Think beyond insurance: Embrace the new definition of 'employee benefits'

As employee benefit advisers, we have seen the definition of benefits evolve over the years. What started as just insurance plans has now transformed into something much more comprehensive. 

Today, we help connect our clients with whole-person programs that encompass a wide range of perks, rewards and opportunities that enhance the lives of employees, ultimately making them more engaged, productive and loyal to their employers. 

We now have the expertise, opportunity and responsibility to help employers enhance the lives of their most valuable asset — their employees — without whom, success is unattainable. It's crucial to understand that employee benefits are not just a way to attract and retain talent, but also a tool for creating a culture of well-being and sense of community among employees.

The benefits landscape has shifted, and we are now subject matter experts on more than just insurance products or services. We must stay abreast of the latest trends and best practices in areas like workplace wellness programs, flexible work arrangements, financial wellness and retirement planning, just to name a few.

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Workplace wellness is a prime example of how benefits have evolved. These programs became increasingly popular as more employers recognized the link between employee health and productivity. They can take many forms, from gym memberships and fitness challenges to nutrition counseling and stress-management workshops. A good wellness program can not only improve employees' physical health, but also boost morale and engagement by demonstrating that the employer cares about their wellbeing. When viewed within the larger context of a caring culture, wellness becomes a strategic offering that helps attract and retain talent. 

Flexible work arrangements are another area where employers can offer valuable benefits to their employees. In today's fast-paced work environment, many employees struggle to balance work and personal responsibilities. By offering flexible work hours, telecommuting options, or job-sharing opportunities, employers can help employees achieve a better work-life balance and reduce stress.

Financial wellness has become increasingly important for employees. Many working Americans struggle with household and student debt, retirement planning and saving for emergencies. Employers can provide valuable resources and education on topics like budgeting, investing and saving to help employees achieve financial stability and peace of mind. 

When combined with various tax-favored vehicles such as flexible savings accounts, health savings accounts, health reimbursement accounts or individual coverage health reimbursement accounts, employees are able to leverage their benefit dollars to cover rising out-of-pocket costs as a hedge against inflation. 

A related topic, retirement planning, is yet another key area of employee benefits that requires specialized expertise. Employers can offer retirement plans like a 401(k), IRA or SEP and provide education and guidance on investment options and savings strategies. A robust retirement savings plan can help employees feel more secure about their future and reduce financial stress. 

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While it's great that employee benefits have expanded so much, we must also ask ourselves where the line is between what's necessary and what's "too much." Some employers, for instance, may feel overwhelmed by the sheer number of options available, while others may struggle to measure the impact of their benefits programs.

To navigate this complex landscape, it's essential to focus on what matters most: the employee experience. What do employees value? What benefits can help them achieve their personal and professional goals? What benefits can help them feel more connected to their colleagues and the company's mission?

Ultimately, the definition of employee benefits will continue to evolve as the needs and expectations of employees change. As advisers, we must stay agile and adapt to these changes to ensure that we're always providing the best guidance and support to our clients.

In the end, employee benefits are no longer just about insurance. They are about enhancing the lives of employees, creating a culture of wellbeing, and ultimately, driving business success. As advisers, it's our responsibility to help clients navigate this ever-changing landscape and find the right balance between what's necessary and what's truly valuable to their employees. By staying up to date on the latest trends and best practices, and focusing on the employee experience, we can help clients create a benefits package that truly reflects their culture and overall desired employee experience.