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As more employers turn to robust total rewards strategies to attract and retain workers, deciding which benefits to offer can be a struggle. From child care assistance to tuition reimbursement to fertility benefits, figuring out which offerings will work best for employees — and pay off for the company — takes some work.
But there are a few ways HR can tackle the benefits dilemma as employers head open enrollment season, according to benefits pros.
Understanding what employees want — and which benefits they will use — comes down to doing some legwork, according to Erika Duncan, a human capital consultant at UHY, an accounting and advisory firm.
Duncan recommends employers regularly survey employees either through engagement surveys or focus groups to gauge participation and interest. Exit interviews, although a lagging indicator, also can provide insight. Beyond that, employers can turn to benchmarking data on salaries and benefits others in their industry offer.
While wellness programs, such as smoking cessation programs, fitness classes and mental health workshops, generally track participation rates, when it comes to healthcare benefits, the data are more robust, Duncan said. Employers can analyze claims and reimbursement records and see exactly how offerings are being used and at what cost.
“Using a combination of those methods is the best way to get a comprehensive understanding of both how your employees are engaging with the benefits, as well as how they’re perceived,” Duncan said.
Because employee needs are constantly evolving, employers need to continue to gather data to “refine and innovate their HR benefit strategies, ensuring they remain relevant and responsive,” a spokesperson for Forbes Advisor said.
Forbes Advisor’s most recent report on Workplace Trends by Generation, released in August, identified flexible work options, mental health resources and upskilling opportunities as the top benefits U.S. workers reported wanting access to in 2023.
While flexible time off and hybrid working arrangements aren’t considered traditional benefits, they are something employees are looking for and can be “paramount to a retention and recruitment strategy,” Duncan said.
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