How to adapt to employees’ changing expectations about benefits

There’s no surprise that employees value a good benefits plan. In fact, a study conducted by Score in 2018, said four in five employees prefer benefits or perks to a pay raise. While employers are willing and wanting to compensate their employees with additional perks, knowing which ones they prefer can be difficult. 

That’s because most workplaces employ a range of individuals. This might include baby boomers on the verge of retirement, single parents in the height of their careers, or millennials who aspire to be a part of a bigger shift in the world. 

And as the workplace continues to evolve, employee benefits offerings must keep evolving with it. 

Exploring recent statistics on benefits expectations

In a recent study by Aon in Canada, 87% of respondents said that expectations of benefits and workplace have changed. Also, compared to the past, employees are now showing a preference for the following perks:

  • more flexible work hours (84%)
  • support to achieve work/life balance (79%)
  • a clear approach to employee mental health (78%)
  • more agile home/work options (77%)
  • a high degree of benefits personalization (56%)
  • and an emphasis on diversity and inclusion (51%).

Employees are also asking for more focus on gender affirmation, fertility and family planning, and virtual medical care.

In the same survey, over 60% respondents acknowledged that plan harmonization will become important to meet employee expectations. About 43% also understand that planning for future generations and catering to preferences based on employee age and gender should be a priority in the next few years. 

Meeting changing needs with voluntary benefits

Many are looking at voluntary benefits plans as an option to bridge the gap between costs and meeting the needs of their evolving workforce. 

According to the survey, the top 5 voluntary insurance benefits offered by employers are:

  • Optional life (90%)
  • Optional accidental death and dismemberment (AD&D): (72%)
  • Supplementary travel (71%)
  • Critical illness (49%)
  • Retiree health (44%)

Other ways to meet employee needs include switching from a traditional one-size-fits-all benefits plan to offering flexible plans with tiered options and extra health spending accounts. These more adaptable plans give employees the freedom to choose the perks that best suit their needs and lifestyle. 

3 ways to know what your employees want

Even with all this market information, it might be challenging to know what your specific team prefers. If you’re still wondering what might be best for your company, here are a few ways to get better insight: 

  1. Poll your employees using anonymous surveys to determine the most valuable perks that you currently have or that you’d like to start offering in a new plan. 
  2. Get an industry benchmark report to see what your competitors or similar organizations in other industries are offering their teams. 
  3. Work with an employee benefits consultantto review your existing plan and determine the opportunities for extra incentives that will keep your employees happy. 

Now more than ever, it’s important to stay on top of the evolving needs of your workforce. If you ever need some guidance or additional insight, our team at BenefitDeck can help. Simply outline your goals in an email at info@benefitdeck.com and we can set up a time to talk.  

Leave a Reply

Your email address will not be published. Required fields are marked *

Ready To Start?

Whether you are with a business, association, or owner operator, we have the solution for your needs.