Human Resources management leaders and benefits experts are looking for ways to enhance benefits, perks, and rewards. The purpose is twofold. One reason is to retain employees during this time of uncertainty and a record-breaking number of quitters in the workforce. Known as the Great Resignation, this era is putting the pressure on the shoulders of HR professionals to improve retention.
REPORT: Employee Benefits Trends to Shape Employee Engagement Strategy
The second reason is that having a rich benefits package to address the needs of employees attracts job applicants, during a time when the war for talent is more comeptitive than ever. Recently, Maggie Smith, Vice President of Human Resources at Traliant, shared her thoughts about the trailblazing benefits that many are considering and how her HR department is helping the organization adapt.
HREN: What new benefits are you offering employees? Why? Or are there new trends in benefits that you are noticing and would like to point out? If so, what?
MS: We partnered with a very robust Employee Assistance Program (EAP) program earlier this year, the National EAP. They offer corporate training and development, coaching, consultation on financial issues facing employees, mediation services, ID theft services, and more.
We partnered with it to offer a well-being series designed to support employees’ mental well-being in the workplace.
Caring for the mental well-being of employees is not just a trendy thing to do, but the right thing to do. It’s important to ensure that benefits offerings are holistic.
HREN: What do job candidates and employees expect in a benefits package designed for the new world of work?
MS: Benefits include other factors such as:
Working remote – Traliant has always been an all-remote company, which is a big benefit for our employees and something that candidates are looking for more and more. They can work from home or at a location of their choice, save time and money spent on commuting, and more easily take care of personal and family responsibilities, planned and unplanned.
Flexibility – To attract and retain talent in the new world of work, you have to think outside of the 9-to-5 schedule and find creative ways to support the needs of the business and employees.
Culture, trust, and transparency – 2021 was a year of change and transformation at Traliant. I joined in April 2021, and we hired a CFO in June and a new CEO in August. We got to work creating communication channels with our employees – including holding regular town hall meetings, setting up an anonymous feedback box so people could ask questions and provide feedback. All this was essential to creating a psychologically safe workplace. We launched our DEI committee in January of this year.
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HREN: How does your benefits package align with your employee engagement strategy?
MS: We surveyed employees about what was important to them, what benefits and services they desired, and we designed packages to meet those needs. As Traliant has grown 40% since I joined the organization in April 2021, we have made several improvements to our benefit offerings. Recently we added an FSA plan, a dependent care account, and increased our 401k employer match by 75%.
HREN: Is there anything else you'd like to share? If so, what?
MS: We have an active employee engagement committee – all volunteer – who come up with fun and creative ways to bring our remote workforce together so they can get to know colleagues outside their departments.
Download the HR Exchange Network report on Employee Benefits Trends to Shape HR Strategy now to learn more about the impace benefits packages can have on recruiting and retaining top talent.
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