The best way to find out what employees want with their benefits is to ask them! In a recent Employee Benefits Survey conducted by LIMRA, here is what employees said they wanted to see more of in their benefits packages.
Simplified Group RRSPs
Employees value group RRSP options such as those that include target-date/lifecycle funds. These funds automatically reset their asset allocations as plan members approach retirement. Workers were more satisfied with plans that included automatic portfolio rebalancing (41% vs 13%) and managed accounts (36% vs 21%) compared to those without those benefits.
Financial/Retirement Planning Benefits
Organizations with satisfied employees were also more likely to offer initiatives for workers to understand retirement/financial issues (62% vs 32%) and also formal financial planning and counseling services (44% versus 29%).
Enhanced Insurance Products such as Life, and Short Term Disability
Organizations which offered Life Insurance, Short Term Disability (STD) Benefits, found their employees were more satisfied with their benefit plans. Short term disability benefits are definitely one of the most important benefits offered to employees. Satisfied workers (87%) were more likely to have short term disability than the unsatisfied workers who did not (65%).
Paid Leave Types
There are 8 top types of Paid leave employees want, and at the top of their list is Bereavement/Funeral Leave, followed by Jury Duty leave, personal days, maternity and paternity leave, volunteer community service, adoption leave, and family caregiving.
Employees were more satisfied with benefits that gave them greater flexibility to carry over earned vacation/Paid Time Off to subsequent years (65% to 50%).
Work-Life Benefits Including Care-giving
There is a lot of discussion about “work-life balance” in the corporate world and organizations which offer benefits to facilitate that balance have happier more satisfied employees. For example, companies with satisfied workers were more likely to offer work-from-home options (76%) compared with organizations with unsatisfied workers (54%). Other work-life benefits were to offer flexible work hours, compressed workweeks (50% vs 15%), flexible work schedules for religious observances (19% vs 4%) and financial assistance for adoption (18% vs 4%).
Some examples of wellness benefits that employees value are Employee Assistance Programs, Flu Shot Programs and Health risk assessments or screenings. Also on the list are smoking cessation programs, health coaching, on-site fitness centres and/or subsidized fitness, weight management programs, walking/exercise benefits, meditation/mindfulness training, on site massages and wearable devices. A diverse workforce will need a variety of options for how they want to take charge of maintaining their health, and employers that respond with an array of wellness benefits will improve the health and the morale of their employees.
At Health Risk Services, we work with plan managers to continually adapt their plans to meet the changes, opportunities, and needs of their employees while managing their company budget. We know how to find the best possible solution for both the employees and the employer in crafting benefit plans. We would like you to know more about how Health Risk Services can assist you with a 2021 plan that addresses your organization’s needs. Please schedule a Complimentary Consultation with us.
At Health Risk Services we will Empathize, Educate, and Empower you and your team in 2021! To schedule your Complimentary Consultation with Health Risk Services, please call 403-236-9430 OR email: [email protected]