better benefits options.
Here are more reasons to offer personalized benefits and possible customization options for your benefits:
The Value of Personalization
Different employees have different needs and values. One set of benefits offerings can’t satisfy everyone. For example, the benefits needs of a 50-year-old man will likely differ from the needs of a 25-year-old woman.
If your organization is trying to appeal to current and prospective workers, consider tailoring your benefits options. This could mean expanding existing plan options or adding more voluntary perks. Either way, the end goal should be to give employees greater control over selecting benefits that are meaningful to them.
Personalized Benefits Examples
Allowing employees to choose from many benefits options might seem like an excellent solution, but that’s not necessarily the case. The options must be thought through and valuable to at least some employees.
Below is a list of potential benefits and perks that could appeal to a variety of workers:
- Robust retirement plans—According to a Willis Towers Watson survey, 67% of employees would trade a pay cut for richer retirement benefits.
- Affordable health plans—Consider offering tiers of health plans, with high deductible plans that appeal to healthier workers and low deductible plans for those with greater health needs.
- Flexible scheduling perks—While not a traditional benefit, schedule flexibility is a highly sought-after perk that can help balance employees’ work and home lives.
- Mental health benefits—Mental health is a hot topic right now, and employees are looking for ways to better themselves and avoid burnout.
- Financial wellness benefits—Personal finance troubles can affect every aspect of an employee’s life, so having benefits to help navigate such issues can be a significant lifeline.
- Life insurance—Providing employees with life insurance options can give them and their families peace of mind should the worst happen.
- Chronic condition management solutions—Chronic conditions affect millions of workers, so offering programs such as opt-in diabetes management plans can help save participants’ health care dollars.
While these benefits options won’t appeal to all employees, this list shows some of the creative solutions other employers use to demonstrate value to their workforces.
Tips for Personalizing Benefits
Benefits personalization will vary by organization, but here are some general tips you can consider when assessing your own strategy:
- Survey employees. One of the best ways to discover employees’ benefits desires is by asking them.
- Conduct focus groups. Consider meeting with employees in groups to get benefits feedback.
- Maintain ongoing benefits conversations. As employees age and grow in their careers, continue to ask them about their evolving benefits needs.
- Opt for variety. Consider offering different types of health plans or management programs that address specific health conditions.
Ultimately, personalized benefits will require meaningful conversations with employees. While it’s impossible to offer benefits that will meet all the needs of every single employee, maintaining open communication with workers can go a long way toward that goal. In addition, reaching out to employees will demonstrate your organization’s interest in maintaining employee health and happiness.
If you have questions about benefits offerings, contact Helpside at email@example.com to discuss potential benefits that can help satisfy the needs of your diverse workforce.