This year, National Employee Benefits Day will be celebrated on April 6th. This day is dedicated to recognizing employers that go above and beyond to provide meaningful benefits to their valued workers.

It also offers employee benefits professionals an opportunity to take stock of their benefits programs and ensure they’re aligned with what employees really want and need.

This National Employee Benefits Day, let’s consider why employee benefits matter and how you can improve your offerings to boost your recruitment efforts and make your people happier and more productive.

What Are Employee Benefits and Why Do They Matter?

Employee benefits describe the perks offered to employees over and above their regular salaries. These can include paid time off, health insurance, retirement contributions, allowances, loans, gym memberships, daycare facilities, and more.

The advantages of crafting a comprehensive employee benefits package are compelling:

• They boost employees’ productivity and personal happiness: Employee benefits bring positive changes to people’s personal lives, ultimately improving their work performance.
• They show your employees that you care: Just 59% of employees feel that their leaders’ expressions of empathy are followed by meaningful action. This suggests that a large portion of people aren’t convinced their managers actually care about them. Curated benefits programs can significantly improve employees’ living and working conditions, making them feel their company deeply values and appreciates them.
• They position you as an employer of choice: Comprehensive benefits plans can help employers who want to stand out in a competitive job market. Candidates considering one job offer that only comes with a salary and another that comes with the same salary plus benefits will be more inclined to accept the latter.

The 3 Pillars of Effective Employee Benefits Programs

The best employee benefits programs are built around three core pillars:

1. Happiness

For employees to be happy, they need to feel respected, recognized, included, and appreciated as individuals.

2. Well-Being

Employee well-being doesn’t just refer to physical health. Your employees need to be holistically healthy, which means their mental, emotional, and economic well-being are just as important.

3. Flexibility

The concept of flexibility will have different meanings for different employees. Some people prefer flexibility around the hours they work or where they work from, while others want more financial flexibility.

For example, millions of workers use Payactiv’s Earned Wage Access solution to access their earned wages in a flexible, timely manner. Payactiv integrates with an employer’s time and attendance tracking systems and allows workers early access to some of their earned wages. This prevents them from having to wait until the next scheduled payday, or relying on predatory lending services, in times of need. Users also benefit from free budgeting and saving tools designed to build long-term financial stability and resilience.

Did you know? 7 out of 10 Payactiv users report increased job satisfaction, underscoring its value as an attractive employee benefit.

Building a Meaningful Employee Benefits Program: Steps to Success

When it comes to building a meaningful employee benefits program, the following steps can lead to success:

1. Understand Employees’ Preferences

Assembling an employee benefits package that aligns with your workers’ needs takes significant effort and due diligence. There’s no one-size-fits-all program. For example, the personal circumstances of younger employees will likely differ vastly from those of their older colleagues.

Listening to your employees is the best way to get to know them as individuals and understand their preferences. Some companies approach this by speaking to their employees individually; others do so in team settings. Organizing confidential polls and surveys or engaging an outside firm to help you are both excellent ways to approach this.

2. Make Your Benefits Resources Accessible

Given the many stresses and responsibilities of everyday life, people have less time than ever to inform themselves. But your investment in employee benefits won’t deliver the expected returns if your employees don’t know about them or aren’t using them properly.

Be sure to offer educational talks and materials about your employee benefits options, including practical tips on how workers can maximize them.

Let the Celebrations Begin!

National Employee Benefits Day is a wonderful opportunity for employers and employees to reflect on the significance of employee benefits.

Now, more than ever, employers should offer benefits programs that align with their people’s changing needs, while workers must take an active role in learning about and getting the most out of their benefits.

As we observe National Employee Benefits Day 2024, let’s all recommit to creating supportive work environments that enable people to thrive!

For expert knowledge and proven results in increasing employee well-being through comprehensive financial wellness benefits, contact Payactiv today.

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