NEW YORK, July 5, 2018 /PRNewswire-iReach/
Employee benefits administration company, Clarity Benefit Solutions, discusses the rise of personalized benefit offerings.
Today's workforce is a combination of many generations—from baby boomers to Gen Z—resulting in a greater need for personalized benefit offerings. People in different walks of life have diverse needs, and it is up to employers to recognize this and offer a variety of benefits to accommodate all employees.
Personalized benefit offerings can be a way for employers to attract top talent. Millennials, who will comprise more than half of the workforce within the next several years, desire flexible working hours, want recognition, and crave instant gratification. In addition, contract and part-time workers are on the rise, which means higher demand for these types of benefits for non-permanent staff.
Forward-thinking employers will realize they need to personalize not only their current employees' experience, but also throughout their entire employment lifecycle, which includes attraction, retention, and engagement. Brokers can best help employers by educating them on the following areas that are driving growth for personalized benefits.
- Physical/financial wellness support. The impetus for physical and financial wellness initiatives among employees has led to heightened demand for voluntary benefits that can help improve employees' physical, emotional, and mental well-being. Employee stress from contending with medical, financial, and legal concern costs employers hundreds of billions of dollars a year. Personalized benefits arm employees with the resources they need to tackle these issues. Benefits such as legal insurance and financial wellness programs are prime examples of such support.
- On-demand preferences. Another reason that personalized benefits are rising in popularity is since many employees—particularly those from younger generations—are used to immediate gratification. They want to have control over deciding which benefits they would find the most useful. A single young employee will not have the same needs as an older, married employee with children.
- The prominence of technology. Technology makes it easier than ever for employers to offer employees a range of personalized benefits. Online platforms streamline and automate the entire process—making the enrollment process more attractive to employees.
About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
Media Contact: Calvin Clark, Clarity Benefit Solutions, 732-428-8272, cclark@claritybenefitsolutions.com
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SOURCE Clarity Benefit Solutions
