How the benefits of financial wellness add value to your organization
Financial protections for businesses during the COVID-19 pandemic have led to a halt in employment in all sectors. Although involuntary, the effects of these public policies have strained the ability of employers to hire and retain the best talent. As these financial protections come to an end, employers must be prepared to differentiate themselves in the market to recruit the best talent. As compensation, benefits, and culture combine to help attract the most talented employees, focusing on some new and existing benefits is necessary to win the game of hiring exceptional talent.
According to a recent employee survey, financial security is at the top of their concerns. Financial benefits can take many forms, ranging from salary to employer-sponsored 401 (k) plans. To win the recruiting game, savvy employers need to focus on the following three benefits that allow businesses of all sizes to demonstrate a distinctive burst of financial security for employees during a tough hire time.
1. Provide lifelong learning opportunities
Today’s employees will have many different roles and employers throughout their careers. Continuous learning and skills development are very appealing to an employee. It can be obtained through new responsibilities and new projects, but also by obtaining new diplomas and certifications.
Be sure to highlight and promote reimbursement for ongoing skill development. A college diploma is not the only distinction when it comes to supporting your business in developing skills in this new hiring market. In addition to reimbursement of tuition fees for higher education, skills offerings may include industry-recognized certifications. This may include certifications for project management from the Project Management Institute, the Human Resources Professional through the Society for Human Resources Managers, the Certified Public Accountant, and the Certified Information Systems Security Professional of Information Technology.
2. Promote and apply a concrete remote work policy
The pandemic has served as a wake-up call for many business leaders, demonstrating that their businesses can operate and operate successfully with a remote workforce. Employee surveys have shown that a third of employees want to continue working remotely, and would look for a new employer if asked to return to the office.
Read more: How women can avoid falling on their bosses’ radar while working remotely
To this end, finalize and promote your balanced remote / on-site work policy if it is acceptable for your business operations. Actively promote that working from home is welcome, saving your employees money on ancillary expenses like business attire, vehicle maintenance, parking, transportation costs, and lunches. Also stress the value of the journey time avoided so that they don’t get stuck in a car, bus, train or metro. Often times, people don’t put a price on their time, so be sure to promote it as an added value to your benefits.
3. Limit employee medical expenses
The rising cost of health care has skyrocketed insurance premiums. Employers, almost all of whom provide medical and dental benefits, have been forced to share the costs with employees. Payroll deductions and increased personal responsibilities, such as higher copayments, deductibles, and coinsurance, have increased the cost of health insurance for employees.
Covering these out-of-pocket expenses has been so burdensome that many employees feel functionally uninsured and often skip or delay medical care for themselves or their family members. The value of their health insurance becomes lackluster, limited to catastrophic events alone. Make sure you provide a health benefit that offers financial protection for out-of-pocket expenses, so that your employees see a doctor when needed and alleviate fears of medical bankruptcy. Additional programs are available to help you.
In these tough times, thinking differently about benefits helps employers create value to attract and retain talent. Hiring is rampant, with vacancies at unprecedented levels. Make financial security the focal point of your benefits to help your business shine in a booming market.