Imagine you could offer your team a variety of lifestyle and wellness benefits (in addition to the more traditional health coverage). Each employee would have the freedom to choose how to spend their yearly allocation based on their current health needs. And you would only pay for what they use. If this sounds too good to be true, it’s not, we promise – value-added benefits like this exist
Benefits like Health and Lifestyle Spending Accounts give employees a lot more freedom and flexibility—and employers don’t have to worry about the financial burden of paying for unused services. If this isn’t enough of an incentive to switch to what is becoming the more popular option among Canadian employers, find 5 more reasons to offer benefits like this below:
1. Value-added benefits are the perfect “I care” tool.
Adding Health and Lifestyle Spending Accounts onto the typical health benefits offering (medical and dental) is a quick and easy way to show your employees you care. Suddenly you’ve transformed boring old health insurance into something fresh and new: workplace wellness. These additional benefits cover your team’s physical, mental and emotional well-being—and now you’ve gone from treating illness to preventing it. You also have the option to offer in-office wellness services, like onsite flu clinics, yoga sessions or massage. If this doesn’t show your employees you care, we don’t know what does!
2. Attracting the best and the brightest is easier than ever.
It’s no secret that younger generations of workers, like millennials and Generation Z, have different workplace values than older generations. Some of their differing needs include workplace mentorship, frequent feedback and flexible hours. But did you know that a good chunk of millennials would choose employee benefits over a pay raise? (We’re not kidding.) It’s safe to assume, then, that the more comprehensive and flexible your benefits plan, the better the chance of recruiting that next rising star.
3. The right plan helps your staff lead healthier, happier lives.
If your employee benefits plan incorporates traditional health coverage (i.e., medical, dental and travel insurance) and health and wellness services (e.g., yoga and massage, gym memberships and athletic gear) with a focus on mental health (e.g., onsite services to alleviate stress, access to alternative therapies), there’s no doubt your employees will start to experience an improvement in their physical, emotional and mental health. According to the Centers for Disease Control and Prevention, a healthy employee is a more productive one, so you definitely can’t go wrong offering value-added benefits to your team.
4. Less stress = more focus
If your employees are experiencing stress (whether at home or at work), it will be harder for them to focus on their daily tasks. A lack of focus is not ideal for them or for you—their stress will only be compounded if they put off work and are then rushed to meet deadlines, and you likely don’t want to pay staff who are spending their work hours googling eldercare options. Having a wellness program in place that provides your team with the health resources they need lets them know that their mental health is your priority. This, in turn, will help reduce their stress, allowing them to focus on the task at hand.
5. Retaining talented team members is no longer a challenge.
Did you know that Mondays and Tuesdays are the most common days of the week for job hunting? You could argue it’s because unhappy employees are newly reminded of just how miserable they are after the weekend is up. Here’s your chance to put an end to the ‘Monday blues’ and discourage employees from seeking out something new. Provide a well-rounded workplace wellness program to let your team know that you care (see #1), and stop worrying about losing talented team members. If your staff is healthy and happy (see #3), they won’t have a reason to put the time and effort into seeking out and applying for a new job.
There you have it. Value-added benefits are a great way to build and retain the best team out there. If you don’t currently have a benefits plan in place, or if your plan is dated and inflexible, it may be time to rethink your health and wellness offerings. Value-added benefits are good for your employees… and your business!