We came across this article on The Wall Street Journal regarding how some companies used the open enrollment season in 2020 to use their benefits in a way that best supported their employees as individuals by giving them something they desperately needed: stability. That is, they wanted to avoid giving employees more of what they absolutely don’t need: change, uncertainty, and stress.
It’s now 2021, but the world could still do with more stability. So, despite an era where the budget is very much a concern for many businesses, it may still be in an employer’s best interest to expand (or at least not reduce) health benefits.
To be clear, when we say “health benefits”, we mean ALL the dimensions of health, not just physical health (see our blog from last week). Since it may not be realistic at this moment in time to give every deserving employee a raise, how else can you reward your team and show that you value them while keeping costs down?
By planning your 2021 benefits around supporting employees’ needs as individuals.
That said, we would advise companies to be smart with the allocation of limited resources. Are you tracking the usage of benefits? Are you requesting feedback? If not, you should be. In this way, you can come to understand which benefits resonate the most with your employees, what other benefits they would like to see, and which ones they could do without. That way, if you do need to reduce – or expand – your benefits, you’ll know exactly where to start. Don’t shoot in the dark! Make an informed decision.