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How to Choose Your Benefits Package for 2021

How to Choose Your Benefits Package for 2021

by | Jul 15, 2020 | Blog

How to choose your benefits package for 2021. How to determine which benefits are most important to employees and support a more productive workforce.

Employee benefits have undergone a remarkable transformation and have become a more important part of the employee experience. 

The variety of benefits offered has expanded significantly, especially in the categories of health and wellness, and employees increasingly look for help from their employers.

Choosing the best benefits package for your employees is both critical and complicated. That’s why we’ve developed a simple, three-step strategy to help you identify the benefits your employees want most and formulate a communications plan to increase participation and engagement.

How to Choose Your Benefits Package for 2021 in 3 Steps

1. Audit Your Current Employee Benefits Offerings

Before you choose your benefits package for 2021 you’ll want to know more about how well your current benefits package was received:

  1. Which benefits were used most frequently?
  2. Did employees have any questions or concerns about the benefits being offered?
  3. Did employees make any specific requests about benefits that aren’t currently offered?
  4. Were employees confused about or unaware of any benefits?
  5. Were any benefits ignored or underutilized?

If there isn’t an annual report for benefits engagement and performance, work with HR to create a process for it going forward. Historical data comes in handy whenever you’re making benefits decisions.

If a benefit is underutilized, it doesn’t necessarily mean that benefit should be scrapped. Nearly 60 percent of employees said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand, according to a survey by MetLife. 

The next step will help you determine whether an underutilized benefit is something that employees don’t value or if it’s a benefit that needs to be restrategized.

2. Get Benefits Feedback from Employees and HR

The best way to identify the most important benefits to employees is to get their direct feedback. A short employee survey that includes questions about benefits that appear to be undervalued and new benefits you’re thinking of introducing will lead to more confident benefits decision making on the part of leadership. Surveys with multiple-choice questions quickly determine which benefits are most sought after, and, if you include open-ended questions, employees will tell you why those benefits matter most.

Then, meet with your human resources team to review the survey results and get their benefits insight:

  1. What questions do employees ask about benefits? 
  2. Have employees inquired about programs that the organization doesn’t offer? 
  3. What does HR think about the current benefits engagement process? 
  4. Are there ways benefits communication can be improved? 

Including HR in the planning process gives you a better understanding of how benefits are managed day-to-day and where improvements can be made.

3. Improve Benefits Communication for Better Benefits Participation and Engagement

When it comes to successful employee benefits participation and engagement it’s all about communication. 

Valuable information can no longer be effectively communicated through annual meetings or email data dumps. Sending shorter, bite-sized benefits communications over a longer period of time is a much more effective way to improve benefits understanding. Test different methods of communication, like text messaging, phone calls and instant messenger in addition to emails or meetings. Track participation, open and click rates to see which method is the best way to reach your employees. 

Employee benefits account for nearly 30 percent of total compensation and over 60 percent of potential hires are interested in benefits negotiations when reviewing job offers. Developing better processes for reviewing and building benefits packages can help employers reach goals for benefits participation and engagement as well as bolster job satisfaction, recruiting and retention efforts in 2021.

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Financial Stress, Health and Employee Wellness in 2020

Financial Stress, Health and Employee Wellness in 2020

by | Feb 25, 2020 | Blog

Financial stress, health and employee wellness in 2020. New research highlights the mental and physical effects of financial stress on employees.

Financial planning is the best way to combat financial stress, but many Americans are ignoring the problem and only making matters worse. 

Less than a third of Americans have a financial plan in writing, according to research by Charles Schwab. More than 40 percent of them say it’s because they don’t think they have enough money to merit a formal plan, close to 20 percent say it’s too complicated and almost 15 percent say they don’t have enough time to create one. 

Financial Stress and Health Statistics for 2020

Financial stress is significantly impacting the lives of Americans. A report by Thriving Wallet, a new partnership between Thrive Global and Discover, found:

  • 90 percent of Americans say that money has an impact on their stress level.
  • 65 percent feel like their financial difficulties are piling up so much they can’t overcome them.
  • 40 percent wish they could have a ‘fresh’ financial start.
  • 40 percent say managing their money on a daily basis limits the extent to which they can enjoy their day-to-day life.
  • 25 percent make purchases they later regret when experiencing significant stress.

