The Employee Benefits Evolution
New technologies, new social norms, new ways of doing business – the world around us is changing at breakneck speed. However, while change is fast becoming the new norm, the insurance industry has remained remarkably constant. Traditional policies and benefits have worked well for traditional employees. Younger workers, however, have a different mindset. Their needs are quickly evolving. And they’re seeking something very different from their employee benefits packages.
One of the most radical changes is that they have grown up in a culture that increasingly recognizes the importance of prevention versus cure. Where their parents’ generation placed high value on core medical, dental, and disability benefits, younger people are more inclined to seek benefits that embrace alternative therapies, gym memberships and wellness programs. They expect plainly stated benefits and clearly worded contracts. They want flexibility. And they place high value on choice. Options like being able to file insurance claims via mobile apps – or being able to monetize unused vacations – these have great appeal to a technology savvy generation with an enhanced sense of entitlement. It’s a culture shift that smart employers will do well to recognize.
It’s true that today’s employees still comprise several generations, and their perceived needs vary. But it’s truer now than ever before that group benefits plans that seek to cater to the mean do justice to no one. So where do we go from here? If employers want to attract and retain the best and the brightest tomorrow, they need to embrace change today. Yes, it requires progressive thinking – and not a little expertise. But that’s where you have the advantage with Steers. Give us a call or drop by and see us today. We’ll help you create an affordable, customized, forward-thinking employee benefits plan with the kind of flexibility and innovation that’s relevant now and into the future.