Tag: Employee Retention

  • The 4 W’s of Lifestyle Benefits

    May 2, 2022

    Tags: , ,

    Com­pet­i­tive wages are no longer enough to sat­is­fy and sup­port val­ued employ­ees. Today, a vari­ety of ben­e­fits and perks play an essen­tial role in attract­ing and retain­ing tal­ent. Lifestyle ben­e­fits, some­times referred to as employ­ee perks, are non-salary ben­e­fits giv­en to employ­ees to improve their over­all lifestyle that go above and beyond stan­dard med­ical, den­tal and vision ben­e­fits. These lifestyle ben­e­fits are rapid­ly becom­ing the future of employ­ee benefits.

    Around 60% of employ­ees say ben­e­fit offer­ings are a sig­nif­i­cant fac­tor in their deci­sion on whether or not to take a new job. That’s why an increas­ing num­ber of employ­ers are uti­liz­ing lifestyle ben­e­fit plans to entice high-qual­i­­ty appli­cants.  In fact, stud­ies show that 80% of employ­ees would select more ben­e­fits above a pay increase. More­over, younger employ­ees, like Mil­len­ni­als, are more apt to change jobs than their old­er Baby Boomer coun­ter­parts if they are dis­sat­is­fied with the employ­ee ben­e­fits offer­ings avail­able to them.

    Lifestyle ben­e­fits are ben­e­fits to enjoy now.  These are mean­ing­ful ser­vices that meet the needs of employ­ees today.  Not tomor­row, next week or even ten years from now.  Employ­ees don’t have to be sick, deceased, dis­abled or over 65 to use them.

    In this arti­cle, we will explore the 4 “W’s”—Who, What, When, and Why—of lifestyle ben­e­fits to explain how you can use this tool to improve your ben­e­fits package!

    Who Are Lifestyle Ben­e­fits For?

    Even com­pa­nies with gen­er­ous over­all ben­e­fits pack­ages can suf­fer from low employ­ee engage­ment and pro­duc­tiv­i­ty which can be exac­er­bat­ed by the mas­sive shift to remote work. Offer­ing perks that are cus­tomized to your people’s unique needs is huge­ly ben­e­fi­cial for com­pa­nies want­i­ng to increase employ­ee engage­ment and reten­tion.  In the increas­ing­ly com­pet­i­tive job mar­ket, this real­ly sets employ­ers apart because it demon­strates a vest­ed inter­est on the part of the employ­er to pro­vide oppor­tu­ni­ties for per­son­al, as well as pro­fes­sion­al growth.   Lifestyle ben­e­fits, par­tic­u­lar­ly in the form of flex­i­ble perk stipends, are an ide­al way to offer per­son­al­iza­tion and also pro­mote an inclu­sive com­pa­ny culture.

    What Lifestyle Ben­e­fits Can Employ­ers Offer?

    Lifestyle ben­e­fits can be cus­tomized to meet many dif­fer­ent types of needs. For instance, an employ­ee might be send­ing their child to col­lege for the first time. If they want advi­sors or finan­cial plan­ners, a lifestyle ben­e­fits account can cov­er it. Or what if an employ­ee wants to take advan­tage of a gym mem­ber­ship or health app?  This could also be cov­ered through a lifestyle ben­e­fits pro­gram. Every­one ben­e­fits from a calm, hap­py, and val­ued employ­ee!  Oth­er exam­ples of offer­ings you can include in a lifestyle ben­e­fits pro­gram include:

    When Should You Offer Lifestyle Benefits?

    Real­ly the answer to the ques­tion of when you should offer lifestyle ben­e­fits is-now!  Now is the right time to make the most of lifestyle ben­e­fits by set­ting employ­ees up and edu­cat­ing them of their perks.When orga­ni­za­tions offer lifestyle ben­e­fits, it’s about build­ing pos­i­tive, long-term rela­tion­ships between exec­u­tives, super­vi­sors and employ­ees.  It’s about invest­ment and ded­i­ca­tion to employ­ee well-being.

