Attraction and Retention Are A Top Priority
According to Gallagher’s 2018 Benefits Strategy & Benchmarking Survey, 60% of employers ranked the attraction and retention of top talent as their number priority. In today’s constantly changing market, though, employees are more demanding and confident in their ability to find the perfect career fit. This means that for an organization to remain competitive for top talent, they must offer affordable, quality healthcare and include updated and relevant benefits plans, while also finding ways to keep their employees happy, healthy, and engaged. It may sound daunting, but luckily the following survey insights on employer best practices can help!
Benefits Plans
In this survey, Gallagher found that more and more employers are offering customizable benefits plans to their employees. Considering today’s diverse and multigenerational workforce, this is the best way to remain competitive and ensure employees are getting the benefits they need. Additional best practices include:
1. Offer multiple medical plans.
2. Provide more choice and flexibility with the inclusion of voluntary benefits, or the expansion of existing voluntary benefits.
3. Offer employer-sponsored dental plans and group life insurance.
4. Make health savings accounts (HSAs) available to employees and help them utilize these accounts to build a reserve of healthcare funds for retirement.
Engagement
Increasing employee engagement within your organization is not only crucial for overall employee and organizational health, but it also plays a huge role in the attraction and retention of top talent. The main struggle for more organizations, though, is finding affordable options for boosting employee engagement. When working to improve engagement, Gallagher highlights the importance of investing in the health, financial security and career growth of employees in a way that aligns with organization’s employee value proposition and culture. From there, effective communication is key for participation, which will lead to improved engagement. Additional best practices for engagement include:
1.Include technology, such as social media or mobile apps, to better connect with employees.
2. Encourage employees to participate in charitable causes they believe in, and offer organizational support. This not only improves engagement, but it also supports employees’ physical and emotional wellbeing.
3. Automate HR and benefit technologies processes to improve efficiency and increase employee productivity.
Healthcare
This Gallagher survey found that more and more top employers are choosing healthcare plans based on incentives and value, with the end goal being to provide the most affordable and desirable healthcare option. Employers also want to ensure their employees are educated and feel empowered to select healthcare plans that best fit their needs. The best practices to achieve this are:
1. Incorporate telemedicine for its convenience and affordability for both employees and employers.
2. Provide resources such as cost calculators and healthcare apps to ensure better healthcare cost-transparency for employees.
3. Offer health management programs for employees with chronic diseases and conditions so they have more control of their health outcomes.
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