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Benefits & Insurance

Strengthen Retention with the Art of Diversified Employee Benefits

by: | September 18, 2017

Creating a diversified employee benefits program is part science and part art. While offering the standard options is well and good, tailoring customized benefits to your employees is better. Diversified benefits can sound confusing and intimidating, leaving many unsure of where to start.

Beyond the Status Quo

Benefits are too often a mundane portion workers’ compensation packages because many companies fail to consider how their offering matches up with actual needs. Rather than creating a benefits package simply to check a box on your compensation list, do a deep dive. Providing benefits your employees need can help you ensure you will get the most value out of this critical expense. Not only will you be doing better by your people, but you’ll help the company. It’s been well-documented that a top-tier benefits program reduces turnover, helping you keep your best people. So let’s dig into what diversified benefits entail and how you can implement them.

Adaptable Benefits

When it comes to your workforce, your employees most likely range in age and come from different backgrounds, which means they’re probably looking at their benefits package in different lights. Take Millennials, for example. This generation includes anyone born between 1982 and 2004, so it encompasses a diverse set of people all at different stages in their lives. Some may have families, be single, have mortgages, be expecting a baby or tackling student loans, etc. The point is, no two workers’ lives are alike, and their benefits packages shouldn’t be either. Fortunately, with the flexibility of Health Spending Accounts (HSAs), Health Reimbursement Arrangements (HRAs) and Lifestyle Spending Accounts (LSAs), you can allow your employees to essentially customize their benefits to their needs. Here’s a short list of benefits your employees would love to see.

HSA Perks

Additionally benefits that fall under HRAs (and HSAs in Canada), act as supplementary items for conventional health care expenses. Employees get to determine where and how they would like to spend their healthcare dollars. When managing a diverse workforce with divergent health interests, HSA options can be as diverse as the following:

    1. Speech Language Pathologist
    2. Chiropractic Treatments
    3. Dietitian Services
    4. Pharmacy
    5. Podiatrist

And that’s only the tip of the iceberg on the many perks you can offer your team. There is something for everyone, allowing your benefits package to truly cater to your workforce.

LSA Benefits

This could be your employees’ next favorite thing about working for you. Benefits that fall under Lifestyle Spending Accounts are lifestyle related, but indirectly impact health. These items hold equal importance to the health of your employees, but aren’t included in many healthcare plans. They include:

    1. Athletic Therapy
    2. Health Food and Supplements
    3. Mental Health Activities like Meditation and Therapy
    4. Marriage and Family Therapy
    5. Running Shoes and Sports Equipment

With much more to choose from in terms of how to spend their funds, LSA benefits provide peace of mind for your employees. LSAs ofter options that showcase the care and precision you took to keep your employees in mind while crafting your benefits plan.

Download the League Ultimate Guide to Spending Accounts eBook to learn more.

How to Get Employee Input

Of course you’re not a mind reader, so you won’t know off the bat which benefits and perks your team would like. So, before you do a complete overhaul to your program, try to get a consensus from your people. Do your best to gauge what they’d like included in their benefits package. Here are a few ideas:

  • Group meeting. Gather your team to get their opinions and ideas on the perks they would like. Be open about why you’re seeking their feedback and how you hope to improve their options.
  • Use a feedback coach. Ask a member of your team to act as a feedback coach. This person’s goal is to solicit opinions and ideas from your employees, funnelling the information back to you. Feedback coaches are most impactful when a trusted and respected leader can speak with employees one-on-one to facilitate honest and meaningful responses that you may not receive in a group setting.
  • Employee Benefits Survey. Perhaps the most efficient and simplest way to receive honest feedback in a timely manner would be in the form of an employee benefits survey. Simply send out the survey with a reasonable deadline to gather your employees’ responses. Your broker should be able to help facilitate this.
One Benefits Package For All

Your workforce is the backbone of your organization. Each member’s contribution is a vital piece of your company’s puzzle. Remember that each member has their own pace in life, with different health interests in mind.

Building a diverse benefits package that is mindful of the people it serves is one of the most impactful investments you can make. Not only are you solving the retention and attraction problem, but you’re also creating a great place to work, with a line of hopeful applicants a mile long.

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