Michigan Employee Benefits Trends for 2019
It’s not easy to find and keep qualified talent, but an attractive benefits package can make the difference between high turnover and long-term dedication. Compensation isn’t just about salary but perks too. If you want to keep the employees you have and attract new hires, stay competitive by incorporating these Michigan employee benefits trends.
Happening Health Insurance Trends
Making employees happy about their group health insurance coverage while managing company costs is a juggling act for any business, large or small. There are attractive options that can help you stand out:
- Services like telehealth mitigate high-cost claims so employees are satisfied with their health insurance and your bottom line isn’t always hitting rock bottom. Most employees jump at the chance to get acute medical care without having to leave their house.
- Specialized health care services that entice, satisfy, and retain younger employees may be worth the extra cost. Covering in-vitro fertilization (IVF), for example, makes it clear that you’re a family friendly organization.
- Mental health services for a range of issues and ages helps destigmatize mental health and shows that your company is supportive of these health matters for you and your family, including grief and divorce counseling.
Desirable Non-Traditional Perks
Employees expect a lot from their employers, so do your best to deliver. You’ll make your workers happier, they will love you for it, and you’ll build the reputation as a company that treats its employees well. Non-traditional but welcome options can include:
- Financial counseling
- Flexible wellness benefits for diet programs and gym memberships
- Tuition reimbursement
- Student loan repayment assistance
- 529 college savings plans
- Flexible unpaid time off as needed for adoption, bereavement, family emergencies
- Paid time off for volunteering
- Pet insurance
Personalized Michigan Employee Benefits
All employees are not created equal. Family size, health, demographic, living arrangement, married or single or divorced – every person has their own needs. Insurance offerings can deliver or fail to mesh with their life. That’s why choices are so very important.
The biggest employee benefit trend is giving employees the opportunity to personalize their benefits for their needs. It’s important to communicate these benefits in the way employees prefer too, whether that’s online, via email, social media, or in print. Employees are motivated to use their benefits when they know what’s available to them. That’s on you as the employer to keep them in the loop.