April 02, 2020 | By Peter Nieves – Benefits Pro
As we examine the evolving relationships within the benefits arena, we’re noticing the emergence of three distinct approaches.
As we embark on a new decade, employers are placing a greater emphasis on employee well-being by offering broader benefit packages that appeal to a more diverse workplace population. They are doing this through the increasing use of technology and data to support decision-making and facilitate effective use of allowable limits.
In the highly competitive employment market we find ourselves in, decision-making and simplicity has become the linchpin, as employees leverage work to gain more fulfillment, pursue their goals, and align their values and experiences more authentically. They also are looking to employers to help manage their newly redefined work-life balance and help them decide which benefit offerings can best accomplish this. Employers, on the other hand, are looking for ways to meet employees’ new and evolving benefit needs and obtain the most value for their benefit spending.
This “re-direction” in benefit choice and selection is forcing employers to realize that employee benefits can no longer be defined within a one-size-fits-all framework. For example, more employers are offering family-building benefits like fertility services and maternity leave, and are expanding these types of benefits to help employees address work-life conflicts while keeping them productive and engaged at work, according to the International Foundation of Employee Benefit Plans.
As we examine the evolving relationship between employee and employer within the benefits arena, we’re noticing the emergence of three distinct approaches to employment benefit offerings:
1. Broader employee groups will be addressed by re-directing more personalized benefits to provide more inclusivity.
Siloed benefits, especially in the family-building category, aren’t always useful to a broad population.