Benefits have always been a crucial part of an employee’s compensation plan, and the pandemic has certainly highlighted their importance. As we acclimate to an everchanging business environment, it will be essential to build an employee benefits program that is forward-thinking and focused on talent retention and recruitment. The challenge remains that benefits are generally among companies’ largest expenses.
A resilient workplace culture often results in lower health care costs, higher productivity, lower absenteeism and decreased turnover. As companies look to revise benefits plans post-pandemic, there are additional factors to consider in order to attract and retain top talent.
Strive to offer comprehensive, high-quality medical coverage
Deliver a benefits experience that includes telehealth options, preventive care and prescription plans and other virtual wellness offerings.
Champion emotional well-being by supporting work-life balance
The past year has put a spotlight on the importance of emotional health and flexibility to accommodate uncertainty. Encourage employees to set personal boundaries to prevent burnout in a world with 24/7 access. Offer employees policies to manage their unique personal needs, as well as resources to reduce stress and support well-being.
Focus on adding benefits vs. subtracting
An example of an “added” plan benefit is reducing costly prescription drug costs for both the company and the employee. When plan members fill their prescriptions at preferred retail pharmacy chains, these pharmacies will apply a manufacturer coupon. This “adds” savings for the employee in the form of reduced out-of-pocket expense, while still reducing costs for your organization.
The wellness return on investment (ROI) can be challenging since employee preferences vary greatly. One solution is to create a Health Risk Management Committee (HRMC) made up of non-C-suite leaders across the company that meets regularly to help develop an engaging employee benefits strategy. First National Insurance Agency, LLC, the insurance arm of FNB, helps companies review the data and shares financials to support their ROI.
Many companies have evolved to an online platform that is easy to administer and navigate and provides more choices.
Offer employees Health Savings Accounts (HSAs)
An HSA is a practical way to put money aside tax-free for qualified medical expenses, while at the same time serving as an investment vehicle for the future.
Foster financial stability and wellness
Many employees are looking for guidance on how to manage their money, prepare for retirement, save for college and more. Consider Workplace Banking programs that offer employees consultative services and specialized products. FNB offers a variety of financial education tools, products and services. Learn more on our Knowledge Center and on the virtual eStore®.
