CULTURE, COMMUNICATION, AND YOUR 2024 BENEFITS PLAN

The goal of any benefits program may vary but the intent is to attract and retain employees. Today, however, it has become more personal while at the same time technology could make it less so. Employees want to feel heard; they want to feel appreciated almost to the point where they want their benefit programs to be personal.

At the same time, employers have been challenged with the need to rethink decades of culture development after the dramatic workforce changes in recent years. Workforce “burnout” is creating conflict with employees who have been happy with their employer but who struggle to stay energized and motivated.

The question is how do employers create a program that solidifies their employees’ sense of belonging, supports both personal and professional wellness and growth, but still is a manageable, effective program that supports the company culture, and maximizes the cost an employer must invest to reach its goals?

Generative AI is transforming all aspects of work in today’s environment, and it is having its impact on employee engagement as well. It is important to know the difference between using AI to identify trends and make improvements, but not using it to replace a real form of connection with employees.

With benefits being such a large financial commitment relative to employee pay, employers owe it to themselves to maximize their investment. In 2024, there are three main areas that can drive a better ROI outcome for employers.

FOCUS ON FINANCIAL FITNESS

Financial stress is as much of a reality for employees in today’s economic climate as it is for employers. And the impact of financial stress has strong ties to employee productivity. Many benefit carriers offer programs that can fit a diverse range of programs to help with financial fitness, education, and planning. We have found that adding financial education programs helps reduce this stress, improves productivity, and drives further confidence between employees and their employers.

BUILD DIVERSITY INTO BENEFITS

Employees have distinct needs. That’s why we see varying degrees of participation in different benefits. The key to increasing participation is offering enough options and the right options. How do we know which options? We must do the research and ask.

This is where Generative AI can support leadership and its desire to know and understand the changes and latest trends that are happening. AI can help uncover areas where companies can stay competitive and then work from a baseline of benefits that others are using.

Employees will appreciate being part of the process when you ask them which benefits they value the most. During onboarding and in exit interviews, new and departing employees can also answer survey questions that guide the 2024 benefits design process. You can also conduct 15 minute one on one interviews with employees to get their in-depth feedback. All of these are forms of engagement that connect your employees to you and the investment you are making.

You might find things that surprise you. Having pet insurance might be more valuable than college savings plans to your employees or vice versa. Or that eldercare or more mental health support may be very important. Employee feedback is critical when you’re making this investment.

Employers are trying to strike a balance among work from home, return to work, and hybrid environments. People have strong opinions and varied needs regarding the value of the personal connections that in-office jobs bring and the flexibility working at home affords. By including a flexible workplace environment, and adjusting work policies to account for it, you can achieve great returns in employee productivity and overall employee satisfaction.

You might want to introduce new benefits and remove others based on what’s important to your employees and their families.

INFUSE COMPANY CULTURE INTO COMMUNICATIONS

When you infuse company culture into benefits communications, you meet employees where they are.

This is where an employer can truly demonstrate value and connection. And you want communication to be as simple and clear as possible. Very often the complex nature of benefits alone is enough to frustrate employees and is where employers lose the value they are striving to bring. Your benefits communication should incorporate themes that are important to your company culture.

Benefits are about people, your people. Your communication should clearly focus on highlighting the things you already know about your company and your employees. Why do they value working for your company, and what is the top driver of job satisfaction? Reiterate those things and highlight the additional value you are providing that will build on what you’ve already created. Companies that make a clear connection to the value they already bring, highlight their culture, and provide clear and concise benefit information that shows the investment in employees’ personal and professional wellbeing will see dividends in the investments they are making.

How you communicate the benefits also matters. When done correctly employees are left with a feeling of connection to the greater purpose of working there.

When your goal is to drive engagement and participation, online communication is standard today. A stack of flyers and brochures no longer meets the need. Employees want to get the information, understand it, and make their choices all in one place.

The good news is that providers you work with today, most likely offer dedicated open enrollment websites that can be customized with the culture and branding of your company. Providers also offer videos and infographics that explain some of the topics and clarify the different choices. Using different online mediums will help reinforce the importance you place in your benefits program and give people options for how they want to educate themselves. Take advantage of what your partners already offer. If they don’t offer this, a small extra investment in a digital communications vendor can accomplish your goals.

The goal here is to simplify the information and make it easy for employees to sign up. Translate the jargon, present the information in bite-size pieces, and make it clear what they need to do next. Your benefits website should be optimized for mobile devices and have fresh content and design. Plan to promote the site regularly as the go-to resource for benefits.

Consider a company that offers benefit coaching solutions. They will provide access throughout the year to an expert that understands your benefits, and can communicate the value to your employees, without bogging down your HR manager. It is a great way to show the importance of the investment you are making. They can also provide one on one coaching sessions, which are far more meaningful and personalized than delivering a mountain of information to a room full of employees.

Ultimately, when you refresh your benefits and clearly and concisely communicate their value in a personalized way that reflects your company culture, you can set your company apart from the rest and gain the competitive edge you want your investment to create.