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Myths You Shouldn't Believe About Employee Benefit Packages

"Myth No. 1: Everyone wants a gym membership.... Myth No. 2: The biggest benefit is salary.... Myth No. 3: Additional benefits are too expensive for employees.... Myth No. 4: There is no return on investment.... Myth No. 5: My employees already know we provide great benefits."

Key Activities CFOs and CHROs Should Perform Together to Optimize Employee Benefit Programs

"[1] Advanced strategic planning.... [2] Collaborate to align HR and Finance metrics with company objectives.... [3] Evaluate outsourced partnerships.... [4] Utilize technology to drive efficiencies.... [5] Measure everything.... [6] Educate and value."

Six Key Activities CFOs and CHROs Should Perform Together to Optimize Employee Benefit Programs

"Advanced Strategic Planning ... Collaborate to align HR and finance metrics with company objectives... Evaluate outsourced partnerships... Utilize technology to drive efficiencies... Measure... Educate and Value."

Benefits Education Is Time Well Spent

"Half of employees who felt highly or moderately cared about by their employer understood their benefits moderately to very well. Nearly one-third of employees who understand their benefits very well intend to stay with their employer for more than 10 years. Almost half of employees who understand their benefits very well feel highly satisfied with their current job."

Pet Benefits on the Rise

"Pet-friendly employee benefits are ... continuing to rise in popularity. More and more employers are jumping at the idea of implementing pet-friendly policies at work due to the increasing interest from employees.... If you are considering implementing a pet policy at your office, there are a few things you should consider.... If you can't, or are just not ready to pull the trigger on allowing pets at the office, there are other animal-friendly benefits you can offer employees that they will appreciate."

How Can Employee Benefits Play a Role in Corporate Branding?

"[E]mployees who are very satisfied with their benefits are almost four times more likely to be very satisfied with their jobs. Further, almost 70% of employees with a comprehensive benefits program would recommend their place of employment (versus 46% with less benefits).... '[B]enefits that are perceived as fair and competitive will motivate employees to be more committed because the organization is signaling its own commitment to them.' "

Does Your Employee Benefits Strategy Feel Like Groundhog Day?

"Forward-thinking benefit advisors help employers take a different approach to group health plan purchasing by asking strategic questions and understanding business metrics and challenges up front, and well before renewal time.... This type of planning (especially for big changes) should begin at least six months before your next renewal in order to provide enough time for strategic alignment, as well as buy-in and feedback from key stakeholders."

Employers Use Mental Health Benefits to Battle Coronavirus Stress

"While all demographic groups report increased stress during this time, companies can still tailor their resources to best fit what their workforce is facing. Businesses with working parents or caretakers can provide counseling and tools that specifically address family-related anxiety. Younger staff with student loans as well as those interested in retiring soon may need more personalized financial planning support to face their particular worries. Employees with underlying physical or mental health issues may be struggling to adapt to changes in treatment; telemedicine can help but learning how to cope with these unexpected changes can fill in the gaps."

Benefits That Engaged Employees Want and Need

"[1] Employees want their employers to do more to support their financial health; [2] Access to quality behavioral health services at convenient locations correlates with employee wellbeing; and [3] Employees would like more opportunities for paid time off to volunteer in the community."

Putting Telehealth to Work

"90% of employers reported they will provide telehealth benefits in states where they can this year. Yet ... of the employees who had access to telehealth services in 2016, only 3% used the benefit.... Employers need a well-executed and consistent communication strategy promoting the benefit that will educate employees about the existence and process for using telehealth services and to address any barriers to utilization. This strategy will help employees' knowledge and trust in the benefits that telehealth services offer."