Technology improvements have completely altered the way that our workforce operates, blending work and life, by making our work accessible from anywhere, any time. With this change sometimes comes increased expectations from employers, who hope to see their employees responsible for work matters 24/7.
Risk of Burnout
Rising expectations are often partnered with mounting stress as work creeps further and further into time that used to be strictly dedicated to personal life. While the ability to access work constantly may improve productivity and provide workers with flexibility when needed, it produces a dangerous risk of employees experiencing burnout. As the line between work and life becomes increasingly blurred, employers must become cognizant of their employees’ needs to prevent stress, burnout, and frustration.
Supporting Work/Life Balance
When work begins to seep into personal time, employers should consider what initiatives they can take to mitigate this change and keep employees at their best. Copious research shows that benefits are critical to work/life balance. In 2015, Glassdoor conducted a survey that dug into the types of compensation that employees place priority on. This Employer Confidence Survey found that approximately 79% prefer new or improved benefits to a pay increase. Further, data proved that younger employees (ages 18 to 44) favored benefits, as opposed to older employees (ages 45 to 64) who desired pay increases. Specifically, 40% of respondents valued health insurance more than pay raises.
Similarly, newer data provided by BenefitsPro.com stipulates that 66% of workers believe benefits and perks are the most important factor in making an employment decision. Beyond that, 61% would consider lower pay in exchange for better benefits. These factors are not only important in determining whether or not workers accept a position, they are also important when debating whether or not to seek a new position. The survey established that 42% of employees would consider leaving their current position due to inadequate benefits. About 55% also admitted to already having left jobs because they found better benefit offerings elsewhere.
It’s clear that benefits are the key to happy and engaged workers. And that’s why we’ve created a range of supplemental solutions perfectly fit the needs of various employee populations. So employers are better able to customize benefits to employees’ actual needs. With these targeted benefit enhancements, employers can:
- Give employees the type of benefit they want: better healthcare coverage
- Avoid bidding wars with tax-efficient reimbursement “compensation”
- Build loyalty with year-long reminders of their value vs. one-time bonuses
- Incentivize or reward performance or retention
Browse our arsenal of products to see what might be the right fit for your business.