The Intangible Benefit
In the last few weeks, we’ve looked at the ins and outs of the many different benefit preferences and priorities of the varying generations in the workforce today (see our Generations Series articles). But it’s not always about the differences. It can be just as important to look at what they have in common. And there’s one key commonality that spans across all employees, regardless of their stage of life that employers really need to pay attention to. The intangible benefit.
A Comprehensive Approach to Employee Benefits
So, what do all generations of employees want? They want their employer to care about their wellbeing. While care is intangible, invisible and subjective, a sense of value goes a long way for productivity and has a direct connection to an employer’s reputation when it comes to attracting and retaining employees.
In the article, “The invisible perk your employees actually need,” author Laura Hamill writes, “Care is the provision of what’s necessary for the health, welfare, maintenance and protection of something. It’s looking after and providing for the needs of someone or something.” A company’s approach to employee benefits needs to be comprehensive and consider their circumstances in and out of the office or workplace. Ensuring financial, physical and emotional wellbeing through individualized benefits is an important part of an employee’s perception of care.
A Foundation for Employee Loyalty
Limeade, a global employee experience software company, conducted a study this year that measured the impact of perception of care on employees. The results were clear. If employees felt that their employer cared for them, they were more likely to:
- Recommend their company as a great place to work
- Stay at their company for at least three more years
- Feel included in the workplace
- Suffer less stress and experience less burnout
- Be more engaged at work
As we’ve said before, happiness is the key to success. Henry Albrecht, CEO of Limeade, posits, “When employees suffer from burnout, loneliness, disengagement and information overload, businesses suffer too. But there’s a fix. Our research directly links perceptions of care to key business results like improved employee engagement and retention – and company reputation.”
Putting Care into Action
It’s likely that most organizations do, in fact, care deeply about their employees. However, the problem is when they don’t know how to show it. So how can employers address this issue? Employees want to know that their organization has their back when life takes an unexpected turn. Care can come in a form as simple as showing compassion when an employee leaves work early to tend to a personal matter.
Even more than that, employees want long-term stability. Customizing benefits to individual needs is a great way to invest in employee wellbeing in a measurable way. Show employees that you care by considering employer-paid supplemental health benefits. ArmadaCare’s expense reimbursed insured plans are the perfect way to say “you’re important, and we want to take care of you.” Check out our product suite for more information.