Today’s workforce is changing rapidly. There are currently five generations in the workforce, mental health benefits are in demand, and employees want benefits that are unique to their own needs.
Annually, organizations work closely with their benefits broker to find insurance plans and rates that are within the organization’s budget and cost-effective for employees. Slight modifications to the options may occur, depending on the rate adjustments. As you evaluate your benefit renewals this year, consider the entire benefits package – insurance, time-off, and fringe benefits – to ensure your organization is offering a competitive and inclusive benefits package to attract and retain employees.
What benefits are most important to today’s diverse workforce? Flexible work options are a top priority for many workers. Candidates and current employees want more autonomy in their work schedule and locations. Some want a once-in-a-lifetime travel experience or the ability to work remotely near their adult children. Other workers are seeking flexibility in order to meet child- or elder-care demands.
Today’s workers also value and prioritize mental health benefits. On September 9, the Biden Administration finalized a rule placing new requirements on health plans to cover mental health and addiction care on the same terms as other types of care, extending the mental health parity efforts of prior years. Work closely with your benefits broker to determine if your plans provide adequate access to mental health and substance use disorder care by analyzing provider networks, prior authorization policies, and out-of-network payment rates. Review your Employee Assistance Plan to see if there are mental health associated services, stress reduction resources, or alcohol and drug use counseling. Other benefits that may support employee’s mental health and wellbeing include “me time” or personal days, stipends to pursue chosen hobbies or activities, days off before or after major holidays, or Fridays off in the summer to enjoy good weather. Other low or no-cost benefits may include wellness care reimbursement for massage, yoga, fitness, or meditation (possibly available through your health insurance), specialized time off for birthdays or work anniversaries, planned walks and hikes with your team, or scheduled organization-wide breaks to encourage movement and camaraderie.
Employees are looking for a unique and dynamic benefits package, not a one-size-fits-all block that never changes. Other benefits that are becoming more mainstream include pet insurance, identity theft protection, paid sabbaticals, continuing education and professional development, unlimited paid time off, or longer and expanded bereavement policies that include time off for loss of chosen family members or loss of pregnancy, surrogacy, or adoption.
The bottom line is that employees in today’s workplace want to feel that workplace benefits anticipate and meet their individual needs. To understand what benefits your employees want and to remain competitive and current in the market, consider surveying your staff to solicit interest levels in your organization’s current benefit offerings and other benefits that may be new and accessible to your organization.
Lake Effect can advise on current benefit trends and administer your organization’s annual benefit survey or engagement interviews. We continue to monitor important legal, HR developments, and benefit trends, as well as other information that could impact the workplace. Please watch our blogs and emails for these important updates, as well as discussions of how compliance meets culture. To dive into these issues, contact us at infor@lehrlaw.com or 1-844-333-5253.
