SHRM’s Post

Latest News From PlanAdviser -- Experts: Good Demographic Data Key to Driving Plan Design. EBRI’s Bridget Bearden states, “keeping track of who attends employee resource group meetings could also help an employer understand the psychographics—psychological variables like attitudes, values and fears—of workers. https://lnkd.in/dFGKcsr6 #EBRI #bridgetbearden #planadviser #plandesign #benefits #employer #employee #news #finance #savings

We experience so many life transitions and yet often people (employees) feel totally unsupported. Join KareHero, Clifford Chance and Accenture on this Reward & Employee Benefits Association (REBA) panel tomorrow to learn how to plan ahead for the emerging needs of mid- and later-career workers, what the typical life stage challenges are likely to be, as well as which benefits and reward strategies can be used to support new ways of working.

If you still think your benefits plan isn't a super important part of your overall compensation package then I suggest reading this article. "The survey also highlighted what millennials expect from their employers with respect to group benefits plans. More than two-thirds (71 per cent) of respondents said these benefits are one of the reasons they stay at their jobs and nearly 80 per cent said they’d be more inclined to stay if they had a better benefits plan." A comprehensive, or even better a flexible, benefits plan is a huge part of employee retention and attraction. If you need to re-evaluate your benefits plan or just want to learn more about what other employers in your industry are doing, reach out anytime and I'll be happy to chat! #employeebenefits #flexiblebenefits #sphyra #workplaceevolution Sphyra Benefits

https://lnkd.in/gnFdXSRE Really interesting article, well worth a read. Particularly interesting to see that different demographics such as age can impact financial well-being concerns amongst employees. Do you feel that your employer is actively looking for ways to support you and your colleagues with the spiralling cost of living crisis? What works well for you?

If employers fail to offer a holistic suite of benefits that is targeted toward their particular plan demographics, and fail to effectively communicate these benefits, they risk facing retention issues down the line, according to a new survey conducted by Nuveen, a TIAA company. After surveying 1,500 full-time U.S. workers, Nuveen, a TIAA company, found that 70% of respondents said they would be willing to switch jobs for better benefits, with younger workers expressing the greatest willingness to move on.  “Rather than viewing benefit as a cost, organizations can seize a competitive advantage by treating them as a strategic investment,” stated Nuveen in its Benefits 2.0 report.  Nuveen argued in its report that it is in employers’ best interest to create more inclusive benefits that serve their workforce, as less adequate benefits packages are linked with perceptions of a less accommodating workplace. Details here: https://lnkd.in/eEEu3Y3s #employeebenefits #employeewellbeing #hr #cfo #humanresources

🌟 𝐃𝐚𝐲 16 𝐨𝐟 𝐇𝐲𝐛𝐫𝐢𝐝𝐠𝐞 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐢𝐧𝐠'𝐬 𝐀𝐝𝐯𝐞𝐧𝐭 𝐂𝐚𝐥𝐞𝐧𝐝𝐚𝐫: 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐢𝐧𝐠 𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐞 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 🌟 Today, we delve into an essential aspect of employee satisfaction and retention: the utilization of employee benefits. 🔍 𝐓𝐚𝐬𝐤: Review the current employee benefits utilization. 🤔 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧: Are certain benefits more popular, and why might that be? The popularity of specific benefits often reflects the diverse needs and preferences of your workforce. For instance, younger employees might lean towards well-being benefits like gym memberships or mental health support, while older colleagues may prioritize healthcare or pension plans. Personalizing benefits is a powerful way to acknowledge and cater to this diversity. It's not just about offering a range of benefits; it's about understanding what resonates with different segments of your workforce and why. This approach can be a significant differentiator in the labor market, especially for companies that may not be able to compete with top market salaries. Regularly revisiting benefit utilization is as crucial as reviewing financial rewards. It helps in: - Understanding employee preferences and needs. - Adjusting benefits to align with changing workforce demographics. - Ensuring your benefits package remains competitive and attractive. At Hybridge Consulting, we understand the strategic importance of a well-crafted benefits package. We can help you analyze your current benefits utilization, identify trends, and tailor a benefits strategy that not only meets the diverse needs of your employees but also strengthens your position as an employer of choice. #HybridgeAdvent #EmployeeBenefits #WorkforceDiversity #HRStrategy #EmployeeRetention #HybridgeConsulting

As the #workforce landscape continues to evolve, #employers must consider the shifting #demographic characteristics of their older #employees to ensure that employee #benefit plans are tailored to meet their unique needs. #HR #ageism #diversity #EEOC #EmploymentAct

Research indicates that over 25% of the workforce will be over 55 by 2031. Employers should consider the aging workforce when choosing #benefits. Here are some programs that may appeal to an older demographic. https://hubs.ly/Q01_rXkr0 #EmployeeBenefits #BenefitsAdministration #HR

Holistic Approach to Benefits for Tomorrow's Employees! Maximus Rose Living Benefits Inc. If employers fail to offer a holistic suite of benefits that is target toward their particular plan demographics, and fail to effectively communicate these benefits, they risk facing retention issues down the line, according to a new survey! Treating benefits as a strategic investment rather than a mere cost can provide organizations with a competitive edge. However, this requires tailored benefits packages that cater to the diverse needs of employees. One-size-fits-all packages are inadequate, as benefits priorities differ significantly among demographic groups. For instance, younger workers prioritize education benefits, while older employees value comprehensive retirement benefits and parental leave. Communication is key to ensuring benefits are utilized effectively. Many workers are unaware of their benefits or face difficulties accessing them, particularly minority groups. Employers are encouraged to employ various communication channels, such as in-person discussions and digital outreach, to ensure all employees understand and utilize their benefits. A holistic approach to employee benefits, tailored to diverse demographics and effectively communicated, is crucial for employee satisfaction, retention, and ultimately, organizational success! https://lnkd.in/gRWKypc6 #health #employeebenefits #benefits #groupbenefits #hr #humanresources #holisticbenefits #groupinsurance #totalrewards

What's new in the World of Benefits? 🤔    As our workforce ages, change is mandatory. As per EAPA UK, the number of people over retirement age still working has more than doubled in the past decade.    So here's a question: What steps will you take to cater to the unique health and wellbeing needs of older employees? Innovative benefit providers, are you ready to step up and create products that truly enrich the lives of older workers?    Proactive health and EAP, flexibility, and financial guidance are set to reshape the benefits landscape.    Let's chat about how we can personalise a benefits program for your company’s needs: https://lnkd.in/eT3iNXwq   #HRLeaders #EmployeeBenefits #WorkforceDemographics #AgeDiversity #HRStrategy