The traditional way of thinking about employee benefits is changing.

No longer is it sufficient to only offer various health insurance, life insurance and disability coverage options. Instead, job seekers are looking for employers whose benefits packages include a combination of enhanced medical-coverage options and non-medical perks alike.

“That is a question that is asked a lot in the interview process,” says Krista Moren, benefits manager for Syndeo, a Wichita-based outsourced employer services provider that administers employee benefits on behalf of its clients.

Employees continue to view health-related benefits as the most important aspect of a company’s benefits plan, followed by retirement savings and planning benefits and leave benefits, according to the Society for Human Resource Management’s 2022 Employee Benefits Study, released in June.

While health insurance coverage is most commonly associated with employee benefits offerings, non-medical perks, such as financial services, identity theft protection and pet-oriented plans, are becoming more of a staple for businesses. In some instances, employers offer these types of coverage plans to employees at no cost to them, while other businesses utilize a cost-sharing model.

Parental leave and paid time off for volunteering are other non-medical benefits that are gaining popularity in today’s market. Companies offering plans that provide financial and legal assistance is also an emerging employee benefits trend.

“Employees like having a little bit of variety,” Moren says.

That variety could help your bank win some recruiting battles in what is still considered a tight labor market.

Mental Health and Telemedicine

SHRM’s Employee Benefits Study found that one in five employers now offer mental health days and other paid time off. Additionally, 93% of those surveyed (3,129 individuals representing businesses of various sizes and industries across the U.S.) indicated they offer telemedicine or telehealth benefits.

Moren says individuals are being more open about their mental health struggles as stigmas are being lessened. She says the COVID-19 pandemic forced people to look inward and evaluate their physical and emotional health. Employers have been receptive to that shift by offering plans to help connect individuals with various resources and counseling services as needed.

The COVID-19 pandemic also spurred increases in telehealth services to allow healthcare providers to meet with patients virtually. More insurance carriers are including telemedicine as part of their plans.

However, Moren says more could still be done to educate people about what their insurance plan covers because employees aren’t always aware that telemedicine services are included.

“It is a tool that sometimes is underutilized,” Moren says.

Benefits For Your Pet

The demand for enhanced employee benefits offerings is going beyond the employee.

As such, employers have begun offering benefits coverage for employee pets. Plans typically offer discounts on animal food, prescriptions, preventatives, toys and treats. Pet plans might also include savings on veterinarian services and access to after-hours consultations.

Communicating Your Offerings

The importance of adequately communicating new benefit offerings or changes to existing plans cannot be understated.

Companies are starting their open enrollment sooner and ending it later than they have in years past. Benefits managers also are incorporating more follow-up time to ensure employees fully understand what is being offered and their options regarding various plan options.

Employers also see value in communicating with employees about benefits offerings throughout the year as opposed to what has been traditionally done only during open enrollment. This creates more opportunities for feedback as well.

Moren suggests communicating known plan changes as soon as possible to allow ample time for information to be shared and questions to be answered. She says in-person meetings are a good avenue for relaying information because they create dialogue opportunities and allow people to have questions answered or to address concerns on the spot. Electronic communication can be effective, too, as long as information is made readily available and communication is provided in a timely manner.
In some cases, text messaging is being utilized as another communication avenue.

Moren says automated reminders about plan enrollment have become a popular way for employers to communicate important information with their employees.

“We seem to be able to reach more people via text because they always have their phone on them,” Moren says.

So, what do your benefit offerings say about your bank?

Syndeo is an industry-leading outsourced human resources provider serving banks across Kansas. Our strategy is to ensure clients have the tools and resources to comply with the HR-related aspects of employment law requirements. Contact us to learn more about our services.

Josh Heck is Syndeo’s marketing manager. Reach him at jheck@syndeohro.com or at (316) 440-9940.