Benefits Breakdown Newsletter-April 2022

Personalizing Your Employee Benefits Offerings

Each workforce is comprised of unique individuals with diverse backgrounds and interests. So why opt for a one-size-fits-all benefits package? Instead, consider providing benefits options that are as unique as your employees. Doing so could be the attraction and retention tool that sets your workplace apart.

In fact, 73% of employees said having customized benefits made them more loyal to their employers, according to a MetLife survey. Additionally, the survey found that 83% of employees would trade a small pay cut for better benefits options

Benefits personalization will vary by organization, but here are some general tips you can consider when assessing your own strategy:

Survey employees. One of the best ways to discover employees’ benefits desires is by asking them.
Conduct focus groups. Similar to a survey, consider meeting with employees in groups to solicit benefits feedback.
Maintain ongoing benefits conversations. As employees age and grow in their careers, continue to ask them about their evolving benefits needs.
Opt for variety. Consider offering different types of health plans or management programs that address specific health conditions.

While it’s impossible to offer benefits that will meet all the needs of every single employee, maintaining open communication with workers can go a long way toward that goal.

Offering Work-from-Home Subsidies

Working from home is more popular now than at any time in recent history. What started out of necessity during the COVID-19 pandemic has now morphed into a perk that remote employees are eager to retain. Luckily for these employees, remote work is likely to remain for the foreseeable future, as many employers say offering flexible work will remain a priority.

However, working from home can also come with additional, unexpected expenses for employees. Some workplaces understand these financial burdens placed on remote employees and are providing relief where possible.

Some ways employers are subsidizing remote employee expenses include:

Offering a stipend or reimbursement for purchasing home office-related equipment
Providing employees with equipment to take home, such as laptops, monitors and headsets
Paying for remote employees’ internet bills

These are only some of the ways employers like you are able to subsidize remote working expenses. Deciding what would work best for your workplace will depend on a variety of factors, such as the type of work being conducted and available resources.

For more information about employee benefits, our services and products, please contact HANYS Benefit Services by email or by calling (518) 431-7735.

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