October 19, 2023

Third Thursday Thoughts, 22nd Edition

Third Thursday Thoughts

With open enrollment just around the corner for most companies, employee benefits are at the top of organizations’ minds. Today’s offerings have grown to include more than just medical, dental, and vision coverage. Companies are now including perks such as schedule flexibility, student loan assistance, and parental assistance as part of their overall package. Creative benefit offerings enhance the attraction and retention of talent. 

What benefits and perks do employees really care about? As recruiters with a consultative approach, we wonder the same thing. We just need to ask! By running benefits “pulse” surveys, Human Resource teams will get the data and perspective they need to tailor their company’s offerings. 

It’s also important to research what is happening in the marketplace and what your competitors are offering. When was the last time you spoke to your benefits broker? Brokers have the greatest visibility into what types of claims employees are filing and where you might have coverage gaps. Working closely with your broker is one of the easiest ways to ensure you’re meeting employees’ expectations and job market’s standards.

While studies have shown that traditional medical, dental, and vision coverage are still employees’ top priority, here are some non-traditional offerings that your employees may be clamoring for:

  • Health insurance savings: reduced premiums for those who complete health risk assessments and annual physicals.
  • Parental assistance and leave: companies are now enriching their policies with tools that assist new parents, including everything from post-birth specialist care to reimbursements for newborn necessities.
  • Virtual medical care: one of the hottest trends is virtual medical care. Employees enjoy and benefit from access to a doctor 24/7 via a laptop or smartphone, from wherever they are.
  • Tuition reimbursement and assistance: today, Americans owe millions in student loans. Employees, both entry level and experienced, are looking for companies that offer some type of tuition reimbursement and / or student loan assistance.
  • Mental and Physical Wellness:
    • Given the growing national focus on mental health wellness, it’s no surprise that workplaces are joining the conversation. Increasingly, companies are offering Wellness programs that give access to therapists, stress management, yoga, and meditation sessions.
    • Physical: Gym memberships, fitness and nutrition programs help create healthier, more active employees which can lead to lower medical insurance costs for both a company and employee.

Those are just some of the unique benefits that you should consider offering employees.

Marcum Search’s HR Consulting professionals can help with your specialized needs and wants relating to not only open enrollment, but any type of HR initiatives.