Skip to main content

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.

Popular posts from this blog

Employee Benefits Offerings: What Perks Can You Add?

Employee benefits can play a crucial role in attracting and retaining top talent. Beyond compensation and bonuses, offering a variety of perks can significantly enhance employee satisfaction and productivity. But what should you include in your employee benefits offerings?   What are employee benefits?   Employee benefits encompass compensation, bonuses and various perks outside an employee's wage. By offering flexible employee benefits, you can improve employee productivity and loyalty while attracting and retaining talented candidates.   Personalized benefits examples   The type of benefits offered can vary by industry. We've compiled some of the most popular options to help you explore possible employee benefits strategies .  1. Social opportunities   Employee perks don't always have to be tied to a benefits package. Sometimes, the best way to engage your employees can be through social opportunities. Group activities can help im...
Read more

What is Risk Management? 4 Key Topics to Know

Understanding risk management in retirement programs  Managing a retirement program is complex, with multiple layers of risk. For organizations and their leadership, understanding and mitigating these risks is crucial to ensuring the long-term success and reliability of these programs.   It often leaves human resource professionals, employers and program administrators questioning, "What is risk management, and how can we excel at it?"  This blog post explores the various aspects of risk management in retirement program administration and provides actionable insights to help organizations better manage these risks.  The importance of risk management  Retirement programs are designed to benefit participants and beneficiaries, but they come with their own set of risks. These risks can be broadly categorized into four main topics:  Fees  Administration  Investments  Cybersecurity  Each of these topics requires meticulous attention and ...
Read more

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods.  Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams."  In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin...
Read more