By Sonus Benefits,

It’s Time to Expect More from Your Broker

For most employers, the story is the same every year. They don’t hear from their benefits broker until renewal starts to appear around the corner, and then it’s spreadsheets, rising premiums, and more spreadsheets. The world of insurance is confusing and frustrating, and for many employers, this leads them to seek out second opinions from multiple brokers. Why wouldn’t you? Even if your goal is just to keep your current broker honest, it’s only common sense to get second opinions on a purchase that large.

But here’s the problem. Almost without fail, the brokers you talk to will get the same numbers from the carriers, bring in the same spreadsheets, and will likely tell you about their services, which are the same as every other broker. Benefits admin support, compliance support, HR services—the list goes on, and it’s almost always the same.

You still have to make that gut-wrenching purchase come renewal time, and you still feel in the dark about your options.

So how do you decide which broker to go with if everything they’re offering is the same? That’s where many brokers and employers alike would point to the “relationship” part of the business. They would say it all comes down to who you like the best.

But we disagree. There is a different kind of broker out there—one that doesn’t look the same as the rest and can offer you something different—something better.

What you really need

While every year you feel the same frustration and anxiety around having to make an extremely (and increasingly) expensive investment in your employees, how much do you really understand about why you’re making that particular purchase?

The reality is most employers simply don’t have enough real experience with the world of insurance other than that dreaded yearly renewal process. This leaves them at the mercy of their broker and relying on others to tell them what’s best for their business.

While this makes sense—the world of insurance is increasingly confusing and constantly changing—it’s simply not sustainable. What employers need is to have the power to make an informed and educated decision when it comes to their benefits plan. They need to have the kind of power only true understanding can bring.

How to differentiate

So it’s time to start looking for something different in your broker. Here’s how to spot it. While the benefits broker you’re used to will:

  • Only get in touch with you when it comes time to renew
  • Offer you the same spreadsheet and the same services every year
  • Assure you their service is the best and that’s what sets them apart
  • Hand you their non-insurance solutions and call it good
  • Completely fall off your radar once you’ve renewed

The benefits broker you want:

  • Shows up well before you have to start thinking about renewals
  • Starts off the conversation by uncovering your goals and challenges
  • Focuses on educating you about your options
  • Isn’t interested in forcing you to buy unless their solution improves your business
  • Continues to provide you with advice and education throughout the year
  • Supports the use of non-insurance solutions via training, communication, and education

The first type of broker wants you to buy from them and pick them out among the rest. While the second type also wants that, their first priority is to help you improve your business and make an impact in the lives of your employees. What you need isn’t a benefits broker—what you need is a benefits advisor.

Why?

So you can make the most informed decision for your business without blindly relying on a handful of brokers at renewal telling you the same thing over and over. So you won’t make the mistake of simply sticking to what you know just because you know it, passing over opportunities to make massive savings because you don’t understand them, and thus don’t trust them (yes, this really happens).

The world of insurance is growing and changing, and employers need to be able to grow and change along with it—and that requires employers to become educated about their situation and their options.

Expect more

The bottom line is you don’t have to settle for the same type of broker. In fact, you shouldn’t. You and the people your business supports deserve the best service and the best benefits available—and you can only get that by having the power to make informed decisions yourself.

Start expecting your broker to teach you. Start asking questions and expecting answers. Look for a broker who focuses on education, year-round communication, and who takes the time to help you fully understand all your options. You deserve more than the same old story. It’s time to expect a new one.

 

Content provided by Q4iNetwork and partners

Photo by Volodymyr Melnyk

By Sonus Benefits,

Wellness Plans: Q&A

Are you thinking of implementing a wellness program? If so, check out answers to these common questions.

Q: What kind of wellness plans are there?

A: As employee wellness has increasingly gained attention and a spot on most employers’ priority lists, the variety of wellness plans has increased. Your wellness plan will change depending on several things: where your priorities are, what your budget is, and the demographic you want to reach. Some examples of standard plans are:

  • Wellness programs to help stop bad habits such as smoking
  • Paramedical plans that offer massages, chiropractic work, or acupuncture
  • Employee assistance plans and teletherapy to provide mental health support
  • Physical activity challenges such as community races or a team steps contest
  • Coaching services for leading a healthy lifestyle (cooking, physical activity, mental wellness)

Q: How do I choose a wellness plan for my business?

