Your human resources professionals know the challenges your organization faces in association with this tight labor market. They have a unique challenge of attracting and retaining talent so that you can meet the goals of your organization. One component of this challenge is making sure your benefit package is attractive to current and prospective employees.
Certainly your team knows the hard work it takes to make sure your traditional benefits (i.e., health, dental and vision insurance) retain their value and are financially sustainable. The question then becomes whether those traditional benefits are enough to attract and retain the talent you need to meet your goals.
One big trend for employers of all types is to explore adding supplemental or worksite options to your benefits portfolio. These plans can increase the value of your benefit offerings and can largely be deployed at little-to-no cost to employers. There are a few basic types of worksite benefits:
- Traditional supplemental benefits: There are financial benefits you can add to your portfolio which can increase the quality and perception of your benefit package. Benefits such as critical illness or accident insurance can provide your employees with short-term financial resources during a time of great need. Other benefits such as voluntary life insurance can add long-term financial resources to an individual’s portfolio with coverage availability and pricing not typically available in the retail market.
- Lifestyle benefits: There are a number of truly creative benefit programs available in the market, which allow employers to differentiate themselves. Examples include student loan repayment programs (SLRPs) or even pet insurance. The key to these non-traditional offerings is understanding your employee population and what their unique needs may be, then determining how you as an employer can provide them with greater value.
When designing your employee plans, it’s important to understand that employers in various industries are leveraging worksite options to enhance the quality of their benefits programs. These benefits can have the value of increasing the quality and perception of your overall offerings, and at little-to-no cost to employers. All of this is best done with smart planning, a grasp on the market and the right partners who can help you identify the right programs for your unique needs.