Editor’s Note: A Blueprint to Better Benefits

By Debbie Bolla

In this issue, we present some clear evidence that organizations can gain a competitive advantage by providing customized benefits programs to their employees.

A standard benefits program is no longer a check-the-box item in total rewards: Wellable reports that 79 percent of employees view benefits as a key consideration in their job selection process, and a survey from Zenefits shows that more than 60 percent of employees would take a job with a lower salary in exchange for better benefits. Today’s employees are looking for more than just the basics -they seek benefits to supplement their whole selves.

In Are You Talking to Me?, Associate Editor Marta Chmielowicz provides an in-depth look at how organizations can offer the multigenerational workforce a customized benefits package. Today’s employees have a variety of different needs that can’t be satisfied with a one-size-fits-all approach.

Emily Bailey, managing principal of OneDigital, recommends that organizations survey employees to help assess pain points that keep them from being productive at work. “For one person, it might be caring for an aging parent and for another, it might be caring for their newborn baby,” she says.

After looking at employee feedback and data points, it’s time to take action. Whether it’s financial wellness programs, flex time, long-term care -or combination of all -the data will reveal which supplemental benefits organizations should offer alongside traditional healthcare plans.

One organization that is redefining its approach to traditional benefits is Ally Financial. CHRO Kathie Patterson says, “Companies need to recognize that employees’ personal and professional lives are not separate, they are combined -and if they want to find and keep top talent, it’s necessary to help employees succeed both at work and at home.”

With this in mind, Ally has a very modern approach to benefits that supports the needs of its entire workforce, from young parents looking for extended fertility benefits to recent grads seeking tuition reimbursement. To learn more, see A Connected Culture.

Because now is the time to better your benefits.

Tags: Magazine Article, March 2020

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