The Benefits-Jigsaw: Crafting a Comprehensive Employee Benefits Package
In today’s dynamic workplace, the composition of the workforce is more diverse than ever, spanning five generations. This, coupled with an aging demographic and increasing health issues such as chronic conditions and obesity, poses significant challenges for employers. The need to support employee well-being is more pressing than ever, and the concept of the “benefits-jigsaw” provides a framework for creating a cohesive and effective benefits package.
Understanding the Diverse Workforce Needs
The modern workforce is characterised by its diversity:
- Generational Spread: With five generations working together, each with unique needs and expectations.
- Extended Working Life: More employees are working beyond the traditional pension age.
- Rising Health Concerns: Increased incidence of chronic conditions and obesity.
Given these factors, there’s a high likelihood that the workforce of today and tomorrow will face significant health challenges.
The Importance of Comprehensive Support
Employers must address how they support employees when they fall ill, are diagnosed with a critical illness, or face terminal conditions. The impact of such health issues extends beyond the affected employee to their family and colleagues. While individual benefits like tax-free lump-sum payouts provide some support, understanding the broader journey and the various support systems required is crucial.
Assembling the Integrated Benefits Package
An effective benefits package should include:
- Wellbeing & Mental Health Counselling
- Employee Assistance Programmes (EAP)
- Corporate Cash Plans
- Group Private Medical Insurance
- Group Income Protection
- Group Life Assurance
Each benefit plays a role in the overall “benefits-jigsaw.” When properly aligned, these benefits offer comprehensive support, covering medical costs, providing essential counselling, protecting income, and offering bereavement support.
Leveraging Additional Services
Many benefits packages include additional services that support employees in making life changes and returning to work. Even if a claim is never made, these services can be invaluable. It’s also essential that policies like sick pay align with these benefits to prevent income gaps during extended periods of illness.
Building the Benefits-Jigsaw
Creating an effective benefits package is like assembling a jigsaw puzzle. Each piece must fit correctly to form a complete picture. A well-designed package supports employees’ health and well-being and aligns with the company’s broader employee value proposition.
The Ongoing Importance of Employee Support
Supporting employees with serious and long-term health problems is now a permanent feature on the corporate agenda. Employers must take greater responsibility for workforce health, given the pressures on state healthcare systems.
Navigating the “War for Talent”
The term “war for talent,” coined by McKinsey’s Steven Hankin in 1997, refers to the fierce competition for attracting and retaining employees. In a tightening labor market, a competitive benefits package is crucial. Regularly reviewing and adapting these benefits ensures they remain relevant and effective in attracting and retaining top talent.
A Holistic Approach to Benefits
Adopting a tailored, evolving, and holistic approach to benefits positions a business as a caring and competitive employer. Aligning benefits with the employer brand ensures consistency and provides comprehensive support to employees and their families in various scenarios.
Employers must meticulously design and continuously evolve their benefits packages to effectively support their workforce. At Black Mountain Employee Benefits, we help you build and create your benefits-jigsaw. What are you waiting for? Come and say G’day and get in touch at peopleandbenefits@blackmountainhr.com
