The right benefits will attract top talent, increase employee retention, and boost overall productivity. In fact, the 2021 Employee Benefits, Health, and Well-Being Survey found that 82% of employees say benefits are a key factor in their decision to work for a company. It’s simple—employees want to work for a company where the benefits work for them.
While it’s clear that benefits are important, the same survey also found that 81% of respondents feel their company’s benefits don’t suit their lifestyle. The lives of the American workforce have changed dramatically over the last two years and so have their needs. Employers must avoid falling behind by modernizing their benefits.
One size does not fit all.
In 2019, the Kaiser Family Foundation reported that 75% of employers only offered one type of health plan. When the pandemic began a year later, employees became acutely aware of the importance of a comprehensive benefits package. According to the 2021 Aflac Workforces Report, one third of U.S. employees believe supplemental insurance is more important because of the pandemic and nearly 50% purchased an additional health benefit in response.
As the importance of comprehensive health coverage became abundantly clear, employees also became more aware of their own unique needs. For example, a fitness fanatic in their mid-twenties does not have the same health concerns as a 60-year-old with asthma. When both of these employees take stock of the benefits they need most, they will likely arrive at very different conclusions.
Benefits should be customizable.
In the past, offering personalized benefits seemed like an impossibility. It would have been too costly or a logistical nightmare. But as of 2020, employers have the option to offer employees an individual coverage Health Reimbursement Arrangement (HRA). HRA’s are an exciting alternative to the traditional group health plan.
With an individual coverage HRA, employers can give employees non-taxed reimbursements for qualified medical expenses, including copayments and deductibles. A company of any size can offer individual coverage HRAs and employers decide how much they contribute to their employees’ coverage each year. That means greater flexibility for you and your employees.
Benefits should be modern.
The evolving workforce takes a more holistic approach to well-being. In addition to health coverage, workers want benefits that address the daily challenges of modern life.
For millions of employees, the pandemic demonstrated that working from home is a viable option. As a result, a flexible work schedule has become one of the most sought-after benefits and many employees are not willing to compromise. The 2021 Digital Worker Experience Survey revealed that 59% of employees will only consider a job that allows them to choose the location. A different survey found that 86% of workers think the 9-5 workday is obsolete. Giving employees control over where and when they work is quickly becoming the new standard.
Modern employees need flexibility and a customizable fitness benefit is another way to meet that need. Zeamo gives your employees the freedom to choose from thousands of on-demand workouts as well as a nationwide network of gyms and studios, so they can exercise on their own terms.