“It’s becoming increasingly evident that a one-size-fits-all approach to benefits is no longer sustainable,” Wong said. “As organizations hire more employees from various backgrounds, cultures, and age groups, it’s important to recognize that a comprehensive benefits package needs to be as adaptable and diverse as the makeup of its employee staff members.”
Interview Highlights:
Recruitment & Retention | Replacing employees includes more than just hiring costs, but also lost productivity and increased potential for accidents. To meet top priorities to keep and attract top talent, companies are expanding their benefits packages with new offerings, like medical coverage for domestic partners and part time workers.
Deciding on Meaningful Benefits Isn’t Always Easy| With five generations making up today’s workforce, “it’s important to recognize that a comprehensive benefits package needs to be as adaptable and diverse as the makeup of its employee staff members,” says Derrick Wong. Coverages like infertility and autism treatments, surgeries for weight and gender reassignment, and gene and behavior therapies help marginalized employees and their families access care.
Improving Work Life Balance| Derrick notes that he’s seen strong employee engagement with wellness-related benefits: “Employees seem to crave and utilize education and support in the realm of wellness, both physical and mental.” Carriers are getting into preventive care and wellness services as well, and benefits like childcare and flexible leave that support the caregiving roles are an imperative for some workers.
