Was Baby One More Time playing the last time you updated your benefit plan?

I read a stat from the Envoy Return to Workplace Report that reveled 63% of employees say flexibility would make them feel more empowered. The 2020 Benefits Canada Healthcare Survey shows how much value plan members place on having some control over how they can use their health benefit plans.

Personalizing benefits is key to unlocking an engaged workforce.  The definition of personalized is “design or produce (something) to meet someone's individual requirements”. Personalizing benefits gives employees the flexibility and control they need.
I participated in a couple of webinars last week that focused on plan member personalization. Below are some the stats that make a compelling argument to giving plan members more flexible benefit options.

• 87% of plan members who view their benefit plan quality as excellent/very good are also satisfied with their job. Compared to only 50% of plan members who view their benefit plan quality as poor.
• 68% of those with HSAs say their health benefit plan meets their needs, compared to 49% among those without HSAs.
• 82% of plan members would like to have a healthcare spending account and those who already have one, love it.

The top 4 products that plan members would like to use if added to their benefit plan can be delivered through a taxable spending account (Fitness Classes, Personal fitness trainer, Virtual Care, Fitness tracking devices).

BUT

The Gallagher Driving Data with Decisions Survey found that 62% of plan sponsors have no plans to make updates to the benefit program. The great reset is on. Headlines are 40% of employees say they are at least somewhat likely to quit in the next three to six months. Mass attrition is happening. It’s widespread, and will persist for the foreseeable future.

Stale, outdated plans from a decade ago, that try to fit everyone into the same tiny box, push great people out the door and open the door to disrupters and to competitors. 

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