A: Not every wellness program will work for your business. First, ask yourself, “What is my primary goal for implementing an employee wellness program?” Your plan may look different if your goal is to reduce healthcare costs for your business than if your goal is to create more loyal employees by developing a positive culture.

In either case, the main thing you want is for people to participate. If you choose a plan that doesn’t interest your employees, they’ll be much less likely to participate, resulting in a low ROI. Send out a survey, taking the temperature of your employees’ feelings about a wellness program. Ask what interests them, what challenges they have and would like help with, and how they see themselves participating. Use what they tell you to inform your wellness plan choice.

Q: Do wellness plans work?

A: There’s been some back and forth about whether or not wellness programs work. Critics point to studies showing a lack of clear improvement or healthcare savings for employers who offer wellness programs. There have also been studies showing that while people who participated in the programs cited feeling happier and healthier, their participation didn’t result in decreased healthcare costs for employers. Other studies show that programs aimed at increasing physical health are most often used by those already in good health and can possibly alienate those who aren’t.

However, the conversation of employee wellness has become a top concern for employers and employees alike. Employees expect more from their organization and value jobs that support their overall wellness. Proponents of wellness programs point to studies linking them to increased employee retention, satisfaction, engagement, and much more.

Q: How do I keep my wellness plan in compliance?

A: In the past few years, regulations for ADA-covered wellness programs that include employee participation incentives have come under some scrutiny. Critics say wellness programs that require employees to pay higher premium costs for not participating or not meeting specific health-related goals are immoral and violate the Americans with Disabilities Act (ADA).

This year, the EEOC has proposed new regulations, requiring only “de minimis” incentives for employee participation. Under the new rules, health-contingent wellness programs would still be allowed to offer incentives of up to 30% of the total cost of insurance, but no more. So far, the new regulations haven’t been published yet and will likely be challenged. To stay in compliance, be sure to know what kind of wellness program you’re offering and how it may be affected.

 

Photo by Vasyl Yakobchuk

Content provided by Q4iNetwork and partners 

By Sonus Benefits,

Empowering Women in the Age of COVID

While the pandemic has highlighted many staggering inequalities in our economic and social system, one of the most significant is its disproportionate effect on women in the workforce. To get a broad idea of the affect coronavirus has had on women, let’s look at some numbers.

So what does this mean for employers? It’s time to lean into strategies designed to empower, educate, and support women in their workforce.

Start with education

A critical factor in working against the inequalities exacerbated by the pandemic is to build awareness within your company and your community about the effects that recessions have on women and minorities.

The more awareness you build, the more effectively you can push your community towards working against those detrimental consequences.

Financial empowerment

One significant way employers can affect positive change is by developing wellness programs that focus on financially empowering their employees. The 2020 Workforce Benefits Report by Bank of America determined that because women and men have different financial goals, they also have varying challenges and needs.

According to that report, women are less likely to feel they have control over their credit card debt, citing it as one of their top three financial concerns. It found women are twice as likely not to have money left over after paying their monthly expenses, and saving for retirement was a top financial goal.

As employers develop wellness programs and benefits packages for 2021, these are critical components to keep in mind.

Consider implementing debt management support. As women are much more likely to have credit card and student loan debt than men, offering services to help them address their debt would be a targeted way to enable them to become financially stable in 2021.

Your employees may also greatly appreciate the ability to talk to an expert who can help them plan for their financial goals and mitigate challenges. Partnering up with a financial consultant who offers this type of support, enabling employees to become more financially literate, can help them gain long-term stability.

Holistic wellness

The pandemic hasn’t just taken a toll on financial situations—it also puts people’s mental and physical health at risk. To support your employees as they navigate the pandemic, consider offering assistance programs such as an EAP or virtual mental healthcare services.

Remember, wellness isn’t just financial, or mental, or physical. It’s a combination of everything. Employers who focus on supporting their employees in each category see increased engagement, loyalty, and productivity. Plus, it’s just the right thing to do. In times like these, businesses, employees, organizations, and communities all have to work together to protect and support one another. Together, we’re strong.

 

Photo by Marina Pissarova

Content provided by Q4iNetwork and partners 

By Sonus Benefits,

Creating a Remote-Friendly Benefits Strategy

As organizations settle into offering remote work as a long-term solution, it’s time to re-evaluate their employee benefits strategy to match the needs of remote employees. It’s not surprising that employees working from home have different needs than those working in an office. While it may seem obvious, it will still take time and effort to design a strategy that matches these new needs.

