Elevating Employee Benefits: Small Firms Step Up Their Game
The competition for talent is fierce and the current job market is tight, making it increasingly important for employers to offer a comprehensive benefits package that goes beyond just group health insurance. With the Great Resignation, employees are expecting more from their current and prospective employers, and those who don't deliver risk losing valuable staff or struggling to attract new talent.
MetLife's recent survey highlights the growing need for employers to address employee well-being by offering benefits that promote physical, mental, financial, and social health. The results showed that 70% of employees surveyed would feel more loyal to their employer if they had access to a flexible, customizable benefits package.
Smaller employers are taking note and ramping up their benefits offerings - two-thirds of employers nationwide with fewer than 100 employees are planning to add non-medical benefits to their compensation mix. This includes popular benefits such as prescription drug coverage, 401(k)s or other retirement plans, dental insurance, life insurance, and more.
Consult Your Employees
While adding benefits is a step in the right direction, it's important for employers to understand their employees' needs before making any changes. Employee surveys, demographic analysis, input from employee resource groups, focus groups, and other sources of information can help employers gather the information they need to make informed decisions.
To ensure your benefits package is effective and well-received, the authors of the MetLife study recommend the following best practices:
- Offer a variety of non-medical benefits that are relevant to employees of all ages
- Recognize the importance of supplemental benefits such as accident and critical illness insurance that provide crucial coverage in times of crisis
- Enhance communication and education efforts through in-person meetings and technology-based solutions
- Integrate financial wellness into your employee wellness plan through workshops, lunch & learns, and other forms of outreach.
In conclusion, offering a comprehensive benefits package is essential for attracting and retaining talent in today's job market. By taking the time to understand your employees' needs and incorporating best practices, you can create a benefits package that promotes employee well-being and increases loyalty to your company.