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Better benefits or buh-bye.
That’s the mindset of the 53% of employees surveyed for the 2023–2024 Aflac WorkForces Report who said they would likely take a lower paying job for a more robust benefits package.
Sandy Kenslow, VP and director of small group benefits at Mylo, works closely with the insurance solutions provider’s employer clients. Since joining the company four years ago, Kenslow said many of her clients have asked about which benefits will address their employees’ top concerns.
For many, that includes family planning. “We’re seeing questions around a family journey support [benefits and] what kind of products are out there to help from preconception all the way to menopause,” Kenslow told HR Brew. “You’re seeing a whole lifetime care type of approach.”
Mental health is also top of mind for employees, Kenslow said, as is financial stability. In fact, the two are intertwined: 52% of US adults said issues and concerns relating to money negatively impact their mental health, according to a survey from Bankrate and Psych Central.
Zoom out. Some 61% of employees who received fertility benefits from their employer said they feel a greater sense of loyalty to their organization, according to the 2020 FertilityIQ Workplace Index.
Further, 73% of employees and 81% of managers said they are more likely to stay with an employer that offers “high-quality” mental health resources, according to a report by Modern Health and Forrester Consulting. And 74% of employees said they are more likely to leave their job for one that offers better financial wellness benefits, according to a survey by Betterment at Work.
The bottom line? “Even if you’re a small employer and only have seven people on your payroll, [employees are] looking for a package, and they want the traditional medical, dental, vision,” Kenlsow said. But employers can ask themselves, “What else can I bring to the table that is unique and that is responding to how people want to interact with their benefits in today’s world?”
Looking ahead. With all that in mind, Kenslow expects to see lifestyle spending accounts gain traction as an employee benefit.
“It works well when an employer can contribute and say, ‘Hey, we’re just going to put some extra money in here and you can use it for a variety of things that fit your own specific situation,’” Kenslow said. “Yes, it costs money to administer because the vendor is going to collect the money and make it available through debit cards for your employees, but it’s a really cool benefit that you can roll out when you’re trying to recruit.”