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.
4. Build out end-to-end family benefits
COVID-19 has increased the pressure on employees who are planning, growing, or raising families, and traditional benefits often leave women and families behind. Studies have found that 64% of working parents want to leave their employer and that rates of burnout are significantly higher among younger parents and BIPOC mothers. Young parents between 26-24 are 200% more likely to experience burnout than older parents, and Black mothers and Asian mothers are 47% and 33% more likely to experience burnout than their white peers.
Many organizations are expanding their family benefits to address the unique needs of employees on their family-building journey. In our survey of the Best Workplaces for Parents, we found that the organizations where working parents were happiest offer support by:
- subsidizing child care expenses
- offering fertility support programs,
- covering surrogacy and egg freezing costs
- providing adoption support
82% of the Best Places to Work also named supporting parents as a top benefits priority in 2022. Companies that wish to compete in an increasingly competitive market now and in the future must reexamine and grow the benefits they have available for working parents.
As your organization looks to future-proof your benefits, Maven Clinic is here to help. As the largest virtual clinic for women’s and family health, we’re designed to help you support your employees through planning, raising, and growing a family. We know that the pathways to parenthood are becoming increasingly diverse, and as you look to meet your employees’ needs now and in the future, we’ll be growing alongside them.
Interested in learning more about how Maven can help you future-proof your benefits? Get in touch.
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