    Why Pro­vide Lifestyle Ben­e­fits at Your Com­pa­ny 

    There are so many rea­sons to pro­vide lifestyle ben­e­fits but it pri­mar­i­ly boils down to one thing: employ­ee sat­is­fac­tion.  Employ­ees want to feel val­ued by their employ­ers and if this can be achieved by help­ing them afford the lifestyle they enjoy and envi­sion for them­selves, then do it!

    We are, after all, liv­ing in the age of per­son­al­iza­tion.  Every­thing in our lives, from our Net­flix sub­scrip­tions to Spo­ti­fy playlists is cus­tomized to us and our pref­er­ences.  Lifestyle ben­e­fits can be designed in a way that address­es the var­i­ous needs of your diverse work­force, whether that means sup­port­ing a 22-year-old recent grad­u­ate liv­ing in the city, or a 45-year-old exec­u­tive with three kids in a home in the sub­urbs, lifestyle ben­e­fits are ide­al for that type of per­son­al­iza­tion and inclu­siv­i­ty, espe­cial­ly in the form of flex­i­ble perk stipends.

    If com­pa­nies want the best poten­tial can­di­dates, they have to think out­side the box with per­son­al­ized ben­e­fit offer­ings.  Every­one wins with a flex­i­ble lifestyle ben­e­fits plat­form. After all, phys­i­cal­ly and men­tal­ly healthy employ­ees are more pro­duc­tive, which is bet­ter for the bot­tom line.

  • HR Trends to Watch in 2022

    January 5, 2022

    Tags: , , ,

    Human Resources lead­ers are always being asked to look into a crys­tal ball and pre­dict the future. You prob­a­bly don’t have any super pow­ers. But your Spidey sense might be telling you that a few trends that are sur­fac­ing are like­ly to stick around through the new year, 2022.

    The coro­n­avirus pan­dem­ic has changed your work and life. Slow­ly, things are improv­ing and you’re get­ting your orga­ni­za­tion (not to men­tion your­self) used to the new nor­mal. While you’re set­tling in (and still hav­ing an occa­sion­al pan­ic attack, no judg­ment), you might want to pay spe­cial atten­tion to what’s com­ing next.

    Transformation of Human Resources

    There’s no doubt that the biggest sto­ry of 2021, the Great Res­ig­na­tion, will spill over into 2022. When the pan­dem­ic began in 2020, HR lead­ers sud­den­ly had a seat at the table. You were charged with being the light as peo­ple nav­i­gat­ed safe­ty pro­to­col and tran­si­tioned to remote teams in the dark­ness. Your stature only con­tin­ued to grow.

    Then, peo­ple start­ed quit­ting jobs in droves. In 2021, you fig­ured out why this was hap­pen­ing. Peo­ple were tired of low wages, lack of child care and health­care, and an over­all malaise about the kind of work they were doing. Some renamed the era the Great Reshuf­fling because peo­ple were seek­ing a bet­ter fit in their work and more work-life bal­ance. In 2022, you will be deter­min­ing the best ways to recruit and retain top tal­ent. These strate­gies won’t be as basic they once were. It will def­i­nite­ly be a case of out with the old and in with the new.

    Four-Day Workweek

    In the wake of the pan­dem­ic, employ­ees learned how to be ultra-pro­duc­tive at home. They used the extra time that remote work afford­ed (with­out a com­mute) to enjoy their fam­i­lies, pur­sue their hob­bies, and get in a lit­tle me time. Peo­ple don’t want to give that up. Employ­ees have the lever­age now, and they are ask­ing for more flex­i­bil­i­ty in their sched­ules. While that’s already hap­pen­ing, some are talk­ing about tak­ing flex­i­bil­i­ty even further.

    All this prompt­ed dis­cus­sions about the four-day work­week, a con­cept that has come up before. The debate will con­tin­ue on into 2022, and some com­pa­nies may adapt to this sched­ule to woo recruits and retain employ­ees dur­ing what con­tin­ues to be an his­toric labor shortage.

