Employee Benefit Trends Available With an HR Outsourcing Organization
Attracting top talent to your organization is difficult. Retention can be even harder.
In a competitive marketplace, you need the best talent for your business. So how do you attract and retain employees? One helpful practice is to offer better employee benefits.
By providing access to top-tier employee benefits, along with benefits experts and technology, a human resources outsourcing (HRO) service can be a great resource in updating your benefits offerings and simplifying open enrollment.
Here are a few popular employee benefits trends that an HRO can help you achieve.
Health and Wellness Programs
Wellness programs consist of activities designed to promote the health of your employees. Some example programs support smoking cessation, weight loss, and meditation.
Mental health programs have also become increasingly popular, as cases of depression and anxiety have become prevalent throughout the pandemic. Adding mental health benefits, including wellness activities, can be extremely valuable to employees feeling the stresses of a rather difficult time.
Overall, wellness programs create healthier, happier employees, leading to a decrease in turnover and absenteeism. An HRO can provide the resources necessary to help your business develop and implement its very own plan.
Virtual health appointments became increasingly popular during the pandemic, and the service seems here to stay. Employees with access to a telehealth service can enjoy the convenience of talking through basic medical issues over a web or phone call with 24/7 access to U.S. licensed physicians, saving them time and money. Users can receive a diagnosis, treatment options, and a prescription if medically necessary through these appointments.
If your current benefits offering does not include a form of telehealth, an HRO can help you gain access, either through a major carrier or a supplemental option.
Retirement Plans and Financial Assistance
Another current trend in the world of employee benefits is financial assistance.
A great way to help employees financially, outside of the standard paycheck, is to offer retirement plans. A solid 401k is one of the simplest ways to help your employees, and an HRO can provide you access to trusted retirement offerings that come at little to no cost to you.
HROs can also help your organization gain access to supplemental health plans, corporate discount programs, financial counseling, prescription savings, and more, providing even more financial assistance.
Some companies have even started to offer student loan repayment benefits as part of their compensation package, with employers making tax-exempt contributions towards student loan debt.
Flexible Work Hours/Locations
Flexible work policies, whether it be letting employees work remotely or alternate hours, have become an attractive incentive to employees.
Offering this flexibility not only helps employees avoid some of the stresses of the current pandemic but also helps them build towards an ideal work-life balance. Whether attending to family or last-minute emergencies, a flexible schedule can help employees manage their own time and not be restricted to the typical 9 am-5 pm schedule.
The HR professionals within a human resources outsourcing organization can help your business develop policies and procedures that outline your business's flexibility.
Pay Attention to These Employee Benefit Trends
Paying attention to these employee benefit trends will ensure you can attract and retain top talent. This is especially important for small- and medium-sized businesses.
If you’re a small business struggling with employee benefits, consider using SynchronyHR as an HRO partner. We can help with employee benefits, health and wellness programs, continuing education, and more.
Interested in learning more? Contact us to find out how we can help your business.