The Value of Understanding Your Employees
In order to most effectively offer benefits solutions that best appeal to your workforce, it's important to understand who your employees are and what they want to see in an employee benefits package. Research indicates that preferences for employee benefits can vary greatly depending on an employee's generation and gender.
For example, Millenninals and Generation Y employees place a lot of value on having more time away from the office while Baby Boomers are more focused on richer retirement benefits. Research shows that women generally place more emphasis on health-related benefits than men.
Another interesting finding is that more than half of employees making $50,000 or less feel that their employer should play a role in their financial health. To be more specific, cost effective care and emotional/personal support resources are two key areas that employees in this demographic want to learn more about. While these "extra" benefits are not always feasible for every business to offer, a more cost-effective benefits solution would be to offer financial education to employees.
Younger employees in good health may not want a benefits-rich health plan and instead would prefer a cafeteria plan where employers allocate a specific amount of money to go towards the benefits that the employees want.
With so many different moving parts of your workforce, how can you offer an employee benefits solution that will work for everyone?
The Rise of Consumerized Benefits
Offering "consumerized benefits" is the ultimate personalization of small business health plans. By designating a specific amount of tax-free dollars per month to each of your employees, you'll be able to give them the power to choose their own health plan while controlling your own costs at the same time.
It's important to remember that employees want to be a part of the benefits discussion. When you allow your employees to have a say in their health benefits, you'll be able to offer them more personalized solutions that meet their needs and help them to feel more satisfied with the benefits available to them.
As you can imagine, consumerized health benefits can come in many forms, and it's best to educate yourself about the various options before moving forward. Our experienced team at Summerlin-Roberts can help you to design personalized employee benefits solutions that work towards the greater good for you and your employees. Please contact us to learn more about how you can incorporate more personalization into your employee benefits offerings.