With open enrollment approaching, benefits strategies are top of mind for employers, many of whom are concerned about shrinking budgets as the economy continues to feel the impact of COVID-19. With that in mind, we’ve created a list of employee benefits and perks designed for employees working from home, which can be worked into a variety of different budgets.

Home office support

Consider offering employees a budget to help them adapt their homes into functional workspaces. Small things like folding partitions, ergonomic keyboard and mouse supports, back pillows, and desk lamps can make a big difference in someone’s experience working from home. The more comfortable and functional their space is, the more attention they will have to get work done.

Mental health services

As many employees adjust to working in more isolated environments, and a growing number of adults in the United States say they are suffering from mental health issues, offering virtual wellness services can make a meaningful impact on your employees’ health. Services like BetterHelp and TalkSpace offer virtual therapy over phone, text messaging, and video calls. Giving employees an accessible format for meeting their mental health needs—especially as they learn to navigate the challenges of the pandemic—can help improve their quality of life and their ability to bring their best self to work.

Childcare support

With many schools continuing to stay closed going into the rest of the year, families are under a lot of pressure to support their children who are learning virtually while they’re also working from home. Consider offering financial support for childcare services, giving parents some much needed relief. If this isn’t an option for your company, offering flex-time can be a significant help to parents who need to be available to support their children during the day.

Subscription benefits

One way to support employees as they work through the pandemic is to offer grocery subscription services. This can provide higher risk employees relief from going to the grocery store and can provide support to working families who are already crunched for time and resources. Home Chef, Instacart, and HelloFresh are some of the many popular meal and grocery delivery services available.

People-centered design

In the end, your employee benefits should reflect the needs of your team. Consider running a company-wide survey to identify the most common needs your employees share, and find solutions that can work for both them and you. Your benefits package is a wonderful way to help build strong and long-lasting relationships with your employees. By designing a benefits plan that meets their needs, you’re showing them you care about their wellbeing, which can positively impact not only their quality of life but the quality of your business.

 

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Content provided by Q4iNetwork and partners 

By Sonus Benefits,

Effectively Communicating Employee Benefits Plans

As open enrollment approaches, employers and HR departments need to be thinking about the most effective ways to communicate with their employees about the benefits package. This is especially true if your company is functioning with newly remote employees. Benefits are expensive. And ensuring your employees know what they have and how to use them is a critical part of ensuring a positive ROI on your benefits package.

Here are several things to keep in mind as you work out your communication strategy.

Pick your purpose

Defining a messaging plan around your benefits package should be a critical part of your benefits strategy. For messaging to be successful, you need to define a clear purpose behind the communication.

  • Are you implementing new benefits designed for remote employees?
  • Are you attempting to increase engagement with your benefits?
  • Are you trying to educate employees about what’s available to them?
  • Are you trying to educate employees about how to use their benefits?

An easy way to lose your audience and miss the mark on your message is to get your goals jumbled. To create clear, easily consumable information around your benefits, identify a goal for each piece of content you create, and stick to it. Ask yourself if everything in that piece of content aligns with the goal, removing everything that doesn’t.

This leads us to the next piece of the puzzle: what content, and where?

Pick your platforms

Depending on your provider, the demographics of your employees, and the benefits themselves, you may want to use a variety of ways to communicate your benefits package. Whether you’re using a website, a string of emails, in-person/video meetings, or shared documents, there are several things to keep in mind.

  1. For the sake of ease and efficiency, have a place where employees can access all the documents they may need to learn about and use their benefits.
    1. If you’re sending documents through the mail or over email, make sure you also store them somewhere they can access later. Use DropBox, Google Drive, or any file sharing platform to keep all documents in one place.
    2. If you’re using a website or page on your website for employee benefits, create a clearly marked and easily accessible place for employees to find any documents they might need. Keep this accessible year-round.
  2. Consider the different demographics within your team and develop a communication strategy that meets their differing needs. Older employees may find in-person or video training sessions useful when learning to use their benefits platform. Younger generations who may be new to having their own benefits plan may need extra help understanding their benefits as well.

Keep it going

One of the most effective ways to increase ROI on your benefits plan is to create a year-round benefits communication strategy. Keep it top-of-mind for your employees by regularly checking in with them.

