Human Resource Managers are digging deeper into data insights into how employees are making use of the current benefits to create a more robust package that attracts and retains the talent. Below mentioned are the top trends to watch out for in 2019.
1. Organizational Analytics
There is a shift in the management of employee data. Categorizations by millennial, Gen X, Gen Z, is no more prevalent and essential to shaping benefits packages effectively. HR managers are not only focusing on monitoring benefits utilization, but they are also keeping tabs on preferences of individuals. Email tracking, anonymous surveys, and benefits utilization rates are a few examples of how employers are gaining data to opt for the smartest decisions in 2019.
2. Customized Offerings
As the employers are utilizing deep data insights into employee’s habits and wants, employers are shifting the focus from blanket benefits solution to more personalized options. This means that for the younger employees employers may help in student loan reimbursement to substitute it for a retirement plan; the latter would be beneficial for older employees. Employees prefer benefits that directly meet their personal needs rather than a single idea that can be beneficial in certain areas only.
3. Healthcare Costs
There is an immediate rise in healthcare costs. National Business Group on Health states that the price may come up to $15,000 per employee in 2019. Telemedicine gives insurers the benefits to cut down costs on personal visits to the doctors for simple check-ups. Insurers are also adopting ways to offer discount cards by negotiating better deals with drug manufacturers.
4. Corporate Environment
Employees prefer working in an organization that has robust and customized solutions and the one that aligns perfectly with the individual’s beliefs and goals. Employees are seeking a competitive salary and benefits and an environment that makes them feel good about their work. These factors are influential in attracting the right talent.
Well, 2019 will likely be a fantastic year for employers who are looking forward to building out their benefits offerings to attract talent. In the competitive market, employees have a wide range of choices of where they would like to spend their work timings. Moreover, employees are also looking for benefits that meet their unique needs. Retirement plans and healthcare offering are essential, but employers must find ways to offer additional voluntary benefits that are accessible anytime.