As an HR professional today, it is crucial to strike a balance between soaring employee expectations and rising costs to deliver an inclusive employee benefits strategy. To accommodate a diverse and ever-changing workforce, smart employers invest in a top-tier strategy aligned with their goals. Forward-thinking companies and exceptional people leaders must regularly reassess benefits to design outstanding employee experiences and drive employee engagement.

In this article, we’ll discuss how you can create an employee benefits strategy that’s adaptable and evolves with your employees’ needs and priorities. We’ll also explore how you can elevate your organization and brand reputation with flexible lifestyle benefits that meet the diverse needs of your people. 

Here’s what we’ll cover:

How a successful employee benefits strategy elevates your organization

Your company is only as strong as its talent. An inclusive employee benefits strategy is key to attracting, engaging, and retaining the best talent for your organization.  

The modern global workforce demands choice and customization for benefits and rewards. A 2023 Employee Benefits Survey by Willis Towers Watson finds that 77% of employees would be more likely to stay with their current employer if their benefits package were improved. There’s a vast difference between the most widely offered and most widely appreciated benefits. Employees expect health insurance and a retirement plan. The most popular employee benefits make job seekers say yes! to your organization. 

A study by the Society for Human Resource Management found that companies with inclusive employee benefits programs have a 25% lower turnover rate than companies with less inclusive programs. And a study by the University of California, Berkeley found that employees with access to inclusive employee benefits are more likely to be engaged in their work and report feeling supported by their employer.

Employee benefits programs are a robust safety net that offers rewards and growth opportunities and nurtures loyalty.

A solid employee benefits strategy will:

Attract new talent

An inclusive employee benefits program acts as a beacon attracting top talent to your organization. Offer an exceptional array of perks and rewards designed to nurture professional and personal growth while creating a company culture of enthusiasm, appreciation, and support. 

Amplify employee engagement

Commitment and passion connect your employees to your organization. An enriching employee experience with attention to work-life balance and employee benefits that foster a vibrant and empowered workforce, elevating employee engagement and fueling success.

Retain current employees

Showing how much you value your current employees ensures they feel appreciated and supported in their professional journey. Employee benefits programs are a robust safety net that offers rewards and growth opportunities and nurtures loyalty. Prioritizing employee retention focuses on employee satisfaction and keeping employees happy. 

What does a competitive employee benefits strategy include?

A dynamic and inclusive employee benefits strategy is a comprehensive plan that supports your organization’s employee recruitment, engagement, and retention efforts. The types of benefits you offer showcase your values and commitment to your employees’ extraordinary professional and personal growth.

Employees expect core benefits like medical coverage, retirement plans, and paid time off. Some specific employee benefits and nice-to-haves that will level up your employee benefits strategies include: 

  • Flexible work arrangements that support employees’ needs and preferences
  • Family well-being and support for working parents, including parental leave, paid family leave, childcare assistance, and adoption benefits 
  • Benefits that support employee well-being, such as gym memberships and mental health support 
  • Financial benefits that support financial security like employee discounts, tuition reimbursement, and financial counseling
  • Professional development opportunities for training, workshops, and skills development 
  • Commuter and travel benefits like subsidies for public transportation and assistance with commuting expenses
  • Recognition and rewards programs to acknowledge and celebrate achievements

HR professionals understand that employee benefits planning requires a multi-year strategy, anticipating program evolution over several years. While open enrollment begins in November, there’s no downside to planning ahead.

How to design a successful employee benefits program 

HR professionals understand that employee benefits planning requires a multi-year strategy, anticipating program evolution over several years. While open enrollment begins in November, there’s no downside to planning ahead. 

Here are six things to consider when developing a successful employee benefits strategy:

1. Understand employee needs and preferences

Understand the diverse needs and preferences of your employees and offer personalized benefits that resonate.

2. Weigh the cost of benefits

Optimize benefit costs within your company’s budget to maximize positive impact and minimize the consequences of not offering certain benefits.

3. Maintain flexibility

Design the program with flexibility to adapt to changing circumstances and emerging needs of the workforce. Offer a range of benefits that can be personalized to meet the varying needs of all your employees.

4. Align with organizational values 

Ensure that your employee benefits program aligns with the overall goals and mission, vision, and values of your organization.

5. Adapt and evolve

Plan to adapt your total rewards strategy based on employee feedback and changing needs. Continuously gather feedback from employees about their satisfaction and identify areas for improvement.

6. Prioritize diversity, equity, and inclusion

Promote diversity, equity, inclusion, and belonging in your workplace by ensuring your benefits embrace the individuality and versatile needs of your employees.

Understanding your exceptional workforce unlocks a truly inclusive and equitable employee benefits strategy. Embark on a journey to empower your people with freedom of choice and personalization and a solid employee benefits program designed to motivate and delight!

Smart employers meet diverse needs

Embrace and celebrate the spectrum of diversity in your workforce. As unique as your employees are, their needs are even more diverse. Design employee benefits programs that resonate with all of your people, meeting them where they are. 

In the current talent market, it’s crucial for employee benefits planning to be adaptable and customized to the diverse needs and preferences of employees. A one-size-fits-all approach doesn’t suit everyone.

Diversity influences employees’ needs and preferences, including race, ethnicity, gender identity, sexual orientation, neurodiversity, socioeconomics, geography, generation, and interests. To promote employee total well-being, engagement, and satisfaction, and foster an inclusive culture, it’s essential to design benefits strategies that cater to these diverse needs.

Supercharge your employee benefits strategy

A Lifestyle Spending Account (LSA) is an opportunity to address the challenge of meeting the diverse needs of your people. A flexible wallet of money goes beyond employees’ expectations to provide more benefits they want and need.

Types of benefits Lifestyle Spending Accounts offer:

  • Family well-being support
  • Parental responsibilities: support for adoption, surrogacy, and childcare
  • Pet care assistance
  • Tuition reimbursement and student loan support
  • Total well-being and mental health support
  • Gym memberships and fitness perks

When you give people free money that they can use to spend on things they really want, they spend it! LSA participation is incredibly high, averaging nearly 90% employee engagement. They’re easy to use and drive participation and employee engagement more than any other benefits program. 

Lifestyle Spending Accounts: the ultimate flexibility and inclusion

Employee benefits are absolutely vital in today’s dynamic workplace. The right employee benefits strategy is mission-critical. With Lifestyle Spending Accounts as an essential part of a competitive benefits package, your business becomes a magnet, attracting and engaging superstar talent while supporting your people in their most defining moments.

LSAs deliver global and flexible lifestyle benefits that celebrate the individuality of your employees, ensuring inclusivity for everyone. Embrace and promote freedom of choice with a platform that allows employees to prioritize what matters to them.

Spark joy with a Lifestyle Spending Account from Espresa, giving employees freedom and flexibility for life. With inclusivity designed directly into the Espresa platform, HR delivers what your employees want and need. When you empower your culture, everyone wins!

Ready to learn more about Espresa? Reach out to our team for a free demo! 

 

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