In the past, businesses found valuable employees simply by offering high salaries—but today’s job seeker is savvier than ever, often turning down job offers due to mediocre benefits. As your organization prepares for employee benefits insurance changes in 2023, how can you ensure your company’s benefits package attracts and retains talented employees?
Read on to find out.
Why Are Employee Benefits Important?
Employee benefits are more important than ever before. Since today’s job market is employee-centric, job seekers aren’t settling for mediocre benefits programs, often turning down job offers if a company’s employee benefits package isn’t exactly what they’re looking for.
That’s why it’s important to offer an attractive employee benefits insurance package that shows you’re invested in the health and well-being of your employees. With a benefits package that offers solid incentives, you can attract and retain top talent and differentiate your business from the competition.
2023 Benefit Changes
According to the Society for Human Resources Management (SHRM), healthcare benefits costs are going to rise over the next three years—but 67% of employers are making benefit changes in 2023 to manage employee benefits insurance costs, making benefits programs more affordable for their employees.
Below are a few employee benefits planning initiatives employers are implementing in 2023 to manage rising healthcare costs and improve affordability:
- Health plan budget boosts: 2 out of 10 employers are adding dollars to their healthcare plan without using funds from other benefits or pay, and another 30% of companies plan to do the same in the next two years.
- Contribution banding: More than 28% of employers are restructuring their payroll contributions to reduce employee benefits insurance costs for low-wage employees, and another 13% of companies are planning to do the same or will consider it over the next two years.
- Low-deductible employee benefits plan: 3 out of 10 employers are offering employee benefits plans with low-member cost sharing that includes no more than a $500 deductible for a single preferred provider organization plan.
Tips for Employee Benefits Planning
If you want to attract and retain top talent in 2023, it’s crucial to provide a competitive employee benefits insurance package. Consider the following tips to get a jumpstart on your employee benefits planning:
Understand Your Audience
First, get an understanding of your audience. A competitive employee benefits insurance package isn’t a one-size-fits-all solution and depends on the age range of your employees. For example, younger employees are attracted to competitive financial medical benefits, while a more mature group of employees are more likely to seek out family benefits.
Consider Employee Surveys
Next, get an idea of preferred employee benefits by administering surveys. Surveys can help you identify desired employee benefits, such as flexible paid time off or mental health resources. By using surveys to create an attractive employee benefits program, you can offer benefits that your current employees want to see in their 2023 package.
Ask for Feedback
To help with employee benefits planning for next year, you can also ask employees for feedback about current benefits to identify the specific offerings your workforce is actually using. Companies often spend a lot of time making benefit changes based on what they think will improve retention only to discover that the benefit isn’t highly desired. Asking for feedback on benefit changes ensures you’re implementing offerings that will be used by your workforce.
Provide Value in Your Employee Benefits Insurance Package
You can provide value in your employee benefits insurance package by designing a program that’s beneficial for your entire workforce. When organizations spend money on benefits that are valuable only to a small group of employees, the investment is questionable. Personalized employee benefit plans deliver more value to your entire organization.
Employee benefits insurance is a major factor in attracting new talent and keeping employees around long-term. InSource can help you find the perfect solutions for your company.
Give Remote Work Benefits
Remote work is a huge benefit sought after by today’s modern job seeker, so creating an attractive remote work policy can draw in valuable employees. Along with creating a remote work schedule for your workforce, consider monetary benefits, such as technology upgrades and funds that pay for faster Wi-Fi.
Add Inclusion and Equity Efforts
Include your company’s inclusion and equity efforts in your employee benefits program to attract workers with the same beliefs. Ways to promote inclusion and equity include acknowledging holidays of all cultures in paid time off, promoting pay equity, and communicating the importance of managing bias in the workplace.
Think About Soft Benefits
Consider soft benefits in your employee benefits planning efforts, such as work flexibility, remote work allowances, and free lunches and snacks. Adding multiple soft benefits in your package can entice the modern job seeker and help you stand out from the competition.
Provide Free Healthcare
Since the cost of healthcare is rising significantly, many companies are offering free healthcare to stand out from the crowd. While free healthcare may seem old-fashioned, employees appreciate the benefit when they need it.
Give Employees the Power To Choose
Giving your employees the power to choose which offering they’d like to add to their benefit plan each year makes them feel more in control. Conduct a survey asking employees which benefit they’d like to add and include that benefit in your open enrollment line-up.
Find the Perfect Employee Benefits Insurance for Your Workforce
InSource helps you find the perfect employee benefits insurance package that shows you care about your workforce’s health and well-being. Our team can guide you through 2023 benefit changes so you can find the right coverage to attract new employees and retain existing ones.
When you partner with us to secure your benefits, we save you the trouble of searching for solutions and offer our expertise on a wide range of packages, such as group dental, vision, and long– and short-term disability, and life insurance. Contact us today to prepare for employee benefits insurance changes in 2023.