Benefits That Resonate: Crafting Packages as Unique as Your Team

In my most recent video, I highlighted the need for a benefits strategy that transcends the old benefits approach because gone are the days of one-size-fits-all benefits packages. Today's diverse multigenerational workforce has unique needs and desires when it comes to their benefits and compensation. Companies are now waking up to the power of more personalized and customized benefits to attract, retain and engage top talent.

Offering individualized benefits portals, flexible spending platforms, and tailored perks is becoming the new normal for leading employers. According to a recent Society for Human Resource Management survey, over 50% of companies now offer some form of a flexible benefit program.[1] Why? Because personalized benefits result in positive outcomes:

• Increased employee satisfaction - 72% of employees say customized benefits better meet their needs.[2]
• Improved talent recruitment - 58% of candidates say customized offerings positively impact job choice.[3]
• Higher retention rates - Flexible benefits reduces turnover risk by over 25%.[4]
• Greater perceived value - Employees are willing to pay 20% more in payroll deductions for individualized benefits.[5]

Platforms from an array of different vendors make it easy to deliver the customized experience employees want. Offerings may include:

• Health insurance options like HMOs, PPOs, HSAs and FSAs
• Lifestyle benefits like gym memberships, meal delivery services, and identity theft protection
• Work-life balance perks like unlimited PTO, childcare stipends and remote work options
• Professional development like tuition reimbursement and conference budgets
• Financial tools such as 401(k) matching, student loan repayment and more

The bottom line? Personalized benefits demonstrate that companies truly care about their people as individuals with unique needs. By matching perks to preferences, employers can boost satisfaction, productivity and performance. Is it time to rethink your approach to benefits? Reach out to discuss bringing the power of customization to your workforce.

Sources:

[1] Society for Human Resource Management 2022 Benefits Survey

[2] Business Group Health Survey on Consumerism

[3] Glassdoor Employment Survey 2020

[4] SHRM Customized Benefits Impact Report

[5] International Foundation of Employee Benefits Plans