Every company is currently trying to offer their employees the best benefits possible to avoid high turnover rates. According to the US Bureau of Labor Statistics, a record-breaking 4.3 million Americans quit their jobs in August 2021. Yes, we’re in high turnover times; thus, managing employee retention has never been more important. Consequently, whole-person health care and benefits are increasingly becoming more significant to employees. One of the ways that businesses can retain workers longer is offering great benefits. This has nothing to do with the free lunches or extra time off but rather the health and wellbeing of employees. But what do employees actually want from their health benefits? Read on and learn how you can help your clients provide a benefits program that enhances employees’ experiences.
Medical and Mental Health Benefits
When looking for employment, employees understand that they can become sick or unwell at any time. Every worker is likely to undergo various forms of depression caused by work or family-related issues. When under stress or sick, a worker’s concentration reduces, which interferes with their productivity. Such conditions can also cause them to damage the company’s vital machinery. Moreover, stress and sickness encourage employees’ absenteeism, which can make them lose their jobs.
To avoid this, employers should offer health benefit programs that include mental and medical health coverage. This will enable employees to seek medical attention without digging into their pockets.
Another area which employees increasingly want to have support is their financial well-being. Remember, money is essential for any family setup to run smoothly. Each employee has tuition fees to pay or needs upkeep money to support the daily operations in the house. According to a study by PwC, about 63% of employees endured financial stress because of various economic repercussions of the pandemic.
To reduce the financial baggage, employees are looking for a benefits program with employee financial wellness programs like homeownership or debt reduction training. Some also want professional development stipends, home loan assistance, or financial aid guidance to reduce the financial burden on their side.
How to Help Employees Use the Health Benefits They Want
It’s advisable to give employees benefits programs that are easy to use and understand to help them get the most out of the benefits. Ideally, you can ensure this by:
- Using software/mobile tool applications: After identifying optimal benefits, employees expect companies to take action and help them materialize their dreams. First, encourage companies to provide employees with a centralized digital hub like Benefits Zone to help them access the benefits with ease. Find a mobile platform that employees understand and is flexible. The application should also be operational 24/7 to enable employees to get feedback on burning issues any time they want.
- Provide employees with adequate materials: Elaborate on employee benefits. Companies can use brochures, videos, or graphics with detailed information about the employees’ benefits to aid them in understanding. The videos can be of the experts expounding on the value of each benefit program and its policies. Regularly refer your employees to digital brochures with detailed information about the benefits and encourage them to ask questions where necessary.
- Integrate a benefits calculator into the digital benefits tool: Don’t forget to connect your employees to a benefits calculator or other mobile tools that can help them estimate the costs of the care. The calculator can also show them how to claim the benefits they want without any challenges.
If you want to retain your clients, help them with employee retention. For companies to retain workers for a long time, they need to give them the benefits they want. Most employees prefer medical, mental, and financial benefits, which help reduce their financial stress and thus ensure they have better concentration at work. Contact us for a demo that makes it easy to help companies connect employees to the benefits they want with ease.