Employers must develop frequent, personalized communication around their benefits plans in order to ensure employees understand their options. In a 2017 Guardian study, 80% of employees said they understood their benefits, but when tested, only 49% actually did. Simple steps like periodic reviews, reminders and change updates can be invaluable strategies.
Healthcare tops employees’ list of preferred traditional benefits, but it’s also one of the costliest. The challenge for employers and workers is to continuously find ways to seek healthcare savings, wherever possible, without sacrificing quality. One such cost-saving method is the enhanced use of preventive care, which can detect health problems early before expensive treatment becomes necessary.
The tight labor market makes talent attraction and retention crucial. Employers that don’t offer benefits that workers want, risk losing them to competitors, as the Randstad U.S. survey and other polls affirm. HR leaders can help their organizations find out what benefits employers prefer by simply polling them. However, employers must keep in mind that preferences often differ on the basis of age, gender, financial background and other demographics.