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June 21, 2024

Going beyond the mission

Enhancing employee benefits, well-being, and retention.

Summary

The importance of comprehensive benefits
Leaning into the digital age
The generational differences in benefit expectations
Fostering an empathetic approach
Optimizing your benefits with Marsh McLennan Agency

Offering accessible and valuable benefits remains paramount in the human service and nonprofit organizations sector. Despite the challenges posed by economic and political risks that can strain budgets, employers face the imperative of offering benefits that enhance the well-being of their employees. These benefits should encompass mental and physical health, family support, and financial stability.

This raises the question of a company's responsibility regarding supportive benefits to attract new talent in this job market. This blog will cover a few key solutions for enhancing your employee benefits offerings to help you attract and retain talent in the industry.

The importance of comprehensive benefits in the competitive job market.

Competitive benefits packages are crucial in attracting and retaining top talent. According to a Forbes article on employee benefits, better benefits offerings are the second most significant reason people switch jobs, just behind better pay. Reducing turnover is an advantage of offering competitive benefit packages.

When employees are satisfied with their benefits, they are less likely to seek opportunities elsewhere, resulting in lower turnover rates. This helps organizations maintain a stable workforce and reduce recruiting, training, and onboarding costs for new employees.

Ensure your employees feel supported.

Research by Gallup reveals that employees who believe their employer cares about their overall well-being are 69% less likely to look for a new job. This is particularly relevant for human service and nonprofit organizations as their mission-driven work can be emotionally taxing. Providing robust benefits can help mitigate burnout and promote employee satisfaction.

Openly communicate with your employees about their benefits.

Employers can benefit from helping their employees better understand their benefits. A study by Aflac found that while 76% of employers think employees understand their health care costs, only 53% feel the same. This gap in understanding can lead to underutilization of benefits and decreased satisfaction. To bridge this gap, employers must communicate benefits more effectively and provide tools to help employees make informed decisions.

Lean into the digital age to help promote employee engagement.

One solution is leveraging digital experiences that help employees understand how benefits work and how they can be integrated to meet their financial goals. According to Voya, creating hyper-personalized plans through digital platforms can deepen employee engagement with their benefits and encourage utilization. Additionally, MetLife's study found that eight in 10 employees consider it especially important for their benefits provider to innovate with digital technology.

Centralizing technology platforms and HR resources is another effective strategy for enhancing benefits offerings. Comprehensive HR technology can streamline benefits administration, making it easier for employees to access and manage their benefits. This can lead to higher satisfaction and better utilization of available resources.

Understand generational differences in benefits expectations.

In today's dynamic work environment, it is crucial to recognize that each generation has distinct needs and motivations regarding workplace benefits. While the desire for more comprehensive benefits is shared among all workers, Millennials and Gen Z are at the forefront of driving these heightened expectations. These younger generations prioritize flexibility, mental health support, and financial wellness programs more than previous generations. To get a deeper look at how having four generations in the workforce impacts organizations, read our 2024 Employee Health & Benefits Trends: The Evolving Workforce report.

Understanding and adjusting to these evolving demands across generations is an important step for human service and nonprofit organizations to attract and retain top talent in today’s competitive workforce. Providing a mix of traditional and innovative benefits can help meet the diverse needs of a multigenerational workforce.

Personalize benefits offerings.

This approach involves tailoring benefits to address specific needs among all employees. For example, offering mental health resources and support programs can benefit employees in high-stress roles within human service and nonprofit organizations.

Employers can also consider their employees' financial stability as part of this approach. Programs such as student loan repayment assistance, retirement and wealth planning, and emergency savings funds can help alleviate financial stress and improve overall well-being.

Foster an empathetic approach to your employees’ lives in and out of the office.

An empathetic approach to benefits involves understanding and addressing employees' challenges and stressors. One way to demonstrate empathy is by offering flexible work arrangements. Recognizing that employees have different responsibilities and commitments outside of work, organizations can provide flexible hours, remote work opportunities, or compressed work weeks.

Another aspect of an empathetic approach is implementing family support programs. These programs can include benefits such as parental leave, childcare assistance, and eldercare support. Organizations that acknowledge employees' family responsibilities show they value work-life balance and understand the importance of supporting employees in various roles.

Organizations can encourage managers and leaders to actively listen to employees' concerns, provide guidance and resources, and offer a safe space to discuss personal challenges.

Optimize competitive employee benefits with Marsh McLennan Agency.

Enhancing your workforce with benefits packages that attract and retain top talent while ensuring compliance is essential. We offer a range of solutions that help human service and nonprofit HR leaders create comprehensive benefits packages for their employees. These include compliance support and oversight, HR technology consulting, Planning & Analytics for Total Health, and voluntary benefits consulting.

Contact one of our human service and nonprofit specialists to see how we can help your organization achieve its mission by creating a thriving employee base.

Employee Health & Benefits Trends: The Evolving Workforce

Deliver affordable benefits solutions for all generations of your workforce.

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Going beyond the mission

Summary

The importance of comprehensive benefits in the competitive job market.

Ensure your employees feel supported.

Openly communicate with your employees about their benefits.

Lean into the digital age to help promote employee engagement.

Understand generational differences in benefits expectations.

Personalize benefits offerings.

Foster an empathetic approach to your employees’ lives in and out of the office.

Optimize competitive employee benefits with Marsh McLennan Agency.

Employee Health & Benefits Trends: The Evolving Workforce

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Erin Clampett

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