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Four Ways to Ensure Your Benefits Plan Aligns with the Evolving Workforce

May 30, 2023
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In today’s evolving workforce, organizations must align their employee benefits to meet the unique needs of different generations. It is a challenge, for sure, but it’s not impossible.

Here are four ways to ensure your benefits appeal to all, which will assist you in recruiting and retaining the most sought-after professionals.

  1. Customize Your Health Insurance Plans: Younger generations often seek flexibility and cost-effectiveness in their health insurance plans. Explore high-deductible health plans paired with Health Savings Accounts (HSAs).
  2. Embrace Technology: Younger generations are tech savvy and appreciate seamless digital experiences. Add user-friendly online portals, mobile apps and digital tools to your benefits plan. Such technology empowers your employees to access information, manage their health insurance plans and track their HSA contributions conveniently. That’s important as many employees work from varying locations.
  3. Wellness and Work-Life Balance: Wellness programs and work-life balance initiatives are essential for attracting and retaining every generation. Options such as mental health resources, flexible work arrangements and initiatives that promote a healthy work-life balance are on the wish lists of many employees these days. Incorporating these benefits into your plan can promote a healthy and positive work environment.
  4. Educate and Communicate: Educating your employees about their benefits is crucial to maximize their value. Create workshops, webinars and informative materials that explain the intricacies of health insurance plans, HSAs and other benefits. They will help employees make informed decisions and appreciate the value of the benefits you provide.

At Oswald, we understand the importance of aligning your benefits plan to meet the diverse needs of your employees. Our team of advisors can determine your unique needs and will tailor a benefits package to cater to each generation. By partnering with us, you can ensure that your benefits plan is attractive, competitive and relevant in today’s ever-changing work landscape.


For more information, visit our Employee Benefits page or contact me directly:

Jaret Malleo
Risk Advisor
Employee Benefits
Email

 

(Sources: shrm.org, hbr.org)

Note: This communication is for informational purposes only, and is not intended to offer legal, tax, or client-specific risk management advice. Information in this communication is not meant to describe specific coverages that may be advisable or available to you or your company, or to interpret specific coverages that may already be in place. General insurance descriptions in this communication do not include complete insurance policy definitions, terms, and/or conditions, and should not be relied on for coverage interpretation. Actual insurance policies must always be consulted for full coverage details and analysisView our privacy notice.