3 Ways To Improve Wellness Benefits For Employees

To remain competitive, business leaders must work with HR to develop new and innovative approaches to benefits that go beyond traditional offerings. While this initiative appears to be a win-win for both the company and the employee, the potential danger is that employees are not aware of what matters most to them. This oversight can lead to a harmful mismatch between the employee's needs and the benefits provided. Although HR leaders tend to start the research and implementation process of new health benefits by focusing on national trends and lists of popular benefits, this can leave acquired populations out of the discussion.

For example, divorce is still considered a taboo topic in the workplace for many, but it affects 70% of the American workforce, and in life after divorce, employees and parents need the most support from their organizations. Few organizations know how many singles, divorcees, stepchildren or partners they have in their ranks. Non-traditional financial, lifestyle and health benefits are fast becoming popular ways to attract and retain top talent, ultimately benefiting both employers and employees in the long run. Here are some ways that leading employers can stay ahead of the competition by demonstrating a genuine understanding and commitment to the well-being of their employees.

Meet the often-overlooked groups in your workplace

While regular health benefits are important for all, these packages are increasingly diversified to meet the financial and physical needs of different workforces. Likewise, HR leaders have changed tactics when it comes to reward programs, pushing boundaries and finding benefits that can support employees' emotional, financial and social health. It is important to examine the composition of your workforce to identify non-traditional benefits that may impact your business. But how?

First, ask yourself: Who are we forgetting when it comes to parts of the workforce? Are there employee groups that are valuable to your company but are often overlooked? Just asking how many employees are single or divorced parents can go a long way in showing them your support. Culture surveys are a great way to understand the non-obvious factors that may be affecting your employees in the workplace. While every business leader would like to imagine that employees are 100% focused on work, the reality is that personal life often gets in the way of professional responsibilities. By asking employees where they feel most supported, you can uncover some touchpoints where benefits can help. It may come as a surprise to learn that a significant number of workers struggle with responsibilities such as caring for a family member, financial stress or mental health issues related to difficult personal circumstances. As employees feel more supported on a personal level, you'll see higher loyalty, lower turnover and reduced absenteeism.

Offer bonuses that your employees can use every day

Traditional health benefits remain an important part of employee compensation packages. However, most employees usually do not avail these benefits on a daily basis. Be it children or adults, such healthcare services are only part of a comprehensive health package for disease protection. While offering a personal finance course may seem like a small perk, the ability to influence your most valuable employees can have immediate benefits for the company. Even if not everyone takes advantage of the premium, offering affordable pricing to the most desirable parts of your workforce can significantly increase productivity and reduce absenteeism and turnover. Additionally, providing employees with solutions they can use every day and directly impact their lives can immediately improve their well-being.

Here are some questions to consider when understanding the overall impact of a facility.

• Who are our most valuable employees and how can we provide personal benefits to help them directly?
• What percentage of the company can take advantage of this?
• How often can this facility be used? Will it only be available to people on a monthly basis? quarterly?
• Does this facility help when my employees are out of office?
• What aspects of health does this benefit help with?
• What can I do as a leader to make sure everyone in the company is aware of our new and existing benefits?

Using these questions, HR managers and executives can begin to develop an objective framework for determining what "value" means to their employees and how they can create a diverse employee benefits package that promotes the overall well-being of all segments of the workforce.

How investing in a health and wellness program will benefit your employees and business

Understand the connection between spiritual and financial well-being.

To understand which is most beneficial, it is important to understand how the various aspects of employee health are related. Helping employees achieve greater financial security not only reduces their overall stress, but also contributes to their happiness and well-being at work and at home. It is important to understand that there are other approaches to improving financial well-being than providing financial incentives. Every employee's financial picture is different, but many age groups may have similar needs. While financial advice may be most effective for some groups, others may need help choosing strategic investments for their future outside of a traditional 401K. For others, something more strategic, like an expense management platform, may be the best value-add to help them save for retirement or navigate their new financial landscape after a divorce.

While the top 10 list may provide insight into the benefits offered by Fortune 500 companies, these recommendations do not always match the needs of the other 99% of companies in the world. Through in-depth research and understanding of the composition of your employee base, you as a business leader will be guided to realize the benefits with the greatest impact.

Sherry Atwood, CEO of SupportPay