3 Reasons Why Personalized Benefits Are the Future
Gone are the days when medical, dental, and vision benefits were enough incentives to keep employees satisfied. Instead, nowadays, employees turn to their bosses for support in managing their health, well-being, and other needs. As the workforce’s needs continue to evolve, personalization could be the answer.
Personalized benefits allow companies of all shapes and sizes to offer perks that provide value to staff. However, it’s important to remember that employees are not benefits experts. In fact, most employees don’t truly understand their benefits, even though they want to engage with them.
It’s therefore imperative for employers and HR professionals to find ways to drive engagement across employee benefits programs. In this Pacific Prime Singapore article, we look at three reasons why personalized benefits are the future.
What are Personalized Benefits?
Employees have unique wants and needs, which has only become more apparent with more generations in the workplace. For instance, a Gen Z employee will value different benefits than a Baby Boomer. But how can employers accommodate these differences without over-complicating their employee benefits?
Unlike traditional employee benefits, which provide the same benefits to the entire workforce, personalized benefits allow employees to use their benefits as they see fit. Custom employee benefits typically involve giving employees an allowance (e.g., monthly or annual) and offering reimbursements (e.g., medical expenses and remote work costs).
Personalized benefits give the workforce more freedom to use their benefits as they see fit. This not only increases employee productivity and satisfaction but also helps companies attract and retain top talent in an increasingly competitive job market.
Why Personalized Benefits Are the Way Forward
Holistic personalization is necessary for companies that are looking to increase engagement across their employee benefits program. Let’s look at a few reasons why personalized benefits are the future.
1. Personalization Is the New Foundation
From consumers to employees, more and more people expect a personalized experience. Similar to shopping for goods or choosing a place to eat, benefit selections are very personal. Every employee has different needs and objectives, and they are looking for their benefits to provide the right support.
Offering decision support during enrollment can give employees the guidance they need to make choices that genuinely support their requirements. For instance, some employees may need more information about voluntary benefits that could help with hefty medical bills.
2. Benefits Election Is Just the Start
It’s imperative for HR teams to keep in mind that employees selecting their benefits during the annual enrollment period is only the beginning. While enrollment is a great opportunity for HR teams to collect data, there is more to personalized benefits than that.
Even though supporting employees during the decision-making process can help them find the right benefits for their needs, the reality is that many employer-provided resources are underutilized, such as telemedicine and Employee Assistance Programs (EAPs).
Fortunately, HR can turn to data to increase benefits engagement year-round. For example, they can look at the programs that were underutilized in the previous year and promote them in the upcoming year through the company platform or email. Similarly, promoting telehealth and other cost-effective alternatives could help with a high rate of unnecessary medical claims.
3. Scaling Personalization Doesn’t Have to Be Hard
Essentially, customized employee benefits help employees feel heard, understood, and supported. The good news is that helping employees understand and utilize these benefits might be easier than you think. In fact, using simple language instead of complicated jargon can be enough to increase engagement.
To tailor employee benefits programs even more, HR professionals can also ask for feedback. The goal of employee feedback should be to find out what is working, what is confusing, and what benefits might be missing, to name a few.
Gaining insight into how employees see benefits can help HR teams broaden their perspective and determine ways they can better market the employee benefits that are available. By continuously working on this, companies will be able to support their workforce and their unique needs, as well as become more appealing to new candidates.
Personalize Your Employee Benefits with Pacific Prime Singapore
As an employer, offering personalized employee benefits is imperative to remain competitive. However, the process can be daunting and time-consuming for those unfamiliar with the employee benefits landscape. That’s where Pacific Prime Singapore comes in.
As a global health insurance broker and employee benefits specialist, Pacific Prime Singapore can offer advice on employee benefits in Singapore, help you secure group health insurance in Singapore, and so much more.
- 5 Things You Didn’t Know About Wasted Drugs in Singapore - October 10, 2023
- 10 Benefits of Going on a Staycation - August 28, 2023
- Non-monetary Employee Benefits: What Are the Advantages of a Good Workplace Design? - July 11, 2023