The True Benefits of a Benefits Package – How Standout Benefits Amplify Employee Well-Being

It’s that time of year, open enrollment season!

As the world of work continues to evolve, the world of benefits evolves with it.

Though most employers are required to provide a set of mandatory employee benefits such as Social Security contributions, worker’s compensation insurance, and unemployment coverage, the vast majority of other benefits are up to the employer. That means employers have the freedom to choose benefits that fit the unique needs and challenges of the unique individuals that work within the organization.

When planning your evolving benefits for a new year, take into consideration the purpose behind your offerings and the unique demographics that you serve.

The True Benefits of the Benefits Package

If you want to stand out as an employer of choice, increase retention rates, improve employee satisfaction, amplify employee well-being, nurture healthy workplace culture, and attract new talent, you must offer an attractive benefits package.

The power dynamic between employees and employers is changing. In the current hiring market, employees have options, which means they are looking at your benefits packages with a critical eye and may be less likely to settle if they don’t see what they’re looking for.

In one study, respondents said they would heavily consider choosing a lower-paying job with more perks—especially health insurance and flexible hours—over one with a higher salary.

Modern employees hold their own well-being as a top priority, and organizations can demonstrate their support for that in the way they curate their benefits packages. It’s the job of workplace wellness professionals to eliminate barriers that keep employees from being well, and a well-curated benefits package can be a key part of that effort.

Standout Benefits that Promote Employee Well-Being

A great place to start identifying those barriers is to conduct a needs assessment. Ask employees what barriers they are facing, listen, and assess how those barriers can be addressed through your benefits offerings. Some of the common barriers that may pop up are:

Physical Health

• Barriers – A recent study found that 88% of respondents said that health, dental, and vision insurance are the most valued medical employee benefits
• Benefits – Providing meaningful health coverage enables employees to access the care they need when their health is suffering and when they need preventative care. In addition, programs and benefits that can help amplify physical health such as gym memberships, physical wellness programming, access to healthy snacks, ergonomic workspaces, and health coaching can also be a piece to eliminating physical health barriers.

Mental Health

• Barriers – A 2021 study found that the greatest concerns for employees in regard to mental health were burnout, anxiety, depression, sleeping disorders, coping with the return to the office, substance abuse, and self-esteem issues. Providing mental health benefits is essential.
• Benefits – Benefits like mental health insurance coverage, access to in-person and telehealth treatments, access to mental health resources, and an EAP (employee assistance program) are some of the key offerings to consider including in a benefits package.

Lifestyle

• Barriers – Affordable childcare, paid time off, and adequate parental leave are common barriers to employee well-being. Employees need benefits that promote and support a healthy work-life balance.
• Benefits – Flexible work policies, remote work opportunities, childcare subsidization or reimbursement, generous paid vacation time, sick time, and parental leave are all key considerations for addressing lifestyle barriers.

Workplace

• Barriers – The workplace itself can be a major barrier to employee well-being. Taking the time to assess gaps and areas where the workplace may be causing harm is essential to ensuring your benefits package has the ability to reach its full impact. Some key barriers in the workplace include flexibility, remote work, ergonomic workspaces, access to training and professional development, pay gaps, and wellness initiatives.
• Benefits – While the benefits that can address these barriers will be highly unique to your workplace, some benefits to consider including are flexible and remote work offerings, equitable pay, ergonomic work equipment, regular training and professional development opportunities, and wellness initiatives that address all aspects of employee well-being.

Finances

• Barriers – Stress and concern around finances can put a strain on many areas of an individual’s well-being. Salary, retirement, insurance, pay gaps, and bonuses are all concerns that can contribute to stressors.
• Benefits – To address those concerns, consider including retirement and 401(k) options and contributions, additional insurance on top of health insurance such as disability and injury insurance, access to financial advisors and investment professionals, clear policies around bonuses and commissions, and visible efforts toward pay equity.

Communicating Benefits to Your Employees

Tailoring your benefits package to address the unique concerns and barriers of your employees reflects an increased commitment to employee satisfaction and well-being. But don’t stop there. Be sure to clearly and frequently communicate the resources, benefits, and tools available to employees so that they can get the most from your standout offerings.

Create a Custom and Strategic Approach

Looking for more guidance on how to create a standout benefits package that addresses the unique needs of your employees? Take this course to learn how to design a competitive benefits package that addresses every aspect of employee well-being.

Want to learn more about integrating well-being into every aspect of your organization? Get started with a WELCOA Subscription and unlock hundreds of resources to walk you through each step of a proven methodology for designing work for well-being.

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