Benefits are important to employees. Sometimes, they can be game changers if an employee stays with your company or leaves. Employee benefits are continually evolving. As we turn a new page in the calendar, are you ready to remain an employer of choice? You need a comprehensive and up-to-the-minute benefits package to keep current staff and attract talented new hires.
Adding to your benefits package is great. But, as the saying goes, if a tree falls in the forest and no one hears it, did it happen? Communicating about improved benefits is essential. Here are three predictions for employee benefits in 2019 and our tips for when and how to communicate them.
1. Benefits Customization
Why is it that we can customize our cars, houses, and vacations, but not our benefits? Good question. We can! The days of cookie cutter benefits are going away. In their place are improved benefits packages tailored to specific health and financial needs. Cafeteria plans give employees a set dollar amount to buy the benefits that best meet their needs. You need to show employees how to do it.
To communicate about benefits customization, target the right audience. You might start by surveying your employees on the benefits most useful to them. Respond to what you learn with clear, user-friendly communications that lead with the “What’s In It for Me?”
If employees receive the information relevant to their preferences, they will be more likely to pay attention. Consider that 73% of employees say customized benefits increase their loyalty. And 83% would take a 3% pay cut in exchange for better benefits choices.
It’s clear workers crave personalization. Employees in one study ranked paid parental leave, commuting cost reimbursement, and leave to care for elderly relatives as the top 3 personalized benefits they’d be most likely to choose. Hopping on trend would put you in good favor. It’s up to you to communicate about improved benefits to show employees how you meet their needs.
2. Rise of Telemedicine
More companies now provide this benefit. From 2014 to 2018, the percentage of mid-size and large employers offering telemedicine rose from 18% to 80%. Telemedicine is a financial win for employees, as copays are often less than a visit to an urgent care clinic.
It can reduce absenteeism and promote good health. According to one survey, 86% of workers would cancel a preventive care appointment due to work pressures. If employees could use telemedicine for some of those check-ups, they wouldn’t feel guilty about missing critical time in the office.
Telemedicine pays off only if employees use it. Communication plans should focus on education. Telemedicine can be intimidating, so create brief videos that walk employees through the process of using it. Cold and flu season would be a great time to send out communications that remind staff about the benefit. Employees with chronic conditions that require monitoring are one population that you could target with materials that promote telemedicine.
The number of workers who use telemedicine is relatively low. Just 20% of companies with the benefit have utilization rates of 8% or higher. Yet, satisfaction is high among telemedicine users. Sixty-two percent rated their experience as an 8, 9, or 10.
A clear communications plan to show employees the WIIFM of telemedicine is a great first step to increase participation. Communicate about this improved benefit to position yourself as an employer whom cares for employees’ well-being.
3. Student Loan Assistance
With the average student loan debt at more than $37,000, this financial burden weighs on your workforce. Employees are putting off retirement savings, home buying, and starting families because of their debt. Currently, about 23% of companies offer some form of student loan help. This improved benefit would make you an employer-of-choice, especially with Millennials and the upcoming Gen Z.
Communications about a student loan relief benefit should begin with the recruitment phrase. If your company has booths at university career fairs, create and distribute marketing collateral to attendees. Mention the benefit in job ads to attract potential employees. Include it in on-boarding communications for new hires who may have missed the message.
No matter how you chose to provide student loan relief, communicate the benefit early and often. Don’t neglect your current employees when you craft messages. 86% of workers would remain with their employer for 5 years if they got help with student loans.
The benefits you offer go a long way to make you an employer that talented employees gravitate towards. With unemployment rates low, we’re in a buyer’s market for jobs. But if you don’t communicate your offerings, current and potential employees won’t see you as an employer of choice. Create a plan to get the word out about your improved benefits and you’ll make 2019 a successful year.