Financial stress has a negative effect on individuals’ attitudes towards money and research by Capital One and The Decision Lab found that the more stressed Americans are, the less likely they are to make smart decisions when it comes to spending and saving. 

How Financial Stress Impacts Health

It’s bad enough that financial stress skews individuals’ outlooks on finances and impairs their decision making, but its ability to negatively impact immune systems and overall physical health is worse. The same report by Thriving Wallet asked Americans to report negative finance-related impacts on health and found that financial stress effects:

  • Physical Health (21 percent)
  • Blood Pressure (17 percent)
  • Respiratory Symptoms (15 percent)
  • Somatic Issues (20 percent)
  • Rates of Tension (25 percent)

Nearly 35 percent of Americans report losing sleep to financial stress, and almost 25 percent of them experience symptoms such as insomnia, broken sleep, fatigue on waking, nightmares and night terrors. 

Financial Wellness Programs in 2020

Financial stress costs employers an estimated $250 billion per year in lost productivity and absenteeism. 

Over 30 percent of employees don’t have a written financial plan because they think it’s too complicated or they don’t have enough time. Effective financial wellness programs, like Best Money Moves, make it easy for employees to build a financial plan and track their goals.  

More than 20 percent of employees told the National Financial Educators Council (NFEC) that they don’t have anyone trusted to turn to for financial guidance. Features like Best Money Moves’ Money Coaches give employees access to trained professional financial counselors who can help them make smarter decisions with their money. Best Money Moves also hosts a library of 700 articles, videos and calculators that employees can use to build their knowledge on everything from investing to co-signing loans to buying their first homes. 

If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

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Top 3 Hiring Trends for 2020

Top 3 Hiring Trends for 2020

by | Dec 18, 2019 | Blog

Top 3 hiring trends for 2020. How employers are planning to expand recruitment efforts to attract and retain the right talent in a tight labor market.

Employers are ready to pay up to combat the skills shortage in the new year. 

More than 80 percent of employers are ready to offer higher salaries for sought-after candidates and give pay raises to ensure their current staff is happy, according to the third-annual hiring trends report by Hays, a global recruitment firm. 

“It’s encouraging to see such employer confidence and motivation in the face of market uncertainty but they should consider that money on its own may not be the long-term solution to skill deficits and employee dissatisfaction,” said David Brown, CEO, Hays US. 

Top 3 Hiring Trends for 2020

Hays drew from a national survey of more than 3,500 employers and employees across the U.S. for their latest report. Their findings identified three major hiring trends for 2020:

1. More Flexibility

Nearly 35 percent of employers offer no flexible work options, but that percentage is likely to drop in the next year. More than 50 percent of employers are working on adding the ability to work remotely. Almost 40 percent are investing in flexible work hours. 

Hays notes that unlimited vacation time and free childcare are also growing in popularity, but are implemented on more of a case-by-case basis.

2. Career Development

Over 20 percent of employees are considering leaving their current role because of limited opportunities for career growth. 

“It’s an incredibly competitive job market and employers have to focus on bigger picture aspects of work if they want to achieve their business goals,” added Brown. “People expect to do more than punch a clock. They’re looking for meaning, a vibrant culture and to be united with their colleagues under a shared purpose. Employers who understand this fact will be better-suited in the 2020 fight for talent while nurturing their current team.” 

3. Health and Wellness Focus

Close to 60 percent of workers say they have no health and wellness activities through work. Providing healthy snacks and space where employees can rest and reset on their breaks is investing in the health and wellbeing of employees. 

Employers can also remind employees when it’s time to get flu shots, when open enrollment starts, and have someone available to review healthcare benefits and out-of-pocket costs to help them better understand changes each year. 

If you’re not convinced that sending a reminder can make a difference, read about how a reminder the IRS sent out to those who paid a fine for failing to have health insurance may have saved 700 lives. 

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Health and Wellness Benefits Insights for 2020

Health and Wellness Benefits Insights for 2020

by | Dec 11, 2019 | Blog

Health and wellness benefits insights for 2020. Where employee benefits are missing the mark and how employers can reduce work-related stress.

