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Better profit or else goodbye.
That's the view of 53% of workers surveyed in the 2023-2024 Aflac Workforce Report, who said they would be more likely to take a lower-paying job if it offered better benefits.
Sandy Kenslow, vice president and director of small group benefits at Mylo, works closely with the insurance solutions provider's employer customers. Kenslow said that since she joined the company four years ago, many of her clients have asked her about which benefits address their employees' biggest concerns.
For many, that includes family planning. “We've been receiving a lot of questions about family travel support. [benefits and] What products are there to support people from preconceptions to menopause?'' Kenslow told HR Brew. “We’re seeing a lifelong care-like approach.”
Kenslow said mental health is a top priority for employees, as is financial security. In fact, the two are intertwined. According to a study by Bankrate and Psych Central, 52% of U.S. adults say money problems and concerns are negatively impacting their mental health.
Zoom out. According to the 2020 FertilityIQ Workplace Index, approximately 61% of employees who received fertility benefits from their employer said they felt more loyal to their organization.
Additionally, a report from Modern Health and Forrester Consulting found that 73% of employees and 81% of managers say they are more likely to stay with an employer that provides “high-quality” mental health resources. Additionally, 74% of employees said they would be more likely to move to a job that offered better financial benefits, according to a Betterment at Work survey.
The bottom line? “Even if you’re a small employer and only have seven employees on your payroll. [employees are] They’re looking for a package, and they want traditional medical, dental and vision,” Kenlsow said. But employers can ask themselves, “What else can I offer that is unique and responds to how people want to enjoy their benefits in today's world?”
Looking to the future. With all this in mind, Kenslow expects lifestyle spending accounts to gain traction as an employee benefit.
“If an employer can contribute and say, 'Here's some extra money, please use it for different things to suit your particular situation,'” Kenslow said. says. “Sure, it's expensive to administer as the vendor collects the money and makes it available to the employee through a debit card. But this is a really nice benefit that can be rolled out during recruitment.”
