The new year is (finally) here -- and with it comes new hiring goals. As your company continues to grow, you're probably preparing to onboard several new team members during the first quarter while also working to meet the needs of current high-performing employees.
As you know, having the right mix of talent is crucial to the success of your organization - but did you know that your benefits package can be instrumental in attracting and retaining top talent? Employees are more concerned with their benefits than ever before. We’ll show you how your firm can leverage its offerings.
What Your Employees Want
Before we get into the how, let’s define the what -- as in, what benefits employees want most. Of course, health insurance is top of mind for much of your workforce. But supplemental benefits like dental, vision, life, and disability insurance have become increasingly important.
Essentially, your employees want to customize their benefits package to their unique circumstances, mitigating the risks that they’re personally most concerned about. As employees hit new life milestones, their benefits needs will change. For example, a young professional will most likely be more impressed by tuition reimbursement than a mid-level employee, who is probably more interested in life insurance than a more senior professional who may be nearing retirement.
Your employees also crave convenience, ease of use, affordability, and personalized assistance. They lead busy lives, so features such as telemedicine are a must. And, because their lives are so stressful (especially after having lived through 2020!), your workforce needs extra mental and emotional support via a robust employee assistance program (EAP) or mental health counseling covered by their health insurance plan.
In short: your employees have developed high expectations for their benefits. And, to top it all off, most can’t afford to pay more for these elevated expectations, putting the cost burden on your company. But -- when you meet (and exceed) their benefits expectations, you strengthen your employer brand and cultivate an engaged workforce.
What Your Company Needs to Do
To effectively use benefits to attract and keep talent, you have to give the talent what they want. You have to demonstrate a commitment to fulfilling their needs. That means your company should:
- offer a wide variety of benefits that cater to various life stages
- ensure that the overall benefits package is convenient to use and budget-friendly
- provide multiple ways for candidates and employees to get benefits-related questions answered
- make the enrollment process easy
- put your benefits on center stage -- both internally and externally
That last point is critical. You could have the greatest benefits package in the world, but if you don’t effectively tell people about it, does it actually exist? To make sure prospective and current employees know everything that you have to offer, your firm should:
- include a full list of benefits on the company’s career webpage
- highlight the biggest perks on job advertisements (with a link to the career webpage)
- train recruiters on how to describe the benefits package
- encourage candidates to ask benefits-related questions during the hiring process
- put full benefits details on your company intranet and/or in the employee manual
- hang posters around the office highlighting specific benefits
- offer training on benefits -- especially during open-enrollment and always for each new hire
- provide enrollment assistance so employees can maximize their benefits
How Picwell Can Help
One big way to win with your employees on the benefits front is to make enrollment a breeze. Picwell, a benefits decision support tool, can help with that. Picwell demystifies the benefits selection process and helps employees choose the right plan for their circumstances, saving them (and your firm) both time and money.
Using the tool is a snap. Your team members answer a few basic questions about themselves, their family, their risk tolerance, and their previous year’s medical care usage. Then, Picwell runs those responses through a sophisticated, AI-powered algorithm that includes data about the health plans your company offers. The end result? A personalized health plan recommendation.
Picwell also makes supplemental benefits education simple. Once an employee has selected their health insurance plan, the tool will walk them through all of their supplemental benefits options. The system features easy-to-digest definitions of terms, video explanations, and helpful use-cases so that your workforce fully understands the coverage that they have available to them.
To attract and retain the talent your company needs, your firm must provide the benefits the current workforce has come to expect. Gone are the days where a one-size-fits-all benefits package will do. Now, it’s all about a personalized, convenient, yet affordable benefits experience. Adding a benefits decision support solution like Picwell to the mix can help your company stand out as a firm that genuinely cares about meeting its employees’ needs.