  • Consider adding it to your company-wide newsletters
  • Hold quarterly training sessions or meetings to help your employees use and understand their benefits
  • Survey your employees and keep close tabs on how they feel about their benefits plan, including:
    • How easy it is to use
    • How relevant the benefits are to their needs
    • How often they use their benefits
    • How satisfied they are with their plan and what they would like to see changed

Effectively communicating employee benefits plan takes time and effort. Be ready to hear and act on the feedback you receive. Pay careful attention to who uses their benefits and who doesn’t. If you’re serious about creating a benefits plan that works for your business and your employees, then take the time to work out your communication strategy. It’ll pay off for you and them.

 

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Content provided by Q4iNetwork and partners 

By Sonus Benefits,

Employee Benefits: Planning Ahead

In the past year, employers have had to make significant adjustments to their benefits packages to cope with the pandemic. Most significantly, employers with less than 500 employees have had to adopt new paid leave policies to help employees combat COVID-19 and new childcare demands, with 44% planning on expanding their paid leave benefits in 2021.

But that isn’t the only thing that’s changed. As employers look ahead to upcoming open enrollment and prepare for the year ahead, there are a few things to keep in mind.

1. Virtual enrollment

Since in-person meetings are sharply declining for safety concerns, employers are shifting the yearly in-person meeting with their broker to virtual walk-throughs over the phone, or doing it themselves online. But it’s more important than ever that employers get the most help they can when it comes to their employee benefits plans.

The changing needs of the workforce, the blowback from delayed elective surgeries, and new regulations mean there’ a lot employers have to navigate if they want to see solid ROI on their benefits packages.

To best prepare your business for the upcoming virtual enrollment period, start by checking off this list:

  • Do some preliminary research and see what’s out there. Get a feel for what other employers of a similar size and industry are doing.
  • Ask your employees what they need the most. Create a tiered list of benefits they express a need for, and benefits they would appreciate, but don’t require.
  • Create a detailed list of questions.
  • Call your broker with your questions and the information you gathered and walk through what’s available to you, making sure to take note of everything.

Research preparation will help you cover all the bases and avoid any gaps or lost opportunities. Make sure you give yourself enough time to do sufficient research and get answers to your questions.

2. Shifting the basics

As you plan for the year to come, take stock of all the changes your organization has gone through in the last months. Have you gone partially or fully remote? Are you considering offering remote positions at your company moving forward? Do you have young parents on your team who are juggling new childcare challenges?

Your benefits strategy may very likely need to be updated to meet the challenges relevant to your employees today. To attract, retain, and engage talent, it’s essential you understand their needs and offer resources for them to maintain a healthy life, both physically and mentally.

And that looks different for remote employees, parents with children at home, and employees suffering from increased strain on their mental health due to the isolation and anxiety caused by the pandemic. The basics of employee benefit packages need to shift around these new and different challenges to adjust appropriately.

3. Benefits communication

With the vast majority of organizations still working remote and expecting to continue doing so into the year to come, employers must create a solid virtual communication strategy around their employee benefits.

Depending on the technical skill level and abilities of your employees, you may want to offer varying types of education and support around how to use their benefits. Especially with heightened awareness around healthcare, employees may be more anxious to learn everything they can about their benefits to help ease some of their anxiety.

4. Planning for changing costs

With so much up in the air, leaders in healthcare are warning that cost projections for next year are cloudy at best. Increased demand for mental health services, the blowback from delayed elective surgeries, and potential vaccine costs are making it difficult for employers to prepare financially for the unknowns. To help with this, talk with your employees about what services they expect to need. Work with your broker to define a strategy that works best for your business.

Stay tuned

As circumstances change, be sure to keep a finger on the pulse of the insurance industry. Keep tabs on how your employees are feeling and what their concerns are moving forward. Although this can feel overwhelming, remember that there are many resources available to you to help guide you through the confusion and change.

Work closely with your broker and expect them to provide you with objective, informative information. Your broker should be your right-hand man during the next few months, and if they aren’t preparing you with strategies, education, and support, you may need to look elsewhere. As you move through the upcoming six months, stay informed, in touch, and open to new solutions and ideas, and you will come out the other side successfully.

 

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Content provided by Q4iNetwork and partners

By Sonus Benefits,

Employers, It’s Time to Talk About Telehealth

It’s been a hard year. For businesses, families, individuals, the economy, Australia—basically everyone but our pets. The strain on our collective psyche has worried healthcare professionals who are struggling to adapt to increased demand while trying to deal with disrupted delivery of their services caused by the pandemic.

