Employee Benefits | FJG/FYI Articles
Designing Holistic Work/Life Benefits Around Your Employee Population
The days of one-size-fits all employee benefit packages are becoming a thing of the past. An aging population and societal changes that have redefined the makeup of the “typical” American family are making it necessary for employers to offer a diverse choice of benefits to recruit and retain talented employees. Young employees are staying single longer and older employees are working more years. As expected, the needs of these two distinct populations also vary from that of young families or baby boomers.
This is supported by the Fifth Annual
MetLife Study of Employee Benefits
Trends, which found distinct differences
amongst singles, young families, baby
boomers, and pre-retirees. Beyond the
traditional health and dental insurance and
retirement plans, benefits such as work/
life balance programs, 401(k) investment
education, and general financial planning
are becoming more valued. For example,
financial planning was ranked as being
either an “extremely important” or “very
important” benefit by 29% of employers
in 2004, but by 2006, that number grew
to 37%.
It is important, however, for employers to
understand the demographics of their own
employee population. Although financial
planning was considered by employers to
be an increasingly important benefit, the
study indicated that young families and
employees under age 35 were the most
likely to use such a benefit if offered. On the
other hand, aging workers place a greater
value on benefits that assist them with
work/life balance, such as flexible work
hours and the ability to telecommute.
A holistic approach to benefits that addresses various aspects of the employee’s life, including work/life balance and finances, is becoming increasingly important for employers who wish to attract and retain the best employees. In order to be most effective in offering such benefits, employers should seek to understand the demographics of their employee population and the unique wants and needs of employees at different life stages.
Source: Fifth Annual MetLife Study of Employee Benefits Trends: Findings from the National Survey of Employers and Employees, 2007