Employers are wise to routinely seek the right combination of employee benefits to attract, engage, and retain top talent—all while staying within budget. Although outside forces may try to influence these decisions, the best way to create a winning benefits package is to engage directly with employees.
The Lively 2024 Employee Benefits Market Check reports that “81% of organizations have improved benefits to attract and retain employees in the last 12 months.” And according to the Forbes Advisor 2024 Ultimate Guide to Employee Benefits, an essential best practice for updating or designing an attractive benefits package is to offer benefits that “meet the needs of your employees” that they will “actually use and appreciate.”
Enhanced benefits reflect the needs and personality of each organization and can range from pet insurance, gym memberships, and free coffee and snacks at the office to tuition assistance, financial wellness programs, and expanded leaves of absence. But across the board, offering an affordable and comprehensive health plan is a primary driver of employee satisfaction.
Health Benefits Still Top the List
According to Forbes, the top three employee benefits are healthcare, PTO and a retirement savings plan. This aligns with findings in the Lively report, which prioritizes healthcare coverage after improving salaries and bonuses.
Forbes emphasizes the need to “communicate the details of your employee benefits package to your employees. They should know what benefits are available to them and how to take advantage of them.” Employers should seek health plan providers who offer personalized, concierge support that educates and guides members through the complex healthcare landscape.
Forbes also encourages affordability for both employers and covered members. Employers are cautioned against offering expensive benefits that “can strain your budget and make it difficult to offer other perks or salary increases.”
Companies can counter the drumbeat of constantly rising spending for their legacy insurance plans by reducing medical and Rx claims cost with a modern health plan. This makes it affordable to offer employees better coverage at a lower cost or to free up dollars for salary and bonus improvements.
