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.
This article outlines the value of offering personalized benefits and explains potential customization options.
The Value of Personalization
Different employees have different needs and values. Therefore, the same benefits offerings can’t satisfy everyone. For instance, many workplaces are multigenerational; the benefits needs of a 50-year-old man will likely differ from the needs of a 25-year-old woman.
If your organization is trying to appeal to current and prospective workers, consider tailoring your benefits options. This could mean expanding existing plan options or adding more voluntary perks. Either way, the end goal should be to give employees greater control over selecting benefits that are meaningful to them.
Personalized Benefits Examples
Allowing employees to choose from many benefits options might seem like an excellent solution, but that’s not necessarily the case. Too many choices could be overwhelming, illustrating the need for your organization to think strategically about offerings. The options must be deliberate and valuable to at least some employees.
Below is a list of potential benefits and perks that could appeal to a variety of workers:
While not all of these benefits options will appeal to all employees, this list shows some of the creative solutions other employers use to demonstrate value to their workforces.
Tips for Personalizing Benefits
Benefits personalization will vary by organization, but here are some general tips you can consider when assessing your own strategy:
Ultimately, personalized benefits will require meaningful conversations with employees. 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. In addition, reaching out to employees will demonstrate your organization’s interest and investment in them.
Employees want to know they matter to their employers. Offering a variety of meaningful options helps prove your organization’s commitment to your workers and their unique needs.
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In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.