Increasing flexibility in your benefits program can be the key to helping small employers compete with larger corporations in the area of employee benefits. If you have a multigenerational workforce in your organization, you already know that the expectations of your younger aka “Gen Y” employees are far different than the needs of your baby boomers or “Gen X” employees. So, why take the same old “one size fits all” approach to benefits for your age-diverse employees?
There are essentially two approaches that could increase flexibility in your benefits program and allow your employees to access the coverages that fit their personal circumstances and life cycle.
First, depending on your budget, you could add flexible options that could take the form of a fully customizable “cafeteria” style plan. This approach allows the employees to be completely in the driver seat with regards to all of their benefits.
Second, you could choose to take a simpler and more economical approach by just adding some voluntary benefits, such as critical illness insurance, optional life insurance, and even pet insurance to your existing benefits program. This approach does not incur any additional costs to the employer as the employees are responsible for paying for their selected voluntary benefits.
Your benefits advisor would be able to help you customize your benefits plan, find the right insurance providers for your organization, and build a communication strategy to help your employees understand their options.
By giving your employees access to these benefits options through your group plan, they will also be able to get lower pricing and better coverage than they could get on their own. This arrangement, in itself, provides a valuable benefit to your employees with minimal cost to your organization.
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