There’s no way around it – today’s job market demands an incredibly competitive compensation offering.
In fact, nearly one-third of employees say comprehensive benefits are just as important as salary. No matter what industry you work in, HR and benefits teams everywhere are looking for creative ways to market their organization’s total compensation package.
Outside of offering a competitive salary, one of the most effective ways to achieve this goal is to offer cutting-edge voluntary benefits that work alongside an employee’s core benefits. This is likely something you are already considering at your organization, but it can be difficult to know which ones are really making an impact.
The bottom line? Employees want benefits that provide a clear incentive to them, whether personally or financially. Let’s dive into the top five voluntary benefits you can implement to enhance your company’s benefits package.
Medical Debt Consolidation and Bill Negotiation
Medical debt is one of the top reasons Americans run into financial hardship every year.
As of October 2021, 50% of Americans carried some sort of medical debt.
While this may not be a bright and cheery statistic, it is a great opportunity for employers to offer a benefit that likely burdens a large portion of their workforce.
Medical debt consolidation and bill negotiation benefits like MedPut are a great step employers can take to make a direct impact on their workforce’s wallets. These benefits pay for and negotiate unpaid healthcare bills, and in many cases, the debt can be paid off with through small, interest-free payroll deductions. Not only will you feel good making a positive impact on your employee population, but your workforce will also feel valued by their employer.
Financial Wellness Coaching and Content
Not only does financial stress weigh on your employee’s personal lives, but it may even have an impact on their performance at work.
According to BrightDime, individuals with debt are three times more likely to have mental health issues.
This can lead to a decline in an employee’s overall health as they are less likely to exercise and sleep and more likely to engage in risky habits like smoking and drinking, leading to potential increased healthcare costs down the road.
Support the financial well-being of your employees with financial wellness coaching benefits and content. It’s one of the simplest ways organizations can ensure their employees are more relaxed, healthier, and more productive at work. More and more organizations are implementing these types of voluntary benefits and mitigating the toll it takes on your workforce and company as a whole.
Mental Health and Therapy
It goes without saying, but employees today are facing unprecedented challenges that can strain even the strongest individual’s mental wellness. Neglecting your mental health during these times is only going to make life more difficult, both personally and professionally. Employers can make a direct impact here by offering benefits that help employees deal with day-to-day stressors.
Mental health therapy benefits like TalkSpace provide employees an outlet to speak to someone who can coach them through difficult events and times in life. Licensed providers are available at the touch of a button to cover a range of specialties that meet your workforce’s specific needs. Whether it’s individual coaching, couples counseling, or even help for dependent teenage children, help is out there and your benefits offering can be the olive branch that makes the difference in your employee’s lives.
Telehealth and Telebenefits
It’s no secret that employees today are demanding more flexibility when it comes to their working arrangements. With remote and hybrid work on the rise, another way employers can meet their employee’s needs is by offering flexible care options. Telehealth and virtual doctor solutions like Teledoc are an incredible benefit that any employee would value and utilize.
Another way to empower your workforce is by increasing their overall knowledge of their benefits and how to use them. Engage, educate and retain your employees with telebenefits solutions like SwellChat connecting your employees to benefits professionals anytime, anywhere for personalized benefits consultations. These convenient investments in your workforce can pay big dividends down the road.
Pet Discount Programs
A big trend in recent years has been pet insurance benefits for our four-legged family members. These plans help cover large expenses, but employees are still expecting more in this area. Pets are family and they deserve the same level of thought and care that your other dependents do.
An innovative way to bring down your workforce’s veterinary bills is by offering pet discount programs like Pet Assure. These benefits give an instant discount on in-house medical services and care for your furry friends. Who wouldn’t love getting discounts on vet expenses like preventive care, dental cleanings, emergency care and surgical procedures? Helping your employees with their vet bills is a thoughtful and creative way to engage and make an impact on their financial lives.
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MuleTown Media helps HR, Benefits and Marketing teams streamline communication with the power of video. Our stable of award-winning creatives have been providing innovative solutions and making meaningful impacts for over 15 years. Contact us today to discuss how we can partner together to ease your burden and make a valuable impact at your organization.
