Benefits Brief: Designing Benefits Programs for a Changing Workforce
April 10, 2018
For most organizations, attracting and retaining top talent is a top priority – after all, a successful company starts with assembling a team of smart, dedicated employees. Because health and human service organizations are also dealing with the effects of a reduced labor market, designing a benefits package that successfully meets the needs of their target workforce is paramount.
Traditionally, healthcare companies have not had a hard time attracting full-time employees by offering standard benefits such as health insurance, paid time off and 401(k) retirement plans. However, as the workforce skews younger, these organizations will need to reevaluate their benefits strategy to design a package that appeals to millennials. Last year alone, the Society of Human Resource Management found that one-third of employers expanded their benefit package to attract talent.
How can health and human service organizations design a benefits package that aligns with their desired workforce?
To start, healthcare organizations and HR professionals should administer a comprehensive audit of the existing benefits program. Having face-to-face meetings or even distributing an anonymous survey to current employees can help shed light on what type of benefits your target audience actually values. For instance, recent college graduates often prefer an increased salary over enrolling in the company healthcare plan since they are able to stay on a parent’s plan until they are 26 years old. In addition, companies can consider providing leadership training opportunities. Not only does this equip staff to better perform their job, but continued professional development shows that the company is invested in the personal growth of its employees. Finally, don’t be afraid to think about your benefits package with a fresh perspective. Pet insurance, student loan assistance and paid volunteer time are just a few of the perks businesses are adopting today.
As younger generations begin to enter the workforce, organizations will need to abandon traditional notions of employee benefits and work to meet the evolving expectations of future applicants. By designing a benefits plan that adequately fits the needs of employees, healthcare organizations will not only attract and retain top talent – but also improve their bottom line.
Philadelphia, PA, 19102