How to remain competitive

As the employee benefits market undergoes this transformation, insurance carriers and employers must have a change management plan to consider what the next generation of benefits will entail and the resources to support them.

Acknowledge: There is likely no new normal, or any normal, and constant change is here for the foreseeable future. Those armed with tools and partners that provide benefit usage data and trends, compliance updates, and innovative, flexible offerings will fare better.
Assess: Designate a person or group to assess the benefits possibilities from things like paid leave, mental health services, emergency savings, and pet insurance. Survey employees and the local market to understand needs and trends. Assess technology to deliver the benefits. Solutions may include productivity indicators for remote and hybrid work, leave of absence portal or software, and benefit enrolment education tools.
Analyze: Have employee benefits usage data at your fingertips. This information can help inform potential policy and program changes. Not all benefits changes have to be major: consider swapping that margarita machine for a program supporting floating holidays or volunteering in the community. It is also important to analyze the why behind offering certain employee benefits. For example, what does the organization get out of offering the benefits and do they align with the organization's mission and values? Finally, such analysis will assist in planning and budgeting for new and changing benefits and resources. HRIS and HCM systems as well as most insurance carriers provide data analytic insight around employer policies, benefits usage, and leave of absence trends.

In summary, the Great Realignment is reforming the workplace in more ways than one. As the demand for talent and reducing burnout remain challenges, employers and insurance carriers must continually evaluate benefits offerings, trends, and tools in order to evolve, stay competitive and attract and retain top talent.

Instant Insights /

Attract and retain employees with a modern employee benefits program

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