Employee benefits are essential to attracting and retaining top talent, and they play a huge role in setting a company apart from its competitors. Knowing the latest employee benefits trends helps employers offer plans and programs that fit the needs of the current workforce.
Today’s workers are looking for employee benefits that are flexible, embrace technology and support their financial and mental well-being. And many employers are taking note!
Here are the top four employee benefits trends that are already making waves in 2019:
1) Digital access
Unlike in the past, technology is now leading the way in terms of benefits. Employees are now looking for their benefits to embrace the digitalization that we see in the workplace. They want to be able to have quick and easy access to information about their coverage and to be able to make claims without the hassle of filling out forms and waiting weeks for a reimbursement.
Though many providers have been offering online access, what employees are seeking today are mobile visibility into and engagement with their benefits plans. That means, being able to open up an app, like Honeybee, to see how much coverage they have and be able to instantly submit a claim.
Employees also want access to digital care, such as virtual health care, that give them the flexibility to seek help and treatment from wherever they may be. This makes it easier for employees to take care of their health, as they’re able to easily fit it in their busy schedules.
2) Spending accounts
The traditional, one-size-fits-all approach to benefits packages is on its way out this year. Instead, employers will be focusing on offering customizable employee benefits that they can use for recruitment and retention. According to Willis Towers Watson, 60% of Canadian employers are offering their workforce flexible benefits that they’ve customized to differentiate themselves from competitors.
Plus, these customizable benefits also mean personalization for employees. That means that not only are employers choosing benefits tailored to their workplace culture, but they’re giving employees the option to personalize those choices to fit their own specific health and lifestyle needs.
These kinds of customizable and personalized benefits help support a multi-generational workforce whose needs differ not only based on age but where they each are in their lives. Some may be single and healthy, others may have a chronic health condition that they need to manage, or there may be some who have a family to support. Personalized benefits help meet the needs of employees no matter what stage they are in life.
3) Focus on mental health
According to a survey by Morneau Shepell and the Mental Health Commission of Canada, 34% of Canadians list workplace stress as the major cause of their mental health problem. The survey also found that 72% of employees believe that their mental health is having a negative impact on their careers. They’re not wrong. Mental health issues result in an increase in absenteeism and a huge drop in productivity.
The survey also reveals that 66% of employers have no policy or program in place to decrease the stigma behind mental health in the workplace. With these kinds of studies and campaigns like #BellLetsTalk shedding more light on the issues around mental health in the workplace and society today, more companies are seeking ways to help support employees.
Employers are realizing the need to provide employee benefits and implement programs that not only help treat mental health issues but also help prevent them from becoming a problem to begin with.
4) Financial wellness programs
Did you know that 84% of Canadian employees want financial assistance in the workplace? Employers are recognizing the importance of financial wellness in the workplace as many employees are living paycheque to paycheque and concerned about their futures.
More companies are now offering programs to help educate their workers about healthy financial practices – such as investing, saving, paying off debt and planning for retirement – since the lack thereof definitely contributes to stress in the workplace.
Some companies have introduced financial wellness counselling and are offering employees easy access to expert advice on budgeting. Others go even a step further to help support their employees financially. With student loan debts currently totalling more than $1.5 trillion, many employers are now providing reimbursement plans to workers to pay off loans.
The workplace today is changing rapidly. A more diverse workforce and competitive labour market are prompting employers to reconsider their employee benefits programs.
Honeybee’s digital employee benefits platform allows employers to offer flexible spending accounts that help support the well-being of employees – including providing financial and mental health support, and resources in preventative health.
Contact your Advisor or a Benecaid Benefits Consultant at firstname.lastname@example.org, or call us at 416-626-8786 to book a demo and find out how Honeybee can benefit your workplace.