In late July, the Center for Disease Control released a report that showed 40% of adults reporting they were struggling with increased mental health difficulties and substance abuse coping due to the pandemic.

The world of healthcare has seen a massive shift towards virtual healthcare or telehealth services in recent months. A study from the NYU Grossman School of Medicine found that NYU Langone Health experienced a 683% increase in urgent virtual care visits and a staggering 4,345% increase in non-urgent virtual doctor visits.

What does this mean for employers?

While employers have slowly been integrating teleservices into their benefits packages for some time, they may not have seen much enthusiasm towards the services until now. And that increase isn’t expected to go away. It’s projected that the telehealth industry will see a compound annual growth rate of nearly 40% over the next five years.

So, what exactly does that mean for employers? That it’s well past time to ensure they are offering telehealth services to their employees, not just as a quick fix, but as a long-term solution. Because of the pandemic, most providers have successfully made the switch to offering virtual care, allowing those already with insurance to stick to what’s available to them.

But that may not be enough. Employers must make telehealth services available to their employees—not just in the form of physical wellness, but behavioral and mental health.

As the effects of the pandemic continue to wear on individuals and families, it will be increasingly less likely that organizations will avoid seeing these effects in their employees. They must take steps now to help prevent further harmful effects from manifesting in their employees by creating systems that can successfully address these issues as they arise.

Where to go, and who to ask

There’s a lot of information about different services and how they’ve made a difference for employers. To get a handle on all of it, take these steps:

  • First, do your research. Ask your broker about telehealth services you can provide and read up on them.
  • Survey your employees. Find out what they want and need.
  • Create an implementation plan. Educate your employees, not just once, or in one way. Some of your employees may not be as comfortable adapting to new technology as others, so make sure you provide ample training and assistance to use it successfully.

Going forward

Like any new system, benefit, or practice you introduce to your employees, it’s critical you don’t just set it up and forget about it. Monitor the program closely and follow up with your employees to find out what’s working and what isn’t. Identify areas that can be improved and locate issues to address.

Now is not the time to be haphazard about your process. While the pandemic may make telehealth services easier to implement in some ways, remember that it is an attempt to address a critical issue that can quite literally mean life or death depending on its success or failure.

In the end, the best thing that employers, leaders, organizers, and advocates can do is work together to provide the best quality care to the largest number of people. Make sure you’re doing your part to support your employees and set them (and your business) up for success.

 

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Content provided by Q4iNetwork and partners

By Sonus Benefits,

Why Your Company Needs a Professional Development Plan

Several key factors always hover on the list of employer concerns in nearly every industry. Employee engagement and productivity are almost always on the list as turnover rates, profits, efficiency, and customer experience are directly related to both. Which makes them critical factors contributing to a business’s lifespan, stability, growth, and health. 

Despite engagement and productivity’s nearly permanent spots on that list, it’s common for businesses to address the two with a one-and-done approach. This is especially true for small businesses that lack a significant budget for employee experience. But providing employees with a benefits package and break room won’t go very far in encouraging real engagement in their work.  

Employees need more than having their basic needs met to feel engaged. They need to see a direct investment in their success as your employee and as an individual. A vast majority of millennials say they want career development opportunities from their jobs.   

recent report by Axonify exposes the gap between what employees want and what businesses are providing them. Their principal findings include: 

  • Nearly a third of employees fail to receive formal workplace training 
  • A quarter of employees don’t receive training after onboarding
  • Almost 60% of employees fail to receive additional training and skill development from their employers  
  • 81% of employees say training makes them feel more engaged and happy at work 

It’s cost-effective 

While many employers are ignoring training as a benefit for their employees, providing training and professional development is an incredibly smart tactic for boosting profits.   

Giving employees opportunities for skill development and training can have a massive impact on the value they contribute. Businesses that provide formalized training can more than double their income per employee than companies that don’t.  

Investing in employee skills is investing in the agility and strength of your company. It creates a stronger relationship between company and employee, encouraging loyalty and engagement, which can lower turnover rates. The cost of turnover alone should be a driving factor in implementing strategies to keep your employees learning and engaged.  

Losing an employee can cost 1.5-2x their annual salary. Yet, it can cost between $135 – $750 for an individual community college course, depending on the length of the class. That’s a reasonably small investment compared to the cost of losing an employee or maintaining unproductive employees.  

