Refreshing Benefit Offerings to Attract and Retain the Modern Worker
By Damien Lacey, Marketing Coordinator, Montridge Advisory Group Ltd.
With the world of work continuing to evolve, business owners need to adapt their benefit offerings to attract and retain modern workers. Demographics are changing, workplaces are becoming more diverse, and the impact of technology is greater than ever before. Employees are looking for benefits that keep up with and match their needs and personal preferences. In this article we look at the importance of refreshing benefit offerings with the goal of attracting and retaining the modern worker.
The Landscape of the Modern Workforce & Remaining Competitive
The modern landscape of the working world has undergone a significant transformation over the past decade, and as a result of the pandemic, the traditional office-based work culture has undergone even further changes. Workers are no longer limited to working from the office or their homes, as technology has enabled them to work from anywhere. This has given rise to new challenges for organizations looking to attract and retain top talent. Companies that fail to adapt to these changes and refresh their benefit offerings risk losing their competitive edge in the market.
Simply put, refreshing benefit offerings is a key component to your overall strategy. With all these changing components in the modern workforce meeting workers needs and preferences must be done. If you are not first, then you are last. What does that mean? You don’t attract talent and time after time you lose employees to organizations with better benefits on offer.
With employees working from home or across different time zones, flexibility has become a critical factor in their decision-making process. Benefits such as flexible schedules, telecommuting options, and access to wellness programs can help organizations attract and retain top talent. In addition, employers must also ensure that their benefits align with the needs of their diverse workforce, including women, minorities, and LGBTQ+ individuals.
As the workforce becomes more geographically dispersed, companies must consider how their benefit offerings can be delivered to workers regardless of their location. For example, virtual wellness programs, digital mental health support, and telemedicine services can provide workers with access to vital services irrespective of their location. It is also important to consider the legislative and regulatory challenges when workers relocate to another province or another country either temporarily or permanently. Special consideration should be given to relocated workers to ensure their coverage remains in place. This may mean simply updating the insurer, but it may also mean the need for different types of coverage for those working abroad.
Why Refreshing Benefit Offerings Is Important
One of the primary reasons for refreshing benefit offerings is to keep up with changing demographics. As the workforce continues to become more diverse, employers need to offer benefits that cater to the unique needs and preferences of different groups. For instance, younger workers may value benefits such as flexible work arrangements and professional development opportunities, while older workers may prioritize health and retirement benefits. With five generations in the workforce, this balancing act can be tricky.
In today’s world, workers are accustomed to fast, individualised service. There is an expectation among workers that benefits should be customized for their own situation and delivered in the same efficient manner as an Amazon package. This means that benefit plans need to be flexible, offer a variety of ways to access information, submit claims, and utilize services. For example, some people may wish to access counselling services in person. Others are fine with a digital or telephonic appointment. While certain people prefer text messaging. While it may be impossible to know which of your people prefer which method, being able to offer multiple modalities for the same service is key. The other key is to ensure that your people truly understand what is available and how to access it.
Another reason for refreshing benefit offerings is to stay competitive in the job market. Today’s employees have more choices than ever before when it comes to job opportunities. Offering a comprehensive benefits package can help an organization stand out in a crowded job market and attract top talent. Additionally, offering unique and innovative benefits can differentiate an organization from its competitors and give it a competitive edge.
Examples of Refreshing Benefit Offerings
There are many ways that organizations can refresh their benefit offerings to meet the needs of the modern workforce. Some examples include:
- Flexible Work Arrangements: Offering flexible work arrangements, such as remote work, unlimited paid time off, or flexible schedules can be a significant benefit for employees who value work-life balance and autonomy.
- Professional Development Opportunities: Providing professional development opportunities, such as training programs or tuition reimbursement, can be a significant benefit for employees who value career growth and development.
- Health and Wellness Benefits: Offering health and wellness benefits, such as gym memberships, mental health support, or healthy food options, can be a significant benefit for employees who prioritize their health and well-being.
Work is no longer what we initially imagined it to be. Workers are coming into the office, working from home, or even a bit of both. Teams no longer feature individuals in the local area but can branch across the country and even internationally. With a drive to attract and retain top talent, organizations should be considering how they can refresh their benefit offerings to meet the needs of their workers today.