Rapid Response: Employee Benefits
Rethinking objectives in the age of flexibility and choice
Many employers provide traditional heath, dental, and insurance benefits like long- and short-term disability for their employees. Offering competitive benefit programs is a proven method of attracting and maintaining an engaged workforce. But employee needs are changing and so are their expectations. Year over year, it becomes more challenging for employers to maintain benefit plans that are cost-effective, relevant and valuable to employees.
This survey asked plan sponsors to consider their benefits offer in the context of changing employee expectations, diversity and inclusion, and technology- or generation-based workforce transformation. The results tell us that a static benefits strategy will no longer suffice. Employers must be nimble and open to increased flexibility and personalization in benefits. One-size-fits-all solutions are ceding ground to more varied plan offerings that target workforce demographic or industry sector needs.
Is it time to reinvent the wheel? Probably not. But it might be time to focus on the core offer. A solid core with a flexible outer ring could provide the stability organizations need to predict and control benefit costs, create measurable benchmarks, and address the specific characteristics of their workforce.
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