Employees, especially millennials, are expecting much more out of their employers. Gone are the days where a one-size-fits-all approach can satisfy their needs. All employees are unique individuals with different lifestyles and concerns and in order to cater to them, employee health benefits must transform to be more customisable and personalised.
Personalised employee health benefits is all about improving the employee experience. It goes a step further than your standard employee benefits package. It makes workers feel more valued with the added personal touch. This extra value goes a long way in helping to retain employees, improve productivity, and eventually influence the bottom line. When weighing the options you have with regards to employee health benefits, one factor to take into consideration is whether or not your employees value the benefits you provide. If the traditional health insurance plans don’t click with them, why not try a customisable benefits package?
To start off, what does it mean to provide personalised employee benefits? With the growing diversity of the workforce, it seems impossible to tailor to every employees’ preferences – or is it? Personalising employee benefits means giving your employees what best suits them, but there is no need to manually craft packages for every single person – the key is to be flexible.
Give your employees the freedom to choose the benefits they want. Instead of blindly providing the same perks to the entire workplace, you can enhance the employee experience with benefits that are highly valued. So how can you personalise your employee benefits? Here are some suggestions:
Before you can offer an array of choice, you need to know what your employees are looking for. Understand their expectations, be it through a survey or a casual chat, and you will gain an idea of what to supply. Be careful not to overwhelm employees with an overload of choices.
As mentioned before, employees crave flexibility and choice. One way to do this is by providing a flexible benefits plan, where employers allocate the budget each employee is given and specify what areas they can use this budget on. For example, millennials would rather have a free yoga class over outpatient insurance coverage, as they are less likely to fall ill. Flexible benefits lets employers get more out of every dollar invested in employee benefits. Employers may be wondering exactly how much coverage will be appropriate, and the answer is that anything goes. Employers can be creative and offer benefits of all sorts, for example, Airbnb employees get $2000 to spend on travel a year.
Embracing technology opens the door to brand new possibilities, and can facilitate the implementation of personalised employee benefits. Take advantage of digital employee benefits platforms like Rewardz or Mednefits to create unique benefits programmes and give your business an edge over the rest.
Personalised employee benefits is definitely the next "big thing". As an employer, don’t be left behind and start revamping your benefits package today.