The rapidly changing business landscape has forced businesses to change the way they look at their employees. Today, thanks to a tectonic shift in the way businesses think, employees, more than just workers, are considered stakeholders. For many businesses, addressing the needs and concerns of their employees is an important KRA that they can’t afford to overlook. To ensure employee satisfaction, many businesses have employee benefits programs in place. You just cannot set up your benefits program and forget it. Employee needs and aspirations keep on changing. To ensure your benefits program is relevant, you need to revisit it regularly, and introduce changes according to the latest benefits trends. As you get ready to revisit your benefits program for the coming year, we bring to you a few trends that are set to change the rules of the game in 2019. Take a look.
1. Personalized benefits plans are in
In 2019, more businesses will provide their employees the liberty to customize their benefits plan. Employers will provide more autonomy to their employees to opt for plans that meet their personal needs. Many businesses are also adding more muscle to their voluntary benefits options. In the coming years, more companies will offer benefits such as pet insurance, legal services, and accident coverage at discounted rates to their employees. Many organizations have gone a step ahead and are offering emergency childcare services.
2. More businesses will come up with plans to promote wellness in the workplace
To help their employees cope with work-related stress, many businesses are taking steps to promote a more employee-friendly work environment. Many companies are training their managers in mental health first aid. Employee health will continue to be a major concern in 2019, and more employers are expected to come up with flexible work schedules to help their employees maintain work-life balance.
3. Unlimited vacation to make way for increased time off
Many businesses are finding out that going on unlimited leaves is no longer a motivation for their employees. Thanks to peer pressure and busy schedules, many executives are unable to avail these benefits. To keep their employees motivated throughout 2019, several businesses will replace unlimited PTOs with other benefits such as maternity and paternity leaves, bereavement, and sick leaves.
These are some benefits trends you need to consider when revamping your employee benefits program for the coming year. If you want to stay on top of developments in the benefits industry or want an expert by your side to revamp your benefits program, Arrow Benefits Group would be happy to help. As an expert benefits consulting firm, we specialize in designing custom benefits packages for clients from different industries. To talk to our experts, call at 707-992-3780.If you want us to call you, fill out our contact form.