Having a great employee benefits program is an essential part of recruiting and retaining top talent. This is because many professionals look at much more than just their base salaries when making decisions about their careers. They also focus on elements like vacation days, group health insurance, flex schedules and wellness programs.
As with all business assets, benefits programs are gradually evolving as enterprises adapt to emerging market forces and various trends. Below is a look at where these initiatives may be headed in the near future.
Potential cuts
A troubling trend is many companies seem to be cutting benefits due to rising health care costs and new regulations associated with the Affordable Care Act.
What employers have to realize is that there are many alternatives to reducing costs. For instance, Triton Benefits recommends companies take a look at level-funding insurance. This type of insurance allows organizations to self-fund without financial risk because there are preset guaranteed monthly payments. Employers aren't responsible for any expenses beyond their predetermined claims limit, which helps keep overhead low.
Voluntary benefits
Voluntary benefits are also gaining popularity among employers who want to increase workplace satisfaction and foster overall loyalty. This means that companies are offering additional coverage beyond the usual plan. Workers can pick and choose what types of coverage, such as vision plans, dental and life insurance, which shows them that their companies care about their well-being.
Increased work-life balance
Businesses also want to establish better work-life balances for their workforce. Strategies for achieving this objective range from giving more vacation days to offering sabbaticals and instructing workers to turn their phones off at night. These benefits ensure that employees can spend a fair amount of time outside of the office and pursue personal interests.