Of the many factors that decide retention in a company, benefit offerings are becoming increasingly important. With the ever-changing healthcare space and increasing inflation, a benefits package can make or break an employee’s decision to stick with their company. From paying for healthcare, saving for retirement, to taking time off when needed, employees want more. To keep talented employees on board and attract new ones, now more than ever, it’s vital to invest in strong employee benefits.
As we head into 2024, it’s a good idea to keep an eye on new trends and react accordingly. Here are RMTS’ tips on tackling benefit offerings in the new year!
Invest in Healthcare
Central to employee benefits is healthcare—specifically maximizing savings and lowering spend. According to a recent study by the Society for Human Resource Management, 90% of responders said that healthcare is an extremely important employee benefit, with 83% saying that flexible work and leave time are equally important.1 Over the last two decades, healthcare costs have increased by around 110%, making improving healthcare affordability critical to invest in.2 Exploring options and combatting the rising costs of healthcare is more than worth it. A healthy workforce is a stronger workforce, and employees are significantly more satisfied when they don’t have to worry about finding a way to pay for their healthcare costs. Providing employees with time off to seek the care they need also goes a long way toward retention.
Encourage Wellbeing and Mental Health
Investing in a health insurance plan is one part of improving employee health—making sure their mental health and overall wellbeing are being accommodated for is also of significant importance. Moving into 2024, a current trend in employee benefits is providing services that encourage healthy behaviors along with health insurance, such as health and wellbeing programs, gym access, and mental health resources. By investing in health benefits that support these areas, employers can help foster an emotionally, socially, and financially fit workforce.3
Open Up Hybrid and Flexible Work Schedules
It’s no secret that the COVID-19 pandemic dramatically changed the way we look at working remotely. But as we continue to move out from the pandemic and toward encouraging a return to office, it’s important to recognize the part offering a flexible work schedule plays in employee retention. Benefits that support remote work for employees that need it can go a long way toward retention. As mentioned earlier, offering a flexible work schedule that allows employees to take the time they need out of office to address health concerns also helps improve employee satisfaction, while simultaneously looking out for employee wellbeing.
And don’t forget about looking out for the in-office experience. Work environments play an undeniably important role in employee engagement and satisfaction. Take the time to invest in providing a comfortable work environment and creating ways to improve employees’ in-office workspace and experience.
Improve Benefits Understanding
A simple but key element to improving a benefits package is making sure employees understand it in the first place—and know how to gain access to their benefits. An employee may have exactly the benefits they want, but it won’t matter much if they aren’t sure what is offered. Having to constantly ask for help finding out what their benefits package offers and where to access those offerings can cause a good deal of avoidable frustration. Making a move to unify benefits packages and enable easier access goes a long way in improving employee engagement and satisfaction.
Your employees are an investment that always pays off. Keeping an eye on changes in the industry is vital to providing them with attractive benefits. At RMTS, we understand the importance of building strong relationships people can rely on. As we move into 2024, make investing in better benefits a priority, and start the new year off strong!
1. https://www.forbes.com/advisor/business/employee-benefits/
2. https://www.advisory.com/daily-briefing/2022/08/30/healthcare-costs
3. https://www.paychex.com/articles/employee-benefits/employee-benefits-trends
