This statistic should scare you a little: 62% of employees say they would go to another company based on benefits, according to PwC’s 2018 Employee Financial Wellness Survey results. That means well over half of your employees would leave your company for another job with better benefits alone. Why have benefits become so important to attract and retain the top talent?
The workforce is changing, which means you need to stay competitive with a benefits package that is aligned to new employee demands. For insight on what types of benefits today’s employees want, we encourage you to read our infographic – 5 Shocking Facts About Employee Financial Stress and How It Is Impacting Your Business.
Here are 3 ways you can stay ahead of the current “benefit boom.”
1. One Size Does Not Fit All
In the past, companies have typically crafted a well-rounded benefits package with a little bit of something for everyone: a little healthcare coverage, some PTO, year-end bonuses, possibly even a matching 401K if you’re really generous. But the fact is, what you’re currently offering may appeal to one generation, but completely miss the mark with another. For example, Baby Boomers are concerned about retirement, while Millennials are far more concerned with student loan debt and repayment.
It is important for each company to assess what their employees want, creating a plan that provides actionable solutions for the problems their employees face. This will vary from business to business and from employee to employee. Survey your employees, meet with them one-on-one, and find out what will help keep them loyal to your business. Creating a customized plan will help show them how much you care!
2. Healthcare, Healthcare, Healthcare
You’ve heard the saying “location, location, location” when it comes to real estate, right? Well, think of healthcare in the same regard as it applies to your business. When a prospective employee is sizing up job offers, healthcare benefits and spending have become one of the most important decision factors.
According to PwC’s survey, employees said more affordable healthcare was the top factor in what would help them achieve their future financial goals. Why is healthcare so important?
- Baby Boomers are worried they can’t afford healthcare costs during retirement
- Employees are concerned about dependents and spouse coverage
- Most employees believe healthcare costs will rise in the coming years
- Employees fear about saving for future health-related expenses
The list is seemingly endless. Again, one size does not fit all, so it is important when weighing various healthcare plans to consider the needs of your employees. What kinds of coverage do they need? Would an HSA be more beneficial than traditional coverage? Regardless of what you decide, staying competitive with healthcare benefits is essential to keeping your employees in place.
3. Money Does Buy Happiness
Sorry to break it to you, but your employees are financially stressed. 62% of Americans are stressed about money, according to PwC. And when they’re stressed, they’re less focused at work, less productive, and could even be spending time on the company’s dime working on personal financial problems. Financial benefits like 401K investments, financial counseling, life insurance, and student loan repayment help your employees live happier, healthier, and more productive lives.
Customizing your financial wellness benefits to your employees’ needs will not only help your employees, it will enhance employee engagement, increase performance, and improve employee retention so everyone wins!
Stay Competitive with Your Benefits
Creating custom, specialized benefit packages is a daunting task. Integrity Data helps employers understand what matters to their unique workforce, and helps build a tailored financial wellness plan. We not only offer several solutions, but we also go above and beyond to find and vet other solutions for companies that may, or may not, be one of our partners.
The bottom line is we believe in providing you with the absolute best fit for your company, because we care about our clients and want you to succeed. Contact us today for more information or to get started on a competitive benefits program that works for your employees.