The beginning of a new decade provides the perfect backdrop to examine the employee benefits landscape and the evolving partnership between organizations and employee benefit consultants. One of the biggest challenges facing employers today is how to offer and effectively communicate benefits that satisfy the different needs of the multi-generational workforce. For perhaps the first time, there are now five different generations in the workforce from generation Z just graduating from college through pre-retiree baby boomers focused more and more on sailing off into the sunset. Benefits need to attract new employees to businesses and then retain those new hires. Sounds simple enough, but it’s more difficult to accomplish than at any other time in recent history. This is where the advice and partnership of the right consultant is paramount.
In 2020, the millennial generation has become the largest segment of the U.S. workforce, but not the youngest. Newly minted generation Z employees now assume that role. Recently, a senior HR leader at a mid-sized private company told me that, “gone are the days when just logging a full work week is the gold standard for newer employees. Now, millennial employees want their employers to understand the importance of work/life balance.” This means providing benefits that include flexible schedules, generous PTO policies and cutting-edge perks such as robust family leave programs and student loan debt repayment assistance. Traditional benefits like medical and dental coverage needs to be easy to understand, navigate and convenient – such as telemedicine appointments conducted on via mobile devices.
As younger generations continue to redefine what they expect from their employer, it is vital that your benefit strategy is also evolving. This is why a strong partnership with a benefits consultant has never been more important. Not only do you need advice on the cutting-edge benefits attracting the next generation, you need guidance in the art of cost containment methods. Companies of any size should evaluate the benefits of self-funding and level funding both alone and potentially in consortia and captive models. These options provide the best chance to actively control your healthcare spend, while providing complete transparency.
Gone are the days of simply providing competitive “quotes” from four different, but amazingly similar, insurance carriers. Ultimately, your employee benefits consultant should be a trusted advisor who helps implement a long-term, comprehensive benefit strategy that equally considers balancing cost containment and the needs of the new multi-generational workforce that is here to stay. An experienced employee benefits consulting firm like the team at Univest Insurance can identify which strategies are best for your company and create a roadmap to implementing them successfully. To have a conversation to help you determine the best approach, please contact us at 215-362-7000 or firstname.lastname@example.org.
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