Aetna’s Business of Health 2020 report looks at some of the greatest challenges employers face maintaining a healthy workforce and improving business performance. 

Their first key finding is that health and wellness benefits are missing the mark. 

Seventy percent of employers believe they provide good health and wellness benefits, but less than 25 percent of their workers agree. 

Health and Wellness Benefits Disconnect

A part of the health and wellness benefits disconnect between employers and employees could be explained by uncertainty. Nearly 40 percent of employers are unsure about what employees want from their benefits package and over 40 percent are concerned about the cost implications of employee health and wellness. 

Communicating directly with employees to find out what health and wellness benefits they need most can help employers and employees get on the same page about benefits goals. This could be achieved through company-wide surveys, focus groups or direct benefits conversations with workers. Setting a firm budget for health and wellness benefits can ease employer concerns about program costs. 

Health and Wellness Benefits Insights for 2020

Employee stress is a huge threat to the well-being of employees, so much so that employers agree it’s the most challenging occupational health issue facing corporations worldwide, second only to viral illnesses like the flu. 

Nearly 50 percent of the global workforce feels stressed because of work and 80 percent of employees rated their company’s support for stress as adequate or poor. Of the almost 60 percent of employees who don’t get enough sleep, close to 35 percent blame job stress for keeping them up at night.

Reducing Work-Related Employee Stress

Only 25 percent of the HR Directors that Aetna interviewed believed that they offer good support for those who are stressed at work.

What can employers do to reduce work-related employee stress? Encouraging the use of sick days and having flexible working hours could help. More than 70 percent of employers don’t think employees take enough sick days. Less than 15 percent of HR Directors believe that flexible working policies have a positive impact on employee retention, but flexible working hours are the most popular workforce policies requested by employees. 

Employers have another opportunity to reduce work-related employee stress by supporting mental health in the workplace. More than 80 percent of employees are concerned that a mental health issue could one day affect their ability to work. Over 40 percent of employers say their company offers good support for mental health conditions such as anxiety and depression, but only 25 percent of workers agree. 

Mental health is becoming an important factor for recruitment as well. Nearly 70 percent of employees said they wouldn’t join a business that did not have a clear policy on supporting those with mental health conditions such as anxiety and depression. 

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World Mental Health Day 2019: Supporting Employees at Work

World Mental Health Day 2019: Supporting Employees at Work

by | Oct 8, 2019 | Blog

World Mental Health Day 2019: Supporting employees at work. These are five ways employers can reduce work-related risk factors and promote mental health at work.

World Mental Health Day 2019: Supporting Employees at Work

The World Health Organization (WHO) has outlined five ways employers can reduce work-related mental health risk factors, including high job demands, low supervisor and coworker support, job insecurity and long work hours. 

Plus, advances in technology are making it easier for employers to give employees access to mental health benefits that can help.

5 Ways to Promote Mental Health at Work

Research by Harvard Business Review found that less than half of employees felt their employers prioritized mental health and even fewer viewed their company leaders as mental health advocates. Most employees, 86 percent to be precise, think a company’s culture should support mental health.

Here are the WHO’s five ways employers can promote mental health, adapted from a guide from the World Economic Forum:

  1. Implement and enforce health and safety policies and practices, including identification of distress, harmful use of psychoactive substances and illness and providing resources to manage them.
  2. Inform employees that mental health support is available.
  3. Involve employees in decision-making, conveying a feeling of control and participation.
  4. Create organizational practices that support a healthy work-life balance and build programs for career development.
  5. Recognize and reward the contributions of employees.

A study led by the WHO found that for every $1 employers put into scaled up treatment for common mental disorders, there is a return of $4 in improved health and productivity. 

Mental Health Benefits During Open Enrollment

We’re only a month away from open enrollment and there have been plenty of technological developments that make it easier for employers to provide benefits that support the mental health of employees. 

A recent analysis from the National Business Group on Health found that more than 80 percent of employers will provide mental health services to employees virtually. One-third of employers will offer onsite mental health counselors. More than 25 percent will provide digital cognitive behavioral therapy for mental health issues. And nearly half will provide training for managers to help them recognize mental health issues and guide workers to resources. 

Now is the time to consider what kind of mental health benefits your organization offers and how you can use new technology to give employees access to programs and tools that can help. 

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