Now is the time 

The beautiful thing about living in our age of technology is our access to resources. There are seemingly endless ways companies can provide learning opportunities to their employees. Online learning databases like SkillshareAlison, and Udemy are all options employees can access for learning and development in their own homes.   

Now that a vast amount of the world is learning to work from home, there is no better time to take advantage of these training opportunities. Not only will it give your employees a chance to grow and develop their skills and what they can offer your company, but it may also help address the feelings of isolation and culture loss that many are struggling with during the pandemic.  

An investment into a shared future  

Providing learning development opportunities isn’t just a way to engage your employees—it’s a value statement that can have ramifications across your company culture and employee experience.  

You’re not only investing in the potential of your employees to grow their roles within your company, but you’re telling them you think they are capable of that growth. Show them you value their contribution and also their potential as a professional.  

Having confidence in the power and potential of your employees will lead them to see the value within themselves and feel that their value is recognized. It will create a relationship of trust and confidence that is irreplaceable. It will save money. It will save time. And it will inspire growth in the deepest level of your business. There is nothing to lose but disengagement and apathy.  

 

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Photo by Aleksandr Davydov

By Sonus Benefits,

Nurturing Employee Wellness in Uncertain Times

Two years ago, a report by Gallup found that nearly a quarter of the 7,500 full-time employees they surveyed felt burned out “very often or always” with another 44% who reported feeling burned out some of the time. You’re probably aware of the massive costs, increased risk, and decreased health of both individuals and organizations that suffer from burnout. It’s not something you want in your business in the best of times.

But what about when your company, community, and economy is under immense pressure from an external source you can’t control? Do you double down on what you believe most critically demands your attention and put things like employee wellness aside?

Although you may be feeling pressure to cut down on extraneous programs to conserve effort, time, and money, it’s critical to remember that your employees are going to make or break your success during this trying time.

The ability of your employees to successfully navigate particularly stressful situations is deeply influenced by the ability of your company to support them. It wouldn’t be a reach to suggest the interaction and experience employees have within their role in your company has a significant impact on their quality of life. Especially now, when employees are struggling to find a new balance of working from home, often with children, and isolated from their communities.

Assess the tools available

As a leader during a challenging time, it’s crucial to take stock of what resources are available. Now is not the time to get tunnel vision. Keep your mind open to new and different solutions than you may be used to. Employee wellness isn’t just built from having enough time off or fair compensation. Wellness is a multifaceted thing, with many different aspects your business can focus its influence on.  

Outsourcing employee wellbeing programs

There are several organizations whose sole focus is to help businesses develop and nurture their employees’ wellbeing. Here are a few examples:

  • Thrive Global offers a multi-pronged approach to improving employee wellbeing and productivity through behavior change programs, educational content and resources, and digital solutions designed to help individuals make positive changes.
  • Whil is a platform that provides goal-based resilience training for individuals through targeted courses focusing on twelve aspects of employee wellbeing.
  • RestoreResilience provides stress-reduction and lifestyle improvement programs targeted to specific groups of employees. Their programs use a combination of smart technology and individualized coaching outreach to help employees make small meaningful adjustments and improvements in their lifestyle.

Getting creative

If your company isn’t set up to incorporate larger programs, there are numerous ways you can make smaller, yet still impactful changes to your employee experience. To help, let’s break down employee wellness into a few categories with examples for each.

Nutrition

  • Consider helping your employees boost their nutritional health by working with meal delivery services like Blue Apron or Sun Basket to offer food at a discounted price.
  • Offer discounts to online cooking classes and resources from services like the NYTimes Cooking subscription and ChefSteps.
  • Purchase gift cards from local restaurants (a great way to support your local community) to give to your employees. If you’re a local business, promote this idea to employers in your area and provide incentives. (i.e., purchase $1,000 of gift cards and receive $100 free!)

Mental Health

  • Remote counseling services have skyrocketed recently. Consider working with companies like Talkspace and BetterHelp to provide your employees with mental health services that will help them navigate this challenging time.

Fitness

  • Consider reaching out to local fitness instructors and yoga teachers to offer virtual training sessions and classes to your employees every week.

Financial

  • Consider implementing a program like Compt to provide your employees with a monthly stipend they can use towards their wellness. This is a great way to find something that fits your specific budget while providing employees with the freedom to choose what they will spend it on. This increases the chance they will actually use what they purchased. A win-win!

