Plan members are appreciating benefits more than ever; leverage this tool for retention, well-being and recruitment
This article was sponsored by HCM Dialogue
As employers strive to remain competitive in today’s workforce, many are starting to realize the important role that their benefits programs can play in supporting the overall health and well-being of their employees.
According to a 2023 study from RBC Insurance, 66 per cent of employees with access to employer-provided benefits rate their overall well-being as good or excellent, compared to 49 per cent of those without. In addition, 81 per cent also felt that access to benefits demonstrates that their employer supports them in maintaining work-life balance. With this in mind, all companies should be asking themselves whether they are doing all they can to make sure their employees are getting as much as possible out of these programs and understanding the value they truly provide.
Market your benefits program as a recruitment and retention tool
Given the ups and downs of recent years, many Canadians are placing an increased importance on access to employer-provided benefits. The 2023 Benefits Canada Healthcare Survey reported that 72 per cent of Canadian benefits plan members appreciate their benefits today more than they did before the COVID-19 pandemic. Companies need to understand that this trend is an opportunity to not only use their benefits program as a recruitment tool, but also as an aid in employee retention. Companies offering a benefits program are demonstrating an investment in the short- and long-term health and well-being of their employees, as well as providing significant cost savings that support their financial health. This investment should be consistently marketed to employees. This could be as simple as creating customized visuals or infographics throughout the year, using a design program like Canva, to remind employees how their benefits program supports their overall health while benefiting their wallets at the same time. Illustrating the value of benefits in actual dollars is an effective way to shows employees how much money they are leaving on the table by not taking advantage of their employers’ investment, while also reminding them that their compensation goes beyond their biweekly paycheque.
Understand your employees’ differences and needs
Jenn Guglick, a Certified Human Resources Leader with over 10 years of experience supporting employee benefits programs, notes that employees value their benefits differently based on a variety of factors. “Employees will value access to different benefits based on their individual circumstances. For example, an employee nearing retirement with dependents is going to have very different needs then someone who is single and early in their professional career.” When sharing the details of any benefits plan, taking the time to ask questions and understand each employee’s circumstance can go a long way in positioning how the benefits might be valuable for them. Depending on the size of your company, individual discussions may not be possible, but sharing the breadth of your plan with all employees can help them understand how it can work for them now, as well as into the future as their circumstances change.
Different benefits appeal to different roles
Employees with different roles and working conditions may need to be reminded of specific benefits that can add value to their health and well-being. For example, employees in roles that require more screen time and sitting throughout the day may find value in blue light glasses and regularly accessing chiropractic services. Others in more physically demanding roles, such as event planning or construction, might consider being fitted for orthotics or scheduling massages following stressful periods of work. Providing ideas for how to maximize the benefits based on individual need shows you are a workplace that values self-care and communicating that value to staff.
Flexibility is important
Many companies have begun offering flexible benefits programs, where employees can personalize their benefits based on their individual needs. Guglick notes that companies offering these types of benefits can market the program differently than those with a set program. “Flexible benefits programs allow employees to choose their level of coverage based on what makes the most sense to them. This flexibility allows companies to promote how each employee can personalize and prioritize what they need and leave out what you need less coverage for, or perhaps have covered already with a spouse’s plan.” These programs can grow with each employee over time, and the opportunity for customization is of huge value to anyone, at any stage in their lives.
Access to employer-provided benefits is increasingly important for any current or prospective employee. A program that is broad enough to cover most employees’ needs and flexible enough to cater to the individual is a key element in every talent attraction and retention toolkit. But regardless of how valuable your benefits program is, if staff don’t use it, the value isn’t there. Take the time to position your benefits program as an investment from the employer into employee well-being. Good employees are hard to find – if you don’t prioritize their well-being via consistent and effective promotion of the perks of working for you, another organization will.
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