Service packages must deliver, not just attract attention
Offering holistic benefit packages that go beyond the competition is a great way to recruit employees, but retaining employees requires ensuring that employees actually care about their accomplishments.
Offering better, more creative, and more comprehensive service packages is a piece of cake. Employers are now offering pet insurance to cover a larger portion of their employees’ extended lives. There are entire companies, like Blunovus whose primary mission is to improve well-being in the workplace, who thrive precisely because they help organizations take care of their employees more holistically. There are many ways to think about expanding your service offering. However, when identifying priorities to focus on, it can be helpful to consider available survey data, which we discuss below.
One specific approach that many companies are taking to ramping up their benefits packages and recruiting top talent is to offer more financial wellness resources. When you think of employee benefits, so many of the most valued benefits ultimately come down to supporting employee financial security. A recently Morgan Stanley survey found that 90% of employees want their organization to prioritize financial benefits, and 95% of HR leaders plan to do so.
There are countless ways companies help their employees build wealth and protect their financial security: retirement plans, health insurance, voluntary life and disability insurance, and more. Estate planning is an often-overlooked service that can be part of that mix of benefits focused on protecting and supporting employees’ finances – by helping them protect their financial legacies.
A recent study “Status of estate planning‘ revealed that only 13% of workers now receive estate planning as a benefit. However, of the remaining 87%, more than 72% would be interested in using estate planning services if they were offered by their employer.
Offering benefits that people want but aren’t typically offered is a great way to make your benefits package stand out. Using the example of estate planning; Not only can they offer an advantage that most of your competitors don’t have, but they can also help open up access to people who would ordinarily face it more barriers to financial services. This current piece in The Atlantic highlights how non-traditional families are often disadvantaged when trying to build generational wealth. Your DE&I efforts should go beyond hiring and help close gaps in reachability through tangible financial benefits.
Another major benefit of expanding financial wellness benefits is the increase in employee satisfaction and productivity. This new one Survey by PWC goes deeper into how significant the impact of personal finance problems is on productivity. Ask yourself this: If your employees could rest assured that their loved ones would be cared for in the event of their death, how much more productive would they be? The key point here is that when you focus your services on relieving stress and worry, your employees are more likely to stay with your company and be satisfied with their jobs, knowing that you care about their well-being.
Expanding your service offering to differentiate yourself isn’t easy or simple, but there are a few guiding principles to keep in mind. You will thrive the more holistically your service packages address people’s lives and finances, especially if you offer things your competitors don’t.
What’s less easy, however, is getting people to engage with their benefits often enough to see the full value of the offer. You can offer people the best benefits in the world, but it all depends on whether they actually take advantage of them. Don’t lose people because they never really see the value of your benefits.
The first aspect of this is onboarding and training. Go beyond the standard pitches of each benefit, provide actionable guides, and host interactive workshops on a regular basis that deliver valuable results immediately at the end. People are busy and rarely want to sit through power point presentations on the declaration of performance, especially when the benefits are not tangible in the short term – e.g. B. Retirement accounts for younger people. Focus part of your onboarding and benefits training on demonstrating the more immediate impact of engagement on your benefits.
A second key aspect of increasing the value of employee benefits through more consistent engagement is delivering benefits that are not designed to be set and forgotten. Returning to the estate planning example above, we are talking about what people would normally expect to be relevant only at the end of life, when in reality a constantly updated estate plan that reflects current life circumstances is a crucial part of the personal finance is management.
Showing your employees things they can and should do to better manage their finances, and then actually enabling them to do so through partnerships they won’t get anywhere else, on top of education – is a fantastic approach to building consistent engagement with a concrete to ensure benefit.
The bottom line is that your benefit offerings must be designed in such a way that employees continually realize the value of their benefits and differentiate you on paper from your competitors.
Rafael Loureiro is managing director of assetsthe company that demystifies estate planning with modern tools to create, manage and visualize your estate to secure your family’s financial future.