How to future-proof your employee benefits

There’s no question that workplaces have seen a cataclysmic shift over the past few years. With COVID-19 and the Great Resignation affecting companies across the country, organizations are re-evaluating the ways they attract and retain employees in order to stay competitive now and in the future.

Employee expectations are changing

One primary area of focus to retain employees is employee benefits, as nearly 50% of employees say they would look for a new job due to confusion or dissatisfaction with benefits, and 78% of employees would likely remain with their employer because of the benefits they offer.

Nearly half of employers have increased their benefits in order to stay competitive in attracting and retaining talent. However, despite this renewed focus on benefits, there is still room for improvement, especially as younger generations move into the workforce. Only slightly more than 50% of Gen Z and millennials are satisfied with their benefits, meaning that employers will have to continue innovating their benefits to meet the changing demands of the workforce. Let’s dive into four ways to future-proof your benefits to attract the best candidates and encourage loyalty for years to come.

Four ways to future-proof your benefits

1. Lean into digital

COVID-19 pushed much of our world online, and healthcare was no exception. Telemedicine appointments skyrocketed to an all-time high during COVID-19, which is a trend that many people want to last. A recent survey found 74% of millennials prefer telemedicine to in-person appointments, and 71% want the ability to schedule appointments, access medical records, and receive automated appointment reminders online or through an app.

As you reexamine your benefits ecosystem, it’s important to consider how and where your employees are able to access their benefits and receive care. In addition to a robust network of in-person providers, many companies are adding access to specialized virtual care, care coordination resources, and clinically-vetted content and forums that allow employees to get the help they need, when they need it, from trusted sources.

2. Bring culturally-competent care to the forefront

Health equity is becoming a centerpiece of business strategies across the country, and employee benefits are not exempt. Many of your employees may be facing discrimination when trying to seek care—more than half of LGBTQ+ people say they’ve experienced some kind of discrimination in healthcare, including having providers refuse to treat them, and one in five Black adults say they were treated unfairly because of their race when seeking healthcare.

Your employees should see themselves reflected across their healthcare benefits in the diversity of providers, services, and mental and physical health conditions treated. Care matching plays an important role in driving equity, as it allows your employees to see doctors that share their same background and lived experiences. To future-proof your benefits, consider the diversity of providers and services being offered. And, if employees don’t have local providers in their area who are able to give them the care they deserve, they should have the option to connect with a provider virtually who is able to provide them with empathetic, culturally-competent care.

3. Expand mental health benefits

As the younger generations enter the workforce, they are looking for expanded mental health benefits that may not have been available in the past. 29.4% of people aged 18 to 25 have been diagnosed with a mental health condition, yet mental health is still often stigmatized and not comprehensively addressed by traditional benefits. With over a third of workers reporting they have left a job due to mental health, the personal and economic consequences of inadequate mental health treatment are clear.

As organizations look to future-proof their benefits, employees should be offered access to mental health benefits that empower them to thrive at work and at home. Coverage for mental health services, both virtual and in-person, can help support employees, but many leading employers are going beyond access alone. Addressing the root causes of mental health conditions and burnout through benefits and company culture—like expanded paid leave for caregivers, additional support for working parents, generous or unlimited PTO, flexible scheduling, and more—provides a much-needed safety net for employees as they navigate life’s challenges.