January 26, 2023

Providing Market-Competitive Employee Benefits Isn't Enough Today

Employee Benefits

2 min read

Employers are facing another year of uncertainty and complexity while also having to manage the threat of a recession. These headwinds continue to complicate matters for the most seasoned executives and their ability to plan for and meet operational and growth targets, let alone thrive. Even with some industries and organizations engaging in sweeping layoffs, competition for top talent for both staff and executives continues and remains a top concern for organizations. This creates a significant opportunity to offer the right balance of benefit options to meet the diversity of employee needs today, while ensuring your investment in benefits is on point.

Employees seek a personalized experience

Competitive pay and a comprehensive employee benefits program have long been recruitment and retention drivers. Employees are now seeking a more personalized employment experience — and strategic employers are responding by leveraging benefits to recruit and retain workers and bolster the organization’s employer brand. In today’s modern workforce, it is important to show employees their full value by offering both compensation and benefits, improving the way your employees feel about your organization.

While employers will continue to offer traditional benefits such as medical, dental, vision, life insurance, disability coverage, and retirement programs; expanding your benefits portfolio will help meet employee needs within the new workforce environment. There is a growing acknowledgment that providing market-competitive benefits is not enough, however. The one-size-fits-all approach has become less effective due to the diversity of the workforce and increased expectations from employees. Employers must look beyond traditional benefits programs and understand their employees’ needs — including their life stages, desire for flexible work arrangements, wellbeing, and others — to keep all levels of staff engaged.

Changes need to be thoughtful

Long-term benefits planning and a regular check-and-adjust is critical. Changes need to be thoughtful, as it leaves a sour taste if benefits are introduced and later removed because they did not make sense for your business. Even stopping perks such as “free bagel Wednesdays” can impact morale, let alone removing a valued benefit. Sometimes perception matters more. It’s important to remember that managing a benefits strategy is a journey, not a sprint.

Learn how to rethink your benefits strategy to meet today’s evolving recruitment and retention goals. Ask your Risk Strategies representative for our latest whitepaper, Benefits Strategy Planning in Today's Economic Headwinds, or contact us at benefits@risk-strategies.com.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.