How To Personalize Employee Benefits For A Better Future

Providing workers with a choice in their benefits shows that the company values employee experience, thus boosting the wellness of workers.

High inflation, evictions, rising healthcare costs, layoffs and the threat of a recession are leaving companies on high-alert as they simultaneously reevaluate what the modern workplace looks like.

Work-related stress and anxiety mean less output and depleted satisfaction, suggesting that leaders have a growing responsibility to ensure the staff are supported during these turbulent times, while also making sure financial losses are minimal.

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The best way to do so is offering benefits that cater to each individuals’ needs. By supporting employees’ financial, mental and physical health, leaders are more likely to see a return on their profits.

One-size-fits-all models are riddled with problems, so offering personalized benefits plans is a good place to start. Providing workers with a choice in their benefits shows that the company values employee experience, thus boosting the wellness of workers

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In order to effectively personalize benefits plans, leaders will need to have an understanding of exactly what it is that each worker wants.

For instance, an hourly-wage employee may value having a PTO buyback plan, allowing them to cash in time-off for money. However, someone in the C-suite may prefer having a specialized retirement plan.

None of these changes can be addressed without a deep understanding of employee needs. This means opening lines of communication, leading with empathy and applying lessons learned to create a better, more stable future for workers.