    Mental Health and Wellness

    The pan­dem­ic revealed that men­tal health and well­ness is impor­tant to every­one. No one is immune to stress, espe­cial­ly dur­ing uncer­tain times. Busi­ness­es are rec­og­niz­ing this fact and pro­vid­ing employ­ees with tools for reliev­ing stress, address­ing men­tal ill­ness­es, and pre­vent­ing burnout. Some com­pa­nies are offer­ing more flex­i­bil­i­ty, but they also pro­vide pro­grams. Maybe the employ­er offers a yoga class or med­i­ta­tion time. Some pro­vide men­tal health days as part of paid time off (PTO). Employ­ers are going to get more cre­ative and pay more atten­tion to the men­tal health of their employ­ees mov­ing for­ward. This will only become a big­ger part of HR leadership’s responsibilities.

    Diversity, Equity, and Inclusion (DEI)

    At the height of the pan­dem­ic, the world watched the Black Lives Mat­ter protests unfold before their eyes. Many demand­ed that busi­ness­es take a stand and show their sup­port for the move­ment. By putting the spot­light on injus­tices relat­ed to polic­ing, peo­ple began rec­og­niz­ing the lack of rep­re­sen­ta­tion in lead­er­ship and man­age­ment and even at junior levels.

    While diver­si­ty had been on the minds of HR lead­ers for some time already, DEI strate­gies have risen in terms of pri­or­i­ty. In 2022, you can expect DEI to remain at the fore­front of recruit­ing and reten­tion strategies.

    The Possibility of More Variants

    The Omi­cron vari­ant swept the nation dur­ing the hol­i­day sea­son, and it upend­ed plans for a return to the office for many employ­ers. While some tra­di­tion­al­ists are hold­ing out for in-office-only work­ers and some occu­pa­tions require going to a phys­i­cal loca­tion to get the job done, the real­i­ty is that most com­pa­nies will have to keep some lev­el of remote work as an option because of the var­i­ous COVID vari­ants that might sur­face. Until the pan­dem­ic turns into an endem­ic, some com­pa­nies will be remote only. Oth­ers will remain hybrid workplaces.

    Com­ing up with suf­fi­cient strate­gies on how to col­lab­o­rate, forge bonds, con­duct per­for­mance mea­sures, and attain desired results is a must. Of course, there are dread­ed con­ver­sa­tions to be had about mask­ing up and get­ting vac­ci­nat­ed. Take a holis­tic approach, make sure the strat­e­gy match­es your val­ues, and con­sid­er the risks asso­ci­at­ed with what­ev­er deci­sions you make.

    Generational Differences

    For the first time in his­to­ry, four gen­er­a­tions (Boomers, Gen­er­a­tion X, Mil­len­ni­als, and Gen Z) are in the work­force at the same time. The dif­fer­ences among the gen­er­a­tions – from pop cul­ture ref­er­ences to tech savvy – pop up at the water cool­er on a dai­ly basis. The real­i­ty is that Mil­len­ni­als and Gen Z hold most of the pow­er. The Boomers are retir­ing and Gen Xers are the small­est group and often get ignored or forgotten.

    In any case, many HR experts focused on the gen­er­a­tional dif­fer­ences that influ­ence the suc­cess of orga­ni­za­tions. The pan­dem­ic real­ly brought out some of the pro­found dis­agree­ments, like whether to per­mit work­ing from home in any city you choose or push­ing or a return to the office. Gen Z report­ed­ly del­e­gates to their old­er supe­ri­ors, while Mil­len­ni­als take a more mid­dle-of-the-road and even prac­ti­cal approach as they gain esteem and rise to pow­er. These gen­er­a­tional gaps will con­tin­ue into 2022, and you might notice more dif­fer­ences. Cer­tain­ly, HR lead­ers are going to be work­ing hard to unite all these groups. After all, DEI efforts should include age vari­a­tions, too.

