Rethinking your benefits strategy

Does your benefits strategy benefit your employees? (See what I did there??) 

IDK why I wanted to make that pun and I promise I’ll never do it again!!! I’m not the pun type and I thought I could make it work this time but it’s not for me. 

Moving on… 

Your benefits strategy can make or break your culture because it:

• Displays what your organization values (wellbeing, etc)
• Showcases who the organization supports (parents, women, etc)
• Influences who the organization can recruit 

Spoiler alert: your benefits absolutely impact things like employee experience, engagement and retention. 

So, what’s the ideal strategy for benefits? 

The obvious answer is one that balances employees’ wants/needs with the business’ goals. 

BUT WHAT DOES THAT ACTUALLY LOOK LIKE???  

A whole lotta complicated TBH. 

For 2 main reasons: 

1) When designing your benefits strategy it’s not just about what you WANT to offer oftentimes it’s what you CAN offer. There are also the complicating factors like politics, geopolitical issues and finances that can impact what’s possible. 

2) Your benefit strategy needs to be custom to your organization which means there is no “perfect strategy” out there and a lot of advice might not be relevant to your specific org.  

Not to mention, we live in the age of personalization. From Netflix telling us what to watch next or Spotify introducing us to our newest favorite artist – employees are coming to expect the same personalized experience from employers. 

That means every organization’s benefits strategy will look different.

Now see why I said it was complicated???

While I can’t give you the exact perfect benefit strategy fully customized to your organization – what I can, and will do, is tell you some benefits you should consider adding to your list! 

#1: Menopause friendly benefits 

I’m really tired of seeing benefits that are only aimed at supporting women during their childbearing years… 

What about supporting women in all their stages of life? What an idea!! 

Fact: 1 in 5 people in the US workforce are in some phase of menopause transition. And few people AND employers actually understand what that means. 

And the generation going through this change also happens to be the largest generation in the global workforce – millennials. 

Traditionally we’ve seen media portrayals of women in menopause as experiencing hot flashes – but it’s so much more than that! 

Amongst Millennials:

• 1 in 6 have switched to less demanding careers
• 28% have avoided taking on new projects
• 28% have spent working time researching how to treat their symptoms 

Let’s not forget that Gen X is also actively dealing with perimenopause/menopause: 

• 67% of Gen X think their employer might judge or stigmatize them
• 26% of Gen X say they feel unsupported around managing their menopause symptoms in the workplaces
• 35% of Gen X with perimenopause/menopause symptoms have not discussed their symptoms with a healthcare provider

Finally, a stat that you should never forget: 76% of Millennials and 65% of Gen X say that having or getting a menopause benefit would impact their desire to stay with their current employer.

So, if you have an employee population that is mostly Gen X or Millennial adding a menopause related benefit would be great for their wellbeing, support and retention. 

THIS Wednesday I’m digging into all this AND MORE at HR Therapy. My amazing friends from Maven Clinic are joining me to talk about perimenopause and menopause in the workplace, symptoms to understand and how employers can support their employees. 

#2: Financial wellness benefits 

What is considered one of the leading causes of stress? 

If you guessed finances – YOU ARE CORRECT!

More than 1 in 4 Americans (28%) have savings below $1,000. 

Combine that with the rising cost of living, the job instability many have witnessed in the last 2 years and the impact stress has on mental health. 

And you have a not so great situation. 

And now, more than ever, employees are focused on how to save but many aren’t taught how to do just that… 

There was no course in public school that taught me how to save and the importance of budgeting. Don’t worry though, I absolutely know how to find the area of a circle. 

Perhaps they need a benefit that can help them do just that! Not find the area of a circle, but to handle their finances properly. 

Financial wellness benefits have grown in popularity over the years and there’s no better benefit to consider because financial stress can impact productivity, wellbeing, and satisfaction at work.  

Here are some vendors to check out:

• Origin
• Learnlux
• Your Money Line

#3: Flexible work 

Let’s not pull an Amazon and demand everyone be in the office 5 days a week. 

In fact, working remotely is an incredible BENEFIT more organizations are taking advantage of!

Why?

Because flexible work options:

⚖️Improves work-life balance: flexible work allows caregivers to better manage their duties from childcare to other caregiving tasks. 

✍️Increases productivity: it turns out that deciding where and when to work has a real impact on productivity… I’m def more productive in my home than in the office. For me there are less distractions and then I can do work in a flow state rather than a forced state. 

🔑Unlocks access to talent: global talent can be a game changer but requiring in-person work can stop you from reaching sooo many talented people who might not be in the area. Not to mention, Gen-Z is valuing more flexible environments…

💰Saves money: Offices can be pricey – not paying for an office lease could save a ton of $$. And bonus: you could invest that spending back into your business or employees. Just sayin!!

Those benefits to flexible work sound great but truthfully executing a flexible work arrangement can be… terrible. 

So next week I’m breaking it down – how to rethink flexible work and how to best set your organization up for success. 

STAY TUNED!

Honorable mentions: 

 

A bonus section just for you!! 

That list of 3 absolutely wasn’t comprehensive so I wanted to leave you with a few other benefits to consider:

1. Mental health support: in the form of covering therapy to offering mental health days there is a lot to do here! 
2. Enhanced parental leave: from how long parental leave is to who is eligible (adoption or surrogacy), to how to support parents transitioning back there is ample work to be done here! 
3. Career development: There are so many new skills that could be learned to help your workplace. Offering employees assistance with acquiring those skills could make a major difference in your workplace and culture! 
4. Sabbatical programs: YES this is a benefit! And I adore it… extended time off to pursue interests can re-energize and support your employees in ways other benefits cannot.  

Lots to discover here! So if you’re rethinking your benefits know that there are a ton of options out there. 
And if you’re stumped – we opened up a FREE tier in Safe Space so you can join us there and ask alllll your questions.