1. Modern benefit types
When it comes to offering employee benefits, the standard package has always been medical, dental and vision insurance. Not surprisingly, they are no longer enough to attract or retain top talent in a marketplace that has become a hiring battleground.
Prospective staff are looking for more than just a competitive salary and basic benefits. Employers who want to hire and keep top talent can only compete by offering packages which respond to the new-wave needs of contemporary workplace entrants.
In 2019, HR leaders should be looking to offer benefits that respond to the needs of the current workplace, which spans boomers and gen xers to millennials and gen z graduates entering the workforce. Offering college loan reimbursement, elderly-parent coverage, pet insurance (50+% of Americans own a pet) and telemedicine will relate to each one of these demographics. These are the benefits we see being selected by employers who understand what will make a difference to today’s in-demand workers.
Competitive employers are projected to spend close to $15,000 a year on health benefits alone. It is important that when budgets are allotted, they leave room for atypical offerings that can make all the difference for current and future talent.
2. Tools for the future
With benefits portfolios getting richer, it is important to seek out software that handles all of the administrative aspects of managing them while helping ensure compliance, for you, leaving HR administrators free to focus their primary objective – operating as a strategic company partner to drive through growth through an optimized and engaged workforce.
A critical function not to overlook for in your software are the analytics. A solid understanding of the utilization rates for the various benefits you offer is critical to reassessing package modifications for the following year. After all, no-one wants to pay for unused perks. The software decision you make today could impact your operating efficiency in January 2021.
Artificial Intelligence (AI) tools should also be a consideration, as they act as a supplement to an HR manager’s task force. More than 50% of HR leaders believe that in the next five years artificial intelligence will significantly change their jobs for the better. Increased productivity, fewer errors, lower costs, time saved, and better employee engagement are some of the advantages of having this technology in place. Software solutions can provide the necessary foundation needed to support and manage a richer benefits portfolio.
3. Regulatory changes
The last few years have seen a flurry of new policies and initiatives continue to change the game on the state and national level. When they make their next benefits selections, employers must consider their compliance with current regulations, while looking ahead to potential future reforms. For example, annual changes in the limits for tax-free removals from Health Savings Accounts (HSAs) should continually keep employers on their toes.
Plant seeds for satisfaction
Before summer ends and the open season for new enrollments begins, HR leaders should do their due diligence and assess their teams to understand the needs and wants of their workforce. Now is when employees are enjoying summer vacations and when employers have the biggest opportunity to ensure satisfaction – don’t let it pass you by!