As if navigating insurance packages for a workforce that spans four generations weren't complicated enough, the current COVID-19 pandemic is causing employees to re-think their benefits priorities. Benefits that would have attracted the workforce pre-COVID-19, now pale in comparison to flexible scheduling and the ability to work from home. Learning how to properly manage your employee benefits is more important than ever.
As employee needs continue to change, it's important for HR to have a deep understanding of employees' unique situations in order to best customize and manage their employee benefits. Cloud-based benefits administration is needed now more than ever when navigating the changing landscape.
Managing Employee Benefits for a Diverse Workforce
Millennials (1981-1996) finally surpassed Boomers (1946-1964) in the workforce. Those two key generations will remain the backbone of the workforce until the early 2030s, as Boomers continue to retire. It is important to keep these two demographic groups at the front of your mind when choosing how to manage your employee benefits.
Unfortunately, these two generations are at opposite ends of the age spectrum and have very different wants and needs in plans requiring a full understanding of employee compensation and employee benefits. Under normal circumstances, HR managers understand that they manage a diverse workforce, and thusly manage a diverse range of employee benefits packages. Younger employees have different insurance needs than older employees. Unmarried employees and married employees think differently about insurance.
In the "new normal" of COVID-19, HR managers need to take additional time to understand things regarding employee benefits such as the Family First Coronavirus Response Act and the Coronavirus Aid, Relief and Economic Security Act to understand how these provisions may affect the company's remaining employees and the company itself.
Manage Employee Benefits With Employ AI and Data Analytics
AI and data analytics can help your HR department make sense of diversity whether your company is large or small, allowing you to better manage your employee benefits.
Several key factors can map your employees' benefits needs. Analyze the complexity of your current benefits plan's offerings and the rate of employee participation. Additionally, determine the computer literacy of your employees and their preferences for receiving communications (text, email, paper). Once you have confirmed this information, ensure that your company is up-to-date with any employee benefits labor laws, such as COBRA. For example, Arizona has Mini-COBRA that goes above and beyond federal COBRA as a part of your benefits administration. These insights will help you alter your employee benefits plan to best serve your employees.
Some common employee benefits themes have remained true throughout the years. Employees prefer benefits plans that are personalized to their needs. They want to know that you recognize their particular financial circumstances, whether they are in the middle of paying off student loans or managing a long-term illness. Many of your employees, young and old, may also be caregivers and would be appreciative of benefits plans that are sensitive to these needs. Plans that address employees holistically work better for both the employee and the company. If your employee reports for work each day but is only half-focused on his or her work due to stress or anxiety, neither the company nor the employee is well served.
Once you have your employees' benefits needs all figured out, you can more easily determine which benefits your company can afford to offer now, and over the course of the next few years. You will then be well prepared to discuss the benefits technologies that would best fit your company, including cloud-based ACA compliance solutions for your qualifying workforce.
During your research, keep track of other available plans so that you can also find outside resources to help your employees make better decisions about benefits that your company doesn't offer.
Choose Employee Benefits that are the Best Fit for your Company
Countless technology companies offer multiple platforms for every business need, though not all benefits management technology platforms are created equal.
Find a human capital management (HCM) platform that will let you manage the benefits you already offer and provide data insights to improve your employees' experience.
Inflection HR provides a seamless, cloud-based benefits management package that works with multiple plans and provides your company with data-driven insights. With nearly 20 years of experience in working with companies of all sizes, we are well poised to guide you through your transition to an online benefits management resource that will save you and your employees time and money. Contact us today to learn more.