Consultants who don’t immediate their customers to advantages that can altogether improve employees’ quality of life are missing the mark.
That was the key takeaway during a panel conversation at Workplace Benefits Renaissance, a conference hosted by Employee Benefit Adviser, on Tuesday. Lifestyle advantages are getting similarly as standard as medical, dental and vision advantages, said specialists, taking note of the rising interest in so-called voluntary benefits, especially among more youthful laborers.
“People are becoming more vocal during the onboarding process and coming in saying ‘tell me more about your benefits,’” said Merideth Harrington, a panelist, and chief revenue officer of Zeamo, a health and fitness benefit provider. “They’re asking this question because the expectation is the benefits are going to be more robust than medical and dental.”
Around 60% of workers say advantage offerings are a significant factor in their decision on whether to take a new job, as per a Glassdoor survey. The panelists said advantages will become more innovative as more youthful generations, as millennials and Gen Z, keep on dominate the workplace.
“Baby boomers are used to sticking with a job for 10 to 20 years, millennials are not — that shows they’re willing to take risks and chances,” said Anthony Lombardi, a panelist and senior managing consultant at Healthcare, Wellness & Benefits.
The panelists concurred employees’ expanding want for more far comprehensive advantage packages can be to a great extent ascribed to socioeconomic factors, similar to high childcare costs and the student debt emergency — to name a few. Competitive employers offer advantages tending to these necessities to enable their workforce to accomplish greater work-life balance, which prompts higher productivity rates and worker loyalty.
“If they’re struggling outside of work, it’s going to affect them at work. Employers are smartening up to get ahead,” Harrington said.
Shadiah Sigala, co-founder, and CEO of Kinside — a childcare advantage supplier — noticed that the U.S. is one of the few developed nations that doesn’t give universal parental leave. Therefore, working parents need to make plans for their small kids to be supervised by family members or childcare experts. Sigala said brokers can be part of the solution by directing employer customers who have workers with families to childcare benefits.
“Our society has become a place where parents are spending 20 to 30% of their income so their child can be raised by someone else,” Sigala said. “Employers aren’t doing enough now, but they’re in a position to support Americans holistically in the future.”
Anita Ward, chief development officer at Salary Finance, a financial wellness platform, brought up that pay is a major factor that decides employee lifestyle. If raises aren’t potential, employers can give tools to enable their workforce to make the most out of their present earnings, she said. Salary Finance, for instance, permits workers to get an advance on their paycheck so they don’t need to depend on short-term loans to make on-time payments.
“Financial troubles create anxiety in people; they’re more prone to sleepless nights and fights with coworkers — that’s certainly not a good work environment,” Ward said. “Employers are in the best position to teach financial literacy to create a more dignified workplace.”
During the post-panel conversation, an audience member brought up that the most competitive employers have lifestyle benefits; brokers who don’t deliver them are at risk of being supplanted. She emphasized that brokers need to concentrate on making a custom encounter for every customer.
“Our job as consultants is to cultivate a program that complements our clients’ culture,” said Katie Ott, director of worksite benefits and employee practice at M3 Insurance. “If you introduce new programs gradually, you can make a meaningful impact.”
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Web News Reporter journalist was involved in the writing and production of this article.