Level The Playing Field By Modernizing Ancillary Benefits

But Why Modernize?

It is always hard to straddle that line of giving people what they want versus what they need. And when you start considering the things that customers might want 10 years from now vis a vis the things that might not change, finding the balance between want and need becomes even more challenging.

This is why modernization is essential: it profoundly impacts your business now and in the future. So. If you look keenly, employers are more willing to reappropriate some of their cash flow into benefits that live with their employees.

It inevitably helps employers attract the talent they need, retain their incredible talent, and ultimately keep their team productive. An example is offering a life insurance policy that stays with the person whether they are a hybrid or in-office workforce because it helps employees keep doing their best work no matter where they are or what they're doing.

Ultimately, the goal is to achieve something more important than checking the health insurance box right by creating an approach to benefits that is intentional, strategic, and tied to the company culture.

Remember, what employees experience when they work for a company determines the future success of that business. That is why more employers are becoming intentional about explicitly teaching and emphasizing and reemphasizing what the ancillary benefits package is.

Small businesses, in particular, must be very intentional about articulating these benefits and educating employees with one goal in mind: the employee experience. To that end, modernizing your ancillary benefits doesn't just exist at the benefits level but across the spectrum of the employee experience.

• It helps attract top talent in a competitive recruitment market because it signals that your company is forward-thinking and cares about overall employee well-being.
• It boosts your company's reputation and brand image. A company offering comprehensive benefits to meet today's needs is viewed as a great workplace to attract more high-quality candidates and clients.
• It also boosts employee satisfaction and retention. If your workforce feels valued and cared for since you cater to their diverse needs and lifestyles, they're less likely to jump ship.
• Moreover, a healthy, financially secure, and satisfied workforce is likelier to be more productive and engaged. They'll be ready and eager to navigate any business storm together.

In other words, modernizing your ancillary benefits can be a win-win for your employees and your business. For instance, flexible working arrangements can help employees achieve a better work-life balance, while professional development opportunities can help them grow and advance in their careers. Both benefits can significantly increase employee satisfaction and retention.

Modernizing ancillary benefits also involves leveraging technology and data. With the advent of AI and machine learning, it's now possible to analyze large amounts of data to gain insights into what benefits employees value most. This helps you tailor your benefits package to meet the specific needs of your workforce, further enhancing its appeal.

So, how do you modernize these ancillary benefits, and how can they impact your business? It involves leveraging technology, data, and innovative strategies to deliver personalized, flexible, and comprehensive benefits. Let's dive in.

EMBRACE THE DIGITAL WAVE

Today's technology is as ubiquitous as the air we breathe. It's transforming how we live and work; employee benefits are no exception. Offering digital access to benefits information, online enrollment systems, and telehealth services is no longer a luxury - it's a necessity. It's like upgrading from a paper map to a GPS; it's more efficient, user-friendly, and reliable.

Technology streamlines the benefits administration process, making it easier for employees to understand and access their benefits. This can lead to higher utilization of benefits, further boosting employee satisfaction and retention.



PERSONALIZE THE BENEFITS

Never assume that your employees have the exact needs. The young deckhand might value tuition reimbursement, while the seasoned employee might appreciate a robust retirement plan. Offering a one-size-fits-all benefits package is like serving the same meal to your kids every day - it's bound to cause rebellion. Modernizing ancillary benefits means personalizing them to meet the diverse needs of your workforce.



FOCUS ON WELLNESS

The pandemic has underscored the importance of health and wellness. So, modern ancillary benefits should go beyond traditional health insurance to include mental health support, wellness programs, and preventive care. It's like ensuring your crew has both the wind in their sails (physical health) and a clear star to navigate by (mental health).

OFFER FINANCIAL WELLNESS

Financial stress can significantly impact your employees' productivity and morale. Modern ancillary benefits include financial wellness programs, access to financial advisors, and retirement planning services. It's giving your employees the tools to keep their finances shipshape so that they can focus on their duties without distraction.

FLEXIBILITY IS KEY

The future of work is flexible. This includes flexibility in where, when, and how work gets done. Your ancillary benefits should reflect this trend. This could mean offering benefits that support remote work, flexible working hours, or job sharing. For instance, flexible spending accounts allow employers and employees to meet and work together for the company's good.

ANCILLARY BENEFITS STEER YOUR COMPANY INTO THE FUTURE.

The journey might require effort and investment, but the destination - a thriving business with a loyal, satisfied workforce - is well worth it. After all, your business is only as successful as its employees.

So, remember, the future of work is not just about what you do—it's also about how you care for your people. Hoist the sails, chart the course, and modernize your ancillary benefits. Your employees, and your business, will thank you for it.

If you need guidance on offering your employees ancillary benefits, contact Zupnick & Associates.