Employees benefits administration company, Clarity Benefit Solutions, shares labor market trends that shape benefit offerings.
There’s no doubt that employers and their HR managers take a close look at labor market trends in order to create the best benefits packages to attract and retain talent. Here are some important trends that are shaping benefits offerings.
First, organizations are changing the methods they record and keep track of employee data. A majority of companies employ a multi-generational workforce, from Gen X and Gen Z to baby boomers and millennials. Therefore, it is vital to zero in on which benefits appeal to each generation. Surveys, email tracking, and income verification are tools employers are using to determine employees’ wants and needs when it comes to offering the optimal benefits package tailored to each employee. Examples include student loan reimbursement programs for younger employees, and retirement planning for more seasoned employees. It is important that employers remember that benefits are not one-size-fits-all.
It is also no secret that healthcare costs are continuing to rise. Many who are job hunting are placing top-notch benefits higher than specific salary requirements. Because the job market is so competitive, job hunters have more options, and can carefully weigh exactly where they prefer to spend their time working. This is where voluntary benefits come into play—especially customized benefits. Again, potential employees are seeking unique voluntary benefits to suit their specific situation.
This trend is also forcing health care providers to look at innovative ways to reduce costs—and employers to focus on non-traditional methods to address employees’ healthcare needs. Discounts on prescriptions drugs (generic brands are a popular alternative) and the growing popularity of telemedicine are two examples of ways employers can reduce costs, while still offering their employees ideal voluntary benefits.
Finally, labor market trends are pointing toward employees’ desire to work for a company that is in synch with their personal beliefs as well as their long-term goals. Voluntary benefit programs need to align with these desires, with initiatives such as remote work options, mental health workshops, or catered lunches. Voluntary benefits give employees the sense that their employer values their needs. For example, urban companies should consider commuter benefits plans to make work travel easier. Companies with relatively young workforces can consider student loan repayment programs to help their employees deal with student debt. Offering specialized voluntary benefits packages is a trend employers should be paying attention to.
HR Technology News: Beamery Announces New Partnership With HiredScore