5 Benefits Trends Every Employer Should Know

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When employees are thriving, they are 32 percent less likely to be looking for or actively seeking another job – and employers are taking notice. Organizations are prioritizing employee morale, mental health and overall well-being to create more supportive workplaces.

This increased focus on workplace well-being is creating a positive impact across organizations, helping employers manage long-term costs, attract and retain top talent, boost productivity and improve workplace culture.

The following are five key trends driving this approach, as well as strategies employers can embrace to be successful.

1. Well-being benefits are an expectation, not just a perk

Today’s employees, especially younger generations, expect their employers to show concern for their well-being. Employers who care for employee health and well-being also see numerous measurable benefits, from higher customer engagement, productivity and profitability to lower turnover and fewer safety incidents.

To make an impact, employers should look beyond traditional health insurance and retirement benefits to offer ancillary benefits such as dental, vision, life, disability and accident insurance, as well as mental health support. These benefits can be offered on an employer-paid or voluntary employee-paid basis and allow organizations to provide a wide range of customizable well-being benefits without adding significant work or cost for the business.

2. Employers are striving to improve healthcare affordability for employees and their families

As healthcare costs continue to rise, many employers are pursuing innovative strategies to improve healthcare affordability for employees and remove barriers to visiting the doctor. This includes offering health plan choices to accommodate different financial and medical situations, as well as improving access to preventive care by offering ancillary benefits like dental and vision insurance in addition to a traditional health plan. Other benefits such as life, disability and accident insurance can also provide income protection and peace of mind for employees.

3. Cultures aligned with employee values and needs are replacing toxic corporate cultures

A toxic corporate culture can be a top predictor of employee attrition, but when the culture is aligned with employee values and needs, workers are more likely to feel connected to the organization and committed to its success.

Organizations can implement strategies to help boost retention in the short term, such as providing lateral career opportunities, remote work options and more predictable schedules. Long term, employers should strive to address the elements of their corporate culture that are leading employees to disengage and leave and focus on aligning their culture with employee values and needs.

4. Employee financial health is a top well-being focus

A recent survey revealed that employees’ number one well-being focus is improving their financial health, cited by 51 percent of employees as a priority. Financial well-being is especially critical to younger generations, including millennials, who represent the largest segment of the workforce.

This anxiety over money can have a direct impact on the organization. Studies have found that as many as 60 percent of employees link economic worries to reduced performance at the workplace, which could cost corporations as much as $300 billion.

In response, employers are implementing robust financial wellness programs to support their workforce and improve financial literacy and retirement readiness. This includes financial education focused on spending, budgeting and investing strategies.

Employers can also offer a variety of ancillary benefits to help employees save money and ease financial stress. Dental and vision insurance benefits, for example, typically cover preventive exams and can help lower out-of-pocket expenses. Life, accident and short-term and long-term disability insurance can provide valuable income protection should the unexpected occur.

5. Employers are offering more family-focused benefits and mental health support

Mental health and family-focused benefits can also have a significant impact on employees’ job satisfaction and overall well-being. Fortunately, there are many ways employers can help.

Employers can offer an Employee Assistance Program (EAP), which provides behavioral health support for employees struggling with a variety of work and life concerns, including mental health, financial and career issues. Organizations can also implement or expand a paid leave program using short-term disability insurance, as well as provide dental and vision insurance to help employees and their families stay healthy and save money on necessary dental and vision care.

The bottom line: Employee well-being matters. And while many organizations already offer some form of a wellness program, this often focuses on physical health rather than well-being. Instead, organizations need to consider a broader, more holistic approach of taking care of the whole person, not just the employee.

To download free resources and see how ancillary benefits can help transform your organization’s well-being, visit renaissancegroupbenefits.com.

Insurance products are underwritten by Renaissance Life & Health Insurance Company of America, Indianapolis, Indiana, and in New York by Renaissance Life & Health Insurance Company of New York, Binghamton, New York. Both companies may be reached at PO Box 1596, Indianapolis, Indiana 46206. Products may not be available in all states and jurisdictions.

John Feeney is vice president, group sales and market development for the Renaissance Life & Health Insurance Company of America. With more than 30 years of sales and training experience, Feeney has a robust background in marketing employee benefits for organizations of all sizes.