One-size-fits-all benefits shift to more personalized offerings

One-size-fits-all benefits may no longer meet the needs of today’s multi-generational workforce. With each generation bringing different priorities and expectations to the workforce, employees are seeking a custom experience that reflects their values—in and out of the workplace—versus being served by a cookie-cutter approach.

Employers are responding by moving beyond traditional benefits and rewards to create personalized, creative and innovative programs aligned to individual preferences. Imagine an a la carte menu or various benefit packages that enable employees to select benefits that best meet their needs. For example, a baby boomer employee may want more health care coverage, flexible scheduling to help manage caregiving responsibilities and a robust retirement plan. Millennials may desire remote work arrangements, more vacation days and help with student loans.

It’s not just workers who stand to gain from a personalized approach to benefits—your company does too. Making the effort to personalize programs and expand benefit options can have a positive impact on employee job satisfaction, helping you sustain a productive workforce. In addition, a more personalized culture can help with recruiting new talent.

You can start developing a personalized benefits program by getting a better understanding of employee motivators and preferences. Today’s employees are not shy about expressing their opinions and desires and are doing so in volumes, whether through company networks, social media or other channels designed to collect feedback. Employers can use this data to help inform the menu of benefits and other programs they make available.

Given today’s low unemployment rate and competitive recruitment efforts, a personalized benefits offering can help give employers an edge in attracting and retaining talent for their company.

Key takeaways

Gather feedback from employees to gain insights into what matters most to them.

Review your benefits plan design with your Bank of America representative to identify opportunities to add new programs and enhance existing ones.

Promote the benefit programs your company offers to ensure employees are aware of—and can take advantage of—all that is available to them.