This is why HR needs to rethink their benefits packages

Now, perhaps more so than ever before, HR leaders are focusing on their benefits packages – and for good reason

BY Emily Douglas 28 May 2018

Now, perhaps more so than ever before, HR leaders are focusing on their benefits packages – and for good reason. A recent report from Burson Marsteller found that 79% of employers believe perks to be critical in attracting top talent - with a further 51% focusing on leveraging their strategy in the next three years.

Mike Jan, group benefits analyst at League, spoke to us about the importance of rethinking your benefits plans before the top talent slips through your fingertips.

“Employee well-being is becoming a higher priority for both executive teams and HR leaders,” he told HRD Canada. “That’s why, in an attempt to attract and retain top talent, organizations are really starting to go the extra mile by examining every aspect of their employee experience to offer great benefits programs that will heavily contribute to employee well-being.

“The employment landscape is also shifting. We’re seeing a more diverse workforce with different needs. Plus, today’s employees are just willing to change jobs more often. This means employers have to fight harder to attract and retain.

“That’s why it’s important for benefits programs to be aligned to the needs of your people - and your business strategies in general. Our clients get that. They really want to deliver benefits that enhance and support their corporate values.”

A study from Healthcare Trends highlighted that 75% of employers believe the retention of quality employees was based on the offshoot of good benefits packages, whilst 30% of workers admit being worried their employer will reduce or restrict their benefits.

So, just what exactly are the risks for organizations who refuse to consider shifting their strategies?

“I would say the top two are stagnation and loss of top-level talent,” continued Jan. “By not considering a move to a more consumer-centric approach, employers are likely to see higher benefit plan costs due to only providing a reactive benefits program - instead of a preventative one.