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The Changing Landscape of Employee Benefits

Benefits are not static; they evolve to meet the changing needs and desires of the workforce. The discussion between Lauren Schneider, the Head of Brand and Communications at Compt, and Sims Tillirson delves into how companies and brokers can navigate this shifting terrain. One standout point is the current trend towards measuring the return on investment (ROI) and engagement of benefits programs, urging companies to reassess and potentially trim their offerings based on actual usage and value to employees.

Rise of Lifestyle Spending Accounts and Marketplaces

A significant shift in employee benefits is the movement towards lifestyle spending accounts (LSAs) and marketplaces. These approaches provide employees with a budget to spend on benefits that matter most to them, addressing the issue of oversaturation in point solutions and the paradox of choice. This flexibility aligns more closely with employee desires, offering a tailored approach rather than a one-size-fits-all package.

There are significant differences in lifestyle benefits through reimbursement and marketplaces, however. Learn more about that here.

Employee Engagement, Awareness, and the Disconnect from the C-Suite

Tillirson emphasizes the critical role of constant, effective communication in ensuring that employees are aware of and engaged with their benefits. Beyond traditional benefits like health insurance and 401(k)s, there is a growing demand for more personalized options that cater to individual needs and lifestyles, from pet stipends to financial wellness programs.

A recurring theme in the discussion is the disconnect between executive perceptions of valuable benefits and the actual needs and desires of their employees. This misalignment can lead to benefits packages that miss the mark, underscoring the importance of listening to employee feedback and understanding their real-world challenges.

Looking Ahead: Trends for 2024 and Advice for HR Leaders

As companies gear up for 2024, Tillirson predicts that mental health support, reproductive and menopausal benefits (or more generally fertility and family benefits), and holistic wellness programs will be at the forefront of employee benefits trends. However, he warns that while it’s essential to keep up with trends, companies must also ensure that the benefits they offer are genuinely valued and utilized by their employees.

For HR leaders feeling overwhelmed by the vast landscape of employee benefits, Tillirson suggests starting with their brokers, who can provide valuable guidance and benchmarking data. He also recommends tapping into peer groups and professional communities for support and insight.

If you’re interested in connecting with Tillirson, check out BLUE RAVEN Actuarial or Tillirson Consulting.

Final Thoughts

Employee benefits are a critical component of workplace satisfaction and employee retention. As the landscape continues to evolve, companies must stay adaptable, listen to their employees, and be willing to reassess and refine their offerings to ensure they meet the changing needs of their workforce.

For more insights into making the workplace more human and personalizing employee benefits, stay tuned to “Getting Personal with Compt.” If you’re interested in sharing your experiences or learning more, connect with us on LinkedIn or reach out directly (Lauren@compt.io) to continue the conversation.

The post Revolutionizing Employee Benefits: Insights from Sims Tillirson for Workplace Trends in 2024 appeared first on COMPT.

This episode is part of a series by Compt, a reimbursement platform that helps companies offer personalized employee perks, team recognition, and expense management.

HRGirlfriends started out in 2013 with little to no direction. Today it is a thriving, robust community that supports the professional and personal development of the women who go out every day supporting the workforce of companies with as little as five employees and as many as 10,000 plus.

“We also support organizations through HR consultancy services. So we provide lots of services to help organizations stay compliant and thrive,” said San.

The interview starts with San sharing her experience in HR and discussing the importance of employee benefits and perks. She emphasizes that employee benefits are not just a nice-to-have, but are essential for creating a positive workplace culture that attracts and retains talent. San also highlights the need for companies to consider the diverse needs of their employees and offers insights on how companies can improve their employee benefits program.

Compt Head of Communications Lauren Schneider then asks San about the gender pay gap and the timeline for achieving gender equity in the workplace. She shares her perspective on the issue and suggests ways that companies can work towards achieving gender equity, highlighting the importance of transparency, accountability, and collaboration in creating a fair and equitable workplace. San also emphasizes that achieving gender equity is not just a matter of ticking boxes but requires ongoing effort and commitment from companies.

“Equal Pay Day is sort of a thorn in my side,” San said, “as an African American woman who runs her own business, who also is in a position to see salaries and financials of organizations, I have a view that only a small portion of the business world get to see, right? And so I get to see what goes into paying fair salaries or not.

I think about what I used to subscribe to around it being the responsibility of women to be better negotiators. I really did. I thought that it was my responsibility to get all the skills necessary to negotiate. It didn’t dawn on me in my early twenties that, honestly, it wasn’t just on me that it was the responsibility, probably more so on the employer to stand tall and pay me what was fair for the work.”

Throughout the interview, San shares her insights and expertise on various HR-related topics, including employee engagement, diversity and inclusion, and leadership development. She offers practical advice and suggestions for companies to create a positive and inclusive workplace culture that benefits both employees and the business.

Watch the full interview for valuable insights and perspectives on employee benefits, gender equity, and creating a positive workplace culture. The interview offers practical advice and actionable steps that companies can take to improve their employee benefits program and work towards achieving gender equity in the workplace.

The post 300 Years Until Gender Equity?! Unacceptable. appeared first on COMPT.