Are You Focused on the Employee Experience With Your Benefits?

As you manage your benefits offerings in a candidate-driven market, it’s more critical than ever to meet people’s individual needs when it comes to caring for themselves and their loved ones. Effective benefits administration circa 2022 must be undertaken with the employee end-user experience always top of mind.

• The employee experience has always been important, but the drastic changes brought on by the Covid-19 pandemic have raised the bar to new heights. For many workers, the past two years have provided time to reflect during coronavirus-imposed lockdown and, at the same time, experience the ups and downs of working remotely. There’s no one-size-fits-all solution regarding which benefits to offer. Successful businesses will be those who tailor packages to each candidate or employee.

Here is What You Should Consider

Employees have choices.

As the pandemic raged on, many employees came to realize they had choices about where, when and even if they would return to work.

• This trend hit employers hard as illustrated by the Great Resignation of 2021. As people quit their jobs in droves, one global survey clearly illustrated the importance of the employee experience: 92 percent of employers said it would be a top priority at least through 2024, compared to only 52 percent prior to Covid-19.

Here’s what those choices look like.

As people reassessed their professional and personal lives, the need for balance between the two took on new clarity, as did the vital importance of reliable, comprehensive healthcare. People also came to realize they wanted to work for a company where they felt a sense of inclusion and inspiration, and had a voice in how their work and careers were shaped. Last but not least, remote work provided the freedom to be more selective about where they would work, in order to check all those boxes.

And here’s how you can offer them.

As a small to mid-sized business owner, you may be agonizing over how to attract and retain top talent when competitive, affordable benefit packages seem to be out of your budget reach. For a growing number of companies, the solution is turning benefits administration over to a professional employer organization (PEO) or other outsource partner.  

• By partnering with a PEO, for example, you enter into a co-employment relationship. You retain control over your business and key talent decisions, but your PEO becomes employer of record for your workforce. PEOs pool all their client employees together, giving them group purchasing power when it comes to benefits. This enables you to compete with much larger companies in terms of what you can offer. Think dental and vision coverage, retirement plans, HSAs and FSAs, wellness programs, mental health coverage, fitness reimbursement … and the list goes on.
• To learn exactly which benefits your employees are seeking, you may want to start by asking them. Your outsource provider can help conduct surveys and focus groups, as well as implement communication programs to ensure ongoing dialogue with your team about what matters most to them.

Ready to Improve Your Employee Benefits?

Work with Key HR for PEO and other outsource solutions to help you be more competitive, win the current talent war, and better your business. Read our related posts or contact us today to learn more.