Their wellness is your wellness

However you choose to help your employees maintain their wellness during this challenging time, be sure that you are doing something. Even the smallest acts make a difference. Remember, how you treat your employees now will influence their relationship with you for the rest of their employment. By giving them what they need now, you’re ensuring their long-term loyalty, engagement, and productivity. Think healthy employees = healthy business. It’s good for everyone.

 

Content provided by Q4iNetwork and partners

Photo by racorn

By Sonus Benefits,

5 Ways to Attract and Retain Young Talent

It’s becoming increasingly imperative that companies do everything in their power to keep up with the needs and expectations, not just of their customers, but of their employees. To attract a workforce that views you as an employer of choice and feels committed to your company is becoming more and more difficult as the demographics of the workforce grows and evolves. This year, over a third of the workforce will be Gen Z, meaning that all the work you did to try to attract millennials is going to need to be reviewed and adjusted.

But that isn’t such a bad thing. Your company should always be working to improve its culture to be the most attractive to new talent. It’s just part of the game. Thankfully, there are large trends that you can follow to help guide you to the best decisions around what benefits and perks you should offer, personalizing them to the distinctive needs of your company.

Personal Development

The lifecycle of a typical career has evolved dramatically over the past 40 years. Where an employee used to stay with the same company for decades and work their way up the ladder, employees now are viewing their career as happening in a series of waves, not linear steps in a ladder. With more and more people expecting to work longer than their predecessors, there is a natural expectation for more variety within a career, with more frequent breaks.

Younger generations are continuing to evolve by prioritizing jobs that offer opportunities to grow and develop their skillset, which will widen their career options moving forward. Four out of five employees consider the opportunity to develop new skills a critical factor when considering employment options.

Giving your employees opportunities to attend classes, conferences, and access learning opportunities is a great way to get the most potential out of your hires while building loyalty and engagement.

Flexibility 

Younger generations are exceedingly interested in employment that allows them to have greater control over their schedules. Consider implementing flexible work schedules, offering flex time, or even fully remote positions at your company. You may find that you can actually save money while increasing productivity by providing remote working opportunities.

Wellness

It’s common knowledge that Gen Z and Millennials have put a stronger emphasis on the importance of a healthy work-life balance, and as an employer, it’s important to factor this into your attraction and retention plans. Younger generations are seeking employers who offer wellness programs that support their needs and show that the company values their health. There is a large selection of wellness perks and programs to choose from, so you can select the perfect-fit programs for your company and staff. Here are a few ideas:

  • Provide a monthly gym membership to employees
  • Offer a monthly stipend to be put towards personal wellness (massages, yoga classes, etc.)
  • Provide educational opportunities for employees to learn about nutrition, sleep, and self-care

Whatever you provide, make sure you’ve talked to your employees about what they actually want. That way, when you make the commitment to offer a wellness perk, you know it’s going to be used and appreciated.

Financial empowerment

Young generations face high levels of financial challenges, such as student loan debt, high cost-of-living, and excessive healthcare expenses. The current financial situation employees are dealing with has them expecting to work longer into their lives to be able to survive. You can support these employees by offering 401K programs, student debt matching, and financial coaching.

More employees than ever report being stressed by their financial situation. By offering them a way to find better financial security and relieve their anxiety, you’re showing them you not only understand their needs but are willing to help them meet and overcome their challenges.

Develop a positive hiring experience and company culture

According to a survey, nearly 80% of candidates consider their hiring experience as a top indicator of whether or not the company values its employees. Over 90% of job seekers research at least one resource to determine the employer’s brand before applying. This indicates a strong emphasis placed on company culture and values.

Make sure your hiring and onboarding process is candidate-friendly, accessible, and easy-to-execute. Do your workplace culture and online presence match up? Find ways to communicate the core values of your company through your hiring process and take pains to ensure they align with the experience of a committed employee. You want your candidates to know who you are from the get-go so they can make an informed decision whether or not to apply and aren’t disappointed when they join your team.

Never stop improving

As our world and culture develop, so do the expectations and needs of employees. Carve out time every year to evaluate how well your company is keeping up. Doing so won’t just make you look more attractive to prospective talent; it will help keep the talent you already have happily working for you.

 

Content provided by Q4iNetwork and partners

Photo by ammentorp