Employee retention is a challenge in the modern workplace. HR professionals must improve the Employee Value Proposition (EVP) they offer to combat this challenge.
One way to address this issue is by offering extensive healthcare benefits as a part of a comprehensive offer package. Properly deployed, these can make your firm more appealing to help recruit top talent and improve employee retention.
How can you create a healthcare and wellness package that elevates your company while staying within your budget?
Health and Wellness in the Modern Workplace
It’s best to start by understanding the value of health and wellness offerings in the workplace. A recent survey revealed that the top benefits desired by employees included comprehensive healthcare, an answer selected by 80% of participants. In another survey, respondents ranked healthcare as “important” more often than other benefits.
What does comprehensive healthcare consist of? In addition to the ability to add family members to a plan, comprehensive health coverage also includes support for mental health services as well as wellness options, such as covering classes like yoga. Dental or eye care are also coverage options.
While these issues are important, healthcare packages that improve EVP go beyond offering basic medical services. Packages should include mental health services as well. And while dental is not often part of standard medical packages, employers should strive to offer at least a basic, separate dental care package.
How Comprehensive Benefits Can Boost Your Company
Why is offering these options so vital for your company? As your firm takes steps to increase employee retention and satisfaction, it’s important to understand that healthcare stands at the front of everyone’s mind. As the cost of living rises, younger employees are seeking better benefits. Nearly 70% of people aged 18 to 34 would change companies for better benefits.
It’s not enough to offer a great package, though. Many companies have improved their benefits since the 2020 pandemic, but for most employees, these are still not meeting their needs. 65% of employees also say they would use more benefits if they were offered more personalized options that better fit their needs.
Employers must ensure that their benefits packages fit the needs of their current staff, as well as those they hope to recruit. Before setting out to update or improve these packages, HR departments must reach out to employees to understand their needs. In addition to surveys, HR professionals should listen to the requests coming into their office. If a question keeps cropping up, this is potentially an area to address within the benefits package.
It’s also critical to look at the needs of employees who are working long hours, whether during certain seasons or for most of the year. This can cause unexpected health challenges that may require special attention for HR.
Why It’s Important to Offer Dental Coverage
Let’s explore one example: dental care. Did you know that working long hours can impact oral health? When stuck for long days in the office, some people neglect to care for their teeth. They may brush too quickly or without toothpaste, or even skip brushing and flossing altogether.
Long days in the office also often mean additional stress, which releases extra cortisol, the stress hormone. Too much cortisol can impair the immune system, making it more difficult to fight viruses and infections, impacting bodily and oral health.
Those extra work hours generally mean poor dietary choices, like sugary drinks and treats instead of a nutritious meal. The extra sugar builds up plaque, further damaging your teeth.
Finally, long work hours may inhibit the ability to visit a dentist, especially when people do not have dental coverage. These challenges are difficult to avoid. However, offering a quality dental care package will go a long way towards helping your staff care for their teeth. It’s also important to ensure that staff can take the time to visit medical professionals, including dentists. This is just one of many ways your company can go the extra mile to support EVP.
Going the Extra Mile to Promote Employee Wellness
While a comprehensive healthcare package is a start, more needs to be done for the health and well-being of employees. In the U.K., millions of working hours are lost thanks to burnout and high stress. Addressing mental wellness is a critical piece of the puzzle in building EVP that supports a productive and beneficial workplace. People want companies to offer benefits that prevent both medical and mental health challenges.
As mentioned, start by getting feedback from your staff about their needs. You can create an anonymous survey to gauge their needs in order of importance. You can then design benefits packages that address work-life balance, as well as health. Choosing options that are best suited for your staff saves you from investing in options they do not require.
What are some alternative ways that HR professionals can improve the EVP? Consider offering some or all of the following options:
- Flexible work hours.
The pandemic showed employers that while it’s not always possible to be on-site for long periods, it is still possible to get projects completed. Offering flexible work hours with some remote work time benefits employees, especially those with caregiver roles. This is an excellent way to improve the profile of your company.
- Wellness programs.
Beyond healthcare, a good wellness program allows employees ways to better manage stress. There is a wide range of options available here, from reimbursing gym expenses to hosting events on topics like managing stress. You can also offer training on handling conflict or improving communication to improve workplace relationships.
- Employee development programs.
Go beyond the simple annual performance review. Show your employees that they have a critical role in the company by providing a pathway to a career with employee development programs. These can include continuous learning, mentorship, shadowing, and mapping out a journey for their time within your firm.
When properly deployed, each of these elements can help employees alleviate stress, making your workplace a safer, more enjoyable environment.
Offering comprehensive healthcare and wellness benefits can elevate EVP. In turn, that boosts your company in the eyes of both your current staff and prospective talent. This helps to draw in the best talent while building your company’s reputation as a premiere place to build a successful future.
