How financial wellness benefits add value to your organization
The financial protection of companies during the COVID-19 pandemic resulted in a standstill in all industries. Although unintentional, the impact of these public policies has put a strain on employers’ ability to hire and retain the best talent. When these financial safeguards run out, employers must be willing to differentiate themselves in the market to attract the best talent. While compensation, perks, and culture all work together to attract the most talented employees, an emphasis on certain new and existing perks is required to win the recruitment game for exceptional talent.
According to a recent employee survey, financial security is high on the list of worries. Financial benefits can take many forms, including everything from salary to employer-customized 401 (k) plans. To win the recruiting game, the most accomplished employers should highlight the following three benefits that allow companies of all sizes to bring a distinctive spark of financial security to their employees during a difficult hiring phase.
1. Provide opportunities for further learning
Employees today will have many different roles and employers throughout their careers. Continuous learning and skills development is very attractive to an employee. It can be acquired through new assignments and projects, but also through the acquisition of new degrees and certifications.
Be sure to highlight and encourage reimbursement for continuous skill development. A college degree isn’t the only award for helping your company develop skills in this new hiring market. In addition to college education tuition reimbursement, qualification offerings may include industry recognized certifications. This can include certifications in project management from Project Management Institute, Human Resources Professional to Society for Human Resources Managers, Certified Public Accountant and Certified Information Systems Security Professional of Information Technology.
2. Promote and enforce a specific policy for remote work
The pandemic has been an awakening for many business leaders and has shown that with remote workers, their companies can operate successfully. Employee surveys have shown that a third of employees would like to continue working remotely and would look for a new employer when they return to the office.
Read more: How women don’t fall off their bosses’ radar when working remotely
To this end, you should finalize and promote your balanced remote / on-site work policy when it is acceptable to your business operations. Actively encourage work at home to be welcomed and save your employees money on ancillary costs such as work clothing, vehicle maintenance, parking, fares, and lunch. Also highlight the value of avoided travel time so you don’t get stuck in a car, bus, train, or subway. People often don’t set a price for their time so be sure to advertise this as adding value to your benefits.
3. Limit employee medical expenses
Rising health care costs have skyrocketed insurance premiums. Employers, who provide almost all medical and dental services, are forced to share costs with employees. Salary deductions and increased personal responsibility such as higher co-payments, deductibles and co-insurance have increased the costs of health insurance for employees.
The burden of these own costs is so high that many employees feel that they are functionally uninsured and often skip or delay medical care for themselves or their family members. The value of your health insurance becomes lackluster and is limited only to catastrophic events. Make sure you provide a health service that financially covers the out-of-pocket expenses so that your employees can get medical assistance when needed and to alleviate concerns of medical bankruptcy. Additional programs are available to provide support.
In challenging times, employers can create value by thinking differently about benefits to attract and retain talent. Employee hiring is widespread, with job vacancies at an unprecedented level. Put financial security at the heart of your pension plan so your business can shine in a hot market.