Changes to the Affordable Care Act, a proliferation of paidleave laws and the evolution of private exchanges were just a fewof the headlines keeping benefits professionals on their toes in2016. Add to the mix the regulatory uncertainty that comes with anew U.S. administration taking the helm and 2017 promises to beanother interesting year. Here are a few benefits trends toconsider 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 asmaller number of Generation X workers are entering the workforceto fill open positions, the market for skilled workers continues totighten. With this in mind, companies looking for a competitivehiring advantage are using benefits as a lever to attract andretain talent.
According to MetLife, 57 percent of employees would stay withtheir employer if their benefits improved. Further, 78 percent ofworkers say the benefits package is crucial to their decision toaccept or reject a job.
How well (or poorly) you market your benefits can define howyour employment brand is perceived, and sends a message about yourentire corporate culture. For example, many of us have heard aboutcertain companies that offer unlimited parental leave or generoustuition assistance programs. As employee expectations grow,employers have a huge opportunity to cultivate a benefits packagethat works for everyone and then market those benefits to enticetop talent.
2. Forget the “one-size-fits-all” benefits model. It'sall about “mass personalization.”
|No two smartphones look the same once users start adding appsand organizing them to their personal preferences. The same is truefor benefits. Allowing employees to purchase an array of benefitsthat they can tailor to their unique lifestyle creates a higherdegree of engagement.
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