Adapt to Workforce Changes with These Benefit Trends
As technology and demographics change the employment landscape, trends in benefits change as well. Let’s look at some of the emerging trends that can give your business a competitive edge in hiring and retaining the best talent.
1. Nontraditional benefits
Millennials will make up 75 percent of the labor force by 2025, and in 2018, the first class of Gen Z graduated from college and entered the labor market. To attract and retain these younger employees requires keeping up with their expectations. Millennials and those on their generational heels tend to value being well-rounded individuals and prefer to integrate and balance their work and personal lives much more than their predecessors. You can meet these aspirations with innovative benefit solutions like these:
- A robust workplace wellness program
- Digital tools for benefits management
- Self-care perks such as acupuncture and spa services
- Innovative and supportive parental benefits that go beyond paid leave
These types of “lifestyle benefits” might seem costly at first. However, with the average cost of turnover per employee at six to nine months’ salary, these incentives can save you a big chunk of money in the long term by helping you attract and retain top talent.
Superior Benefits offers a robust wellness program that we can customize to your work environment. Our clients agree that these programs increase employee morale and decrease health-care costs and sick days.
2. Financial wellness resources
The stress of financial struggles give rise to both low productivity in the office and poor health, which mean higher health care costs for you. Employees are likely to face a variety of challenges in their financial lives, but you can help keep them on track by offering benefits like these:
- Student loan assistance
- First-time home-buying assistance
- Retirement planning
- Debt counseling
- Micro loans
3. Customized benefits packages
In a diverse, multigenerational workforce, you can give your organization a competitive edge by giving your employees choices for tailoring their benefits packages to their individual needs. In a MetLife Survey, 72 percent of respondents said the ability to customize benefits increases their sense of company loyalty, and 60 percent would be willing to bear more of the cost burden in exchange for more choices. At Superior Benefits, we can help you get the most out of benefits customization by offering options like these:
- Benefits tailored to different life stages
- Technology that uses employees’ personal data to inform targeted benefit suggestions
4. Creative funding models
As health care costs rise, you might consider turning to alternative insurance funding models to keep costs down. Once a strategy only for larger companies, self-funding is become popular even with very small businesses. One innovation is Reference-Based Pricing (RBP), in which pricing models for health plans are created by leveraging Medicare reimbursement schedules. This enhances transparency and can help us work together to develop a more effective cost-containment strategy.
A recent study published in the American Journal of Managed Care notes that employers have not been quick to adopt RBP, even though there is robust evidence that it decreases spending. Among employers’ concerns are the complexity of RBP benefit design and the possibility that employees could face catastrophic out-of-pocket costs. To mitigate these potential downsides of RBP, the few employers that have adopted this pricing model have implemented extensive, year-round employee education campaigns and invested in multipronged and proactive decision support to help employees navigate their choices.
At Superior Benefits, we have helped thousands of companies keep abreast of changes in the workforce and prepare for the future by designing proactive, creative, out-of-the box solutions that reap huge savings and attract A-team talent.
We set the standards for innovation, and we’re ready to provide the guidance your company needs to navigate the complex world of benefits solutions so you’ll be more informed and more confident in the benefits plan you design for your employees.
Who We Are
We are a National Employee Benefits Consulting firm because we go beyond the expected. Minimizing your business healthcare budget while maximizing your benefits is our top priority.
3705 West Swann Avenue
Tampa, FL 33619
Orlando, FL 32806
110 E Broward Blvd
Fort Lauderdale, FL 33301
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