With the shift to remote and hybrid work, the talent acquisition landscape has changed drastically as well. Attracting and retaining talent is now more competitive than ever and leaders are required to think more holistically about their compensation plans and employee value propositions.
Research published by LinkedIn shows that 72% of recruiting leaders worldwide agreed that employer brand has a significant impact on hiring.
Employee Value Propositions are typically made up of 5 important categories: Compensation, Benefits, Career, Work Environment, and Culture.
You can read more about EVP’s in our chat with The Employer Brand Shop here.
Today, we’re diving into benefits with Sam Beales, President of Benefluent Advisory Inc to discuss trends in the world of employee benefits and the impact that well-rounded programs can have on a company’s position in the marketplace.
While Sam and his team are passionate about modernizing the benefits and savings industry to better suit the next generation of employees, they share that many employers are not aware of the flexible options available to them. “Traditional insurance lingo can be very confusing and can lead to people misunderstanding the coverage, features, or perks of their programs. Instead, we take a more human approach to communicating the ins and outs of your programs in a clear, digestible way”.
When discussing trends in this space, Sam shares that for a few years now, many industries have experienced a change in demand for benefits, perks, and coverage that helps employees with their physical and mental well-being—in addition to other benefits, like those that help families (think: fertility and childcare) as well as development and growth benefits for diverse teams (which includes those with disabilities, both seen and unseen). None of this is just a trend, but instead should be factored into any modern-day, people-centric benefits program.
In addition, they are seeing a shift in coverage from employers. “While the employer is typically responsible for at least 50% of the cost of a benefits program, we’re seeing more employers pay for the bulk of the program as a way of further compensating their teams, while some companies are fully covering the costs of these programs and even offering additional stipends for healthy living initiatives”.
There’s a lot of research to support this too. A study by SHRM shows that companies that use benefits strategically experience better overall company performance (58% vs. 34%), above-average effectiveness in recruitment (19% vs. 8%), and higher retention than companies that don’t (28% vs. 11%).
Benefluent’s approach to benefits is one we recognize as an integral part of the employee experience. With their customer focus, extensive knowledge, and contemporary offerings including free access to a customized portal for businesses, this team is changing the way companies offer and communicate program updates, giving them an upper hand when it comes to human capital.
In their own words, the best way to think of your program is as an investment into your people and, as an extension, an investment into your business.
To find out more about Benefluent and how their services can help your brand’s position in the changing landscape, head to their website: https://benefluent.ca/