    By Francesca Di Meglio

    Orig­i­nal­ly post­ed on HR Exchange Network

  • The 4 W’s of Lifestyle Benefits

    May 2, 2022

    Tags: , ,

    Com­pet­i­tive wages are no longer enough to sat­is­fy and sup­port val­ued employ­ees. Today, a vari­ety of ben­e­fits and perks play an essen­tial role in attract­ing and retain­ing tal­ent. Lifestyle ben­e­fits, some­times referred to as employ­ee perks, are non-salary ben­e­fits giv­en to employ­ees to improve their over­all lifestyle that go above and beyond stan­dard med­ical, den­tal and vision ben­e­fits. These lifestyle ben­e­fits are rapid­ly becom­ing the future of employ­ee benefits.

    Around 60% of employ­ees say ben­e­fit offer­ings are a sig­nif­i­cant fac­tor in their deci­sion on whether or not to take a new job. That’s why an increas­ing num­ber of employ­ers are uti­liz­ing lifestyle ben­e­fit plans to entice high-qual­i­­ty appli­cants.  In fact, stud­ies show that 80% of employ­ees would select more ben­e­fits above a pay increase. More­over, younger employ­ees, like Mil­len­ni­als, are more apt to change jobs than their old­er Baby Boomer coun­ter­parts if they are dis­sat­is­fied with the employ­ee ben­e­fits offer­ings avail­able to them.

    Lifestyle ben­e­fits are ben­e­fits to enjoy now.  These are mean­ing­ful ser­vices that meet the needs of employ­ees today.  Not tomor­row, next week or even ten years from now.  Employ­ees don’t have to be sick, deceased, dis­abled or over 65 to use them.

    In this arti­cle, we will explore the 4 “W’s”—Who, What, When, and Why—of lifestyle ben­e­fits to explain how you can use this tool to improve your ben­e­fits package!

    Who Are Lifestyle Ben­e­fits For?

    Even com­pa­nies with gen­er­ous over­all ben­e­fits pack­ages can suf­fer from low employ­ee engage­ment and pro­duc­tiv­i­ty which can be exac­er­bat­ed by the mas­sive shift to remote work. Offer­ing perks that are cus­tomized to your people’s unique needs is huge­ly ben­e­fi­cial for com­pa­nies want­i­ng to increase employ­ee engage­ment and reten­tion.  In the increas­ing­ly com­pet­i­tive job mar­ket, this real­ly sets employ­ers apart because it demon­strates a vest­ed inter­est on the part of the employ­er to pro­vide oppor­tu­ni­ties for per­son­al, as well as pro­fes­sion­al growth.   Lifestyle ben­e­fits, par­tic­u­lar­ly in the form of flex­i­ble perk stipends, are an ide­al way to offer per­son­al­iza­tion and also pro­mote an inclu­sive com­pa­ny culture.

    What Lifestyle Ben­e­fits Can Employ­ers Offer?

    Lifestyle ben­e­fits can be cus­tomized to meet many dif­fer­ent types of needs. For instance, an employ­ee might be send­ing their child to col­lege for the first time. If they want advi­sors or finan­cial plan­ners, a lifestyle ben­e­fits account can cov­er it. Or what if an employ­ee wants to take advan­tage of a gym mem­ber­ship or health app?  This could also be cov­ered through a lifestyle ben­e­fits pro­gram. Every­one ben­e­fits from a calm, hap­py, and val­ued employ­ee!  Oth­er exam­ples of offer­ings you can include in a lifestyle ben­e­fits pro­gram include:

    When Should You Offer Lifestyle Benefits?

    Real­ly the answer to the ques­tion of when you should offer lifestyle ben­e­fits is-now!  Now is the right time to make the most of lifestyle ben­e­fits by set­ting employ­ees up and edu­cat­ing them of their perks.When orga­ni­za­tions offer lifestyle ben­e­fits, it’s about build­ing pos­i­tive, long-term rela­tion­ships between exec­u­tives, super­vi­sors and employ­ees.  It’s about invest­ment and ded­i­ca­tion to employ­ee well-being.

