Benefits: More Bang for Your Buck

There’s no question that employee needs have changed in the last few years with the COVID-19 pandemic, a volatile employment market, and rising inflation. Due to this new environment, employees are paying more attention to their benefits and trying to find ways to get the most for their money and stretch their dollars further. Employers need to recognize this and realize that offering benefits to meet their workers’ needs can be a win-win situation. By taking the time to simply evaluate employee preferences, companies can optimize their benefit packages and tailor them to their workforce at little to no additional cost. 

From a recruiting standpoint, benefits have always been critical in attracting and also retaining top employees and performers. A strong healthcare plan is usually at the top of every new hire’s list of important benefits, and as healthcare costs continue to rise, affordability is imperative for both employers and employees. One strategy employers are using to manage their health care costs is giving their employees choices or voluntary benefits that round off offerings and can come at no additional cost. With voluntary benefits, the employer offers a fixed sum of money that can be put toward whatever the employee chooses and what’s best for their situation. Voluntary benefits often include one or multiple of: accident insurance, critical Illness, hospital indemnity insurance, disability insurance, life insurance, or identity theft protection.

But as we head into 2023, employees are looking for benefits that include more than just a healthcare plan. While having the choice of where their money goes with voluntary benefits is great, many employees just want time. This can be offered in the form of a 4-day work week or the ability to work a 9/80 which is working 80 hours in 9 days or 80 hours in 2 weeks with one Friday off. As many companies have shifted to a hybrid or remote work situation during the pandemic, another benefit can be giving employees the option to work from home full-time or for an allotted amount of days during the week.

Ultimately, employees want benefits that organically fit into and benefit their life at home and at work. It is important to give them choices as every situation is different and giving them the option inspires employer appreciation when their benefits can be tailored to their unique needs. To keep learning how to invoke a benefit plan fit for today’s workers and world, visit: https://www.dii-ins.com/employee-benefits/.

DII is your partner when it comes to looking out for your employees. Our team of experts can work with you to understand the best employee benefits to implement for your workplace. Please contact your DII representative for more information.  #Benefits #EmployeeBenefits