Changes to the Affordable Care Act, a proliferation of paid leave laws and the evolution of private exchanges were just a few of the headlines keeping benefits professionals on their toes in 2016. Add to the mix the regulatory uncertainty that comes with a new U.S. administration taking the helm and 2017 promises to be another interesting year. Here are a few benefits trends to consider as we embark on the New Year.
1. Think of benefits as a talent magnet.
|As an estimated 10,000 baby boomers are retiring every day and a smaller number of Generation X workers are entering the workforce to fill open positions, the market for skilled workers continues to tighten. With this in mind, companies looking for a competitive hiring advantage are using benefits as a lever to attract and retain talent.
According to MetLife, 57 percent of employees would stay with their employer if their benefits improved. Further, 78 percent of workers say the benefits package is crucial to their decision to accept or reject a job.
How well (or poorly) you market your benefits can define how your employment brand is perceived, and sends a message about your entire corporate culture. For example, many of us have heard about certain companies that offer unlimited parental leave or generous tuition assistance programs. As employee expectations grow, employers have a huge opportunity to cultivate a benefits package that works for everyone and then market those benefits to entice top talent.
2. Forget the “one-size-fits-all” benefits model. It's all about “mass personalization.”
|No two smartphones look the same once users start adding apps and organizing them to their personal preferences. The same is true for benefits. Allowing employees to purchase an array of benefits that they can tailor to their unique lifestyle creates a higher degree of engagement.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