    Why Pro­vide Lifestyle Ben­e­fits at Your Com­pa­ny 

    There are so many rea­sons to pro­vide lifestyle ben­e­fits but it pri­mar­i­ly boils down to one thing: employ­ee sat­is­fac­tion.  Employ­ees want to feel val­ued by their employ­ers and if this can be achieved by help­ing them afford the lifestyle they enjoy and envi­sion for them­selves, then do it!

    We are, after all, liv­ing in the age of per­son­al­iza­tion.  Every­thing in our lives, from our Net­flix sub­scrip­tions to Spo­ti­fy playlists is cus­tomized to us and our pref­er­ences.  Lifestyle ben­e­fits can be designed in a way that address­es the var­i­ous needs of your diverse work­force, whether that means sup­port­ing a 22-year-old recent grad­u­ate liv­ing in the city, or a 45-year-old exec­u­tive with three kids in a home in the sub­urbs, lifestyle ben­e­fits are ide­al for that type of per­son­al­iza­tion and inclu­siv­i­ty, espe­cial­ly in the form of flex­i­ble perk stipends.

    If com­pa­nies want the best poten­tial can­di­dates, they have to think out­side the box with per­son­al­ized ben­e­fit offer­ings.  Every­one wins with a flex­i­ble lifestyle ben­e­fits plat­form. After all, phys­i­cal­ly and men­tal­ly healthy employ­ees are more pro­duc­tive, which is bet­ter for the bot­tom line.

  • HR Trends to Watch in 2022

    January 5, 2022

    Tags: , , ,

    Human Resources lead­ers are always being asked to look into a crys­tal ball and pre­dict the future. You prob­a­bly don’t have any super pow­ers. But your Spidey sense might be telling you that a few trends that are sur­fac­ing are like­ly to stick around through the new year, 2022.

    The coro­n­avirus pan­dem­ic has changed your work and life. Slow­ly, things are improv­ing and you’re get­ting your orga­ni­za­tion (not to men­tion your­self) used to the new nor­mal. While you’re set­tling in (and still hav­ing an occa­sion­al pan­ic attack, no judg­ment), you might want to pay spe­cial atten­tion to what’s com­ing next.

    Transformation of Human Resources

    There’s no doubt that the biggest sto­ry of 2021, the Great Res­ig­na­tion, will spill over into 2022. When the pan­dem­ic began in 2020, HR lead­ers sud­den­ly had a seat at the table. You were charged with being the light as peo­ple nav­i­gat­ed safe­ty pro­to­col and tran­si­tioned to remote teams in the dark­ness. Your stature only con­tin­ued to grow.

    Then, peo­ple start­ed quit­ting jobs in droves. In 2021, you fig­ured out why this was hap­pen­ing. Peo­ple were tired of low wages, lack of child care and health­care, and an over­all malaise about the kind of work they were doing. Some renamed the era the Great Reshuf­fling because peo­ple were seek­ing a bet­ter fit in their work and more work-life bal­ance. In 2022, you will be deter­min­ing the best ways to recruit and retain top tal­ent. These strate­gies won’t be as basic they once were. It will def­i­nite­ly be a case of out with the old and in with the new.

    Four-Day Workweek

    In the wake of the pan­dem­ic, employ­ees learned how to be ultra-pro­duc­tive at home. They used the extra time that remote work afford­ed (with­out a com­mute) to enjoy their fam­i­lies, pur­sue their hob­bies, and get in a lit­tle me time. Peo­ple don’t want to give that up. Employ­ees have the lever­age now, and they are ask­ing for more flex­i­bil­i­ty in their sched­ules. While that’s already hap­pen­ing, some are talk­ing about tak­ing flex­i­bil­i­ty even further.

    All this prompt­ed dis­cus­sions about the four-day work­week, a con­cept that has come up before. The debate will con­tin­ue on into 2022, and some com­pa­nies may adapt to this sched­ule to woo recruits and retain employ­ees dur­ing what con­tin­ues to be an his­toric labor shortage.

