Friday, October 30, 2020

The New HR and Benefits Frontier

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An HR and benefits tsunami is coming.  Employers have focused on cost reduction.  Employees’ reduced earnings and benefits has introduced stress, a toll studies show ultimately impact employee morale, productivity and retention.  34% of employees surveyed want to change employers within the next 12 months, increasing costs and reducing profitability.

Balancing business costs and benefits needs is not about spending more; it’s about spending differently.  Cost shifting is not a strategy but a reaction.  Happily, surveyed employees do not expect employers to incur greater expenses but facilitate overall wellness (physical, mental, financial) through benefit plan design and offerings.

We now have 3 generations in the work force—the Baby Boomers, Gen X and the Millennials— with their own unique situation, perspective, needs, and expectations.  This calls for a generational strategy—flexible, customized and with choice.  Through an Engaged Benefit Design companies can forge an employer-employee bond by helping to financially protect employees and their families.

Engaged Benefits Blue Print

Purpose is to drive:

  • Employee well being: emotional, physical and financial health.
  • Employee engagement: a willingness to give discretionary effort based on an emotional and intellectual commitment to someone or something in the organization. 

Initial Stages of Discovery:

  • Employee engagement survey
  • Demographic analysis
  • Employee Benefit Survey

Generationally Based Benefit Assessment

  • Standard benefits: to protect
  • Nonstandard: to attract
  • Voluntary: to support
  • Unique: to retain
  • Wellness: to enhance

4 Steps

  • Discovery
  • Planning
  • Implementation
  • Measurement

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