Employee benefits wish list: A Q&A with Leia Spoor

Knowing what benefits employees are interested in tends to be a positive sign of a healthy work environment. Employee benefits is a topic many employers are thinking about at the beginning of the year, and they certainly have wish lists of what they need to improve employee benefits.

Leia Spoor, clinical director of employee benefits of Holmes Murphy, shares her unique insights into what benefits employers are adding to their employee benefits wish list.

What benefits are employers wishing for?

Employers are wishing for a diverse range of benefits that prioritize employee wellbeing and address evolving needs. These include comprehensive health care coverage with options for telemedicine, mental health support, and preventive care initiatives to promote employee health and reduce health care costs. Additionally, employers seek benefits that support work-life balance, such as flexible work arrangements and parental leave policies, to foster employee satisfaction and retention.

Financial wellness benefits, including retirement savings plans and access to financial planning resources, are also desired to help employees manage their finances effectively and alleviate financial stress. Overall, employers are seeking benefits that enhance employee engagement, promote a positive workplace culture, and contribute to the long-term success of their organizations.

How can revamping your employee benefits strategy be beneficial for companies?

Offering a comprehensive benefits package sets your company apart in the competitive job market. Prospective employees often consider benefits alongside salary when evaluating their job opportunities. By revamping your benefits strategy to include sought-after perks such as flexible work arrangements, wellbeing programs, and prioritizing caregiving resources, you enhance your appeal to top talent.

What strategies are companies using to enhance their employee benefits offerings?

To better meet the diverse needs of their workforce, companies are offering a wider range of benefits. This strategy allows employees to choose from a menu of benefit options, creating a package that aligns with individual needs and preferences. This approach not only enhances employee satisfaction but also fosters a sense of empowerment and ownership over their benefits, leading to higher engagement and retention levels.

How do better benefits increase employee engagement?

Enhanced benefits can significantly increase employee engagement by demonstrating a company’s commitment to its employees’ wellbeing and overall satisfaction. When employees are satisfied, they are more likely to be engaged and motivated in their work and loyal to the company, decreasing turnover rates. However, just offering benefits alone will not be enough. A comprehensive and effective communication plan will be necessary to achieve actual engagement from employees. Simplifying the benefits experience for ease of access and knowing where and how to find benefit resources during a time of need is critical. Continual communication outside of annual enrollment will be necessary to keep resources “top-of-mind” for employees.

How can companies define and achieve enhanced employee benefits and wellbeing?

Regularly assess the effectiveness of your benefits and wellbeing initiatives by tracking key metrics such as employee satisfaction, engagement levels, retention rates, and health care costs. Use this data to identify areas of success and opportunities for improvement, allowing you to continuously refine and enhance your benefits strategy over time. By adopting a strategic approach that prioritizes employee input, customization, health and wellbeing, professional development, clear communication, and ongoing evaluation, companies can find great success among their employees.

Can employers reduce benefits expenses while simultaneously boosting employee engagement?

Employers can reduce benefits expenses while simultaneously boosting employee engagement by implementing cost-effective and impactful benefits strategies. Some key approaches include focusing on preventive care, offering flexible work arrangements, and providing financial wellbeing programs. These strategies can help employees stay healthy, reduce productive time and costs associated with commuting, and help employees manage their finances better, leading to increased employee satisfaction and engagement.