    Mental Health and Wellness

    The pan­dem­ic revealed that men­tal health and well­ness is impor­tant to every­one. No one is immune to stress, espe­cial­ly dur­ing uncer­tain times. Busi­ness­es are rec­og­niz­ing this fact and pro­vid­ing employ­ees with tools for reliev­ing stress, address­ing men­tal ill­ness­es, and pre­vent­ing burnout. Some com­pa­nies are offer­ing more flex­i­bil­i­ty, but they also pro­vide pro­grams. Maybe the employ­er offers a yoga class or med­i­ta­tion time. Some pro­vide men­tal health days as part of paid time off (PTO). Employ­ers are going to get more cre­ative and pay more atten­tion to the men­tal health of their employ­ees mov­ing for­ward. This will only become a big­ger part of HR leadership’s responsibilities.

    Diversity, Equity, and Inclusion (DEI)

    At the height of the pan­dem­ic, the world watched the Black Lives Mat­ter protests unfold before their eyes. Many demand­ed that busi­ness­es take a stand and show their sup­port for the move­ment. By putting the spot­light on injus­tices relat­ed to polic­ing, peo­ple began rec­og­niz­ing the lack of rep­re­sen­ta­tion in lead­er­ship and man­age­ment and even at junior levels.

    While diver­si­ty had been on the minds of HR lead­ers for some time already, DEI strate­gies have risen in terms of pri­or­i­ty. In 2022, you can expect DEI to remain at the fore­front of recruit­ing and reten­tion strategies.

    The Possibility of More Variants

    The Omi­cron vari­ant swept the nation dur­ing the hol­i­day sea­son, and it upend­ed plans for a return to the office for many employ­ers. While some tra­di­tion­al­ists are hold­ing out for in-office-only work­ers and some occu­pa­tions require going to a phys­i­cal loca­tion to get the job done, the real­i­ty is that most com­pa­nies will have to keep some lev­el of remote work as an option because of the var­i­ous COVID vari­ants that might sur­face. Until the pan­dem­ic turns into an endem­ic, some com­pa­nies will be remote only. Oth­ers will remain hybrid workplaces.

    Com­ing up with suf­fi­cient strate­gies on how to col­lab­o­rate, forge bonds, con­duct per­for­mance mea­sures, and attain desired results is a must. Of course, there are dread­ed con­ver­sa­tions to be had about mask­ing up and get­ting vac­ci­nat­ed. Take a holis­tic approach, make sure the strat­e­gy match­es your val­ues, and con­sid­er the risks asso­ci­at­ed with what­ev­er deci­sions you make.

    Generational Differences

    For the first time in his­to­ry, four gen­er­a­tions (Boomers, Gen­er­a­tion X, Mil­len­ni­als, and Gen Z) are in the work­force at the same time. The dif­fer­ences among the gen­er­a­tions – from pop cul­ture ref­er­ences to tech savvy – pop up at the water cool­er on a dai­ly basis. The real­i­ty is that Mil­len­ni­als and Gen Z hold most of the pow­er. The Boomers are retir­ing and Gen Xers are the small­est group and often get ignored or forgotten.

    In any case, many HR experts focused on the gen­er­a­tional dif­fer­ences that influ­ence the suc­cess of orga­ni­za­tions. The pan­dem­ic real­ly brought out some of the pro­found dis­agree­ments, like whether to per­mit work­ing from home in any city you choose or push­ing or a return to the office. Gen Z report­ed­ly del­e­gates to their old­er supe­ri­ors, while Mil­len­ni­als take a more mid­dle-of-the-road and even prac­ti­cal approach as they gain esteem and rise to pow­er. These gen­er­a­tional gaps will con­tin­ue into 2022, and you might notice more dif­fer­ences. Cer­tain­ly, HR lead­ers are going to be work­ing hard to unite all these groups. After all, DEI efforts should include age vari­a­tions, too.

    By Francesca Di Meglio

    Orig­i­nal­ly post­ed on HR Exchange Network

2017 Employee Benefits Adviser Rising Stars NBBJ Gives Awards Winner Email Badge NBBJ Community Philanthropy Award 2017-2022
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