Employers are facing a diverse workforce with many benefit plan options. What decisions today will propel their plans to meet future needs?
Top-of-mind for many employers when reviewing their benefits plan are two key concerns: cost containment and talent strategy. With so many variables to consider, it’s unrealistic to try to deliver everything for everyone. Mid-market organizations in particular will have to be strategic and selective in their employee benefits design.
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The makeup of today’s workforce spans five generations. The youngest generation is leading a change in communication, with different expectations from technology than those who came before. Employers and HR need to think strategically about communicating employee benefits information in a timely and accessible way.
“The whole delivery of employee communications is changing… Every individual employee also wants to receive communications in the way they want it—they want choice.”
The Gig-Economy and Workforce Mobility:
Individuals entering employment already have an idea of how long they will be with a given company. Given that employees are more mobile in their careers, employers need to evaluate their value proposition and employee benefits plan to extend beyond an employees’ time with the organization. By building flexible benefits to complement this type of working lifestyle, you won’t be counted out by talent who have much to offer, even in a shorter-term relationship.
Dealing with Multiple Benefits Providers:
Being tight on time and resources, many employers are concerned with how to manage multiple vendor relationships and how to offer the various services employees value—all while managing cost. Fortunately, emerging solutions are answering the call for more customization and flexibility.
Collaboration with HR:
HR has an increasingly vital perspective to contribute to business transformation and workforce planning. With their people-centric mindset, HR is crucial to aligning different areas of the business through their understanding of employee experience, compensation, and talent strategy.
Get guidance from industry leaders with the full article, which covers an broader range of topics around employee benefits plans. Mercer, as the leading benefits consulting provider can be your trusted resource to structure benefits to more effectively attract and retain the best talent.
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