Enhance employee well-being with a dynamic benefits plan

As we kick off the new year and go into 2024, it’s important to consider how you can keep your benefits plan dynamic and responsive, so it continues to enhance employee well-being. The workforce and marketplace are everchanging, so there is no reason why your plan shouldn’t too! Many organizations don't think of their benefits plan in this way, but it really is a tool to support employee well-being that should be re-evaluated and tweaked on an ongoing basis. This is a fantastic way to address changes in your workforce so you can provide meaningful support to your people.

Here are a few areas to consider:

1. Changes in Your Demographics

The workforce is changing. It’s possible to have up to five generations working in an organization at any given time – does your plan reflect the needs of both an aging and younger employee population? I sometimes refer to benefits plans as dinosaurs because it’s not uncommon for a plan administrator to stick to the same design for 10 to 15 years. It would be far more prudent to look at potential tweaks and adjustments to keep up with your changing workforce than sticking with the status quo.

For example, consider the evolving needs of mental health coverage as this becomes a more prevalent and destigmatized area of focus year over year. With more government programs like the Canada Dental Benefit and Pharmacare emerging in the coming years, it might be worth reassessing where you spend some of your dollars in your plan – perhaps shifting more resources toward mental health coverage would be something to look at down the line. 

2. Diversity, Equity, and Inclusion

Modernize your plan by looking at it with a DEI (diversity, equity, and inclusion) lens. Ask yourself – can every employee see themselves in your plan design? Many organizations miss the potential of how benefits can advance their DEI objectives. However, a thoughtfully designed plan can strengthen your culture of inclusion and belonging.

Employee benefits plans may include “lifestyle coverage” for things that aren’t actually lifestyle related, such as drugs for obesity, infertility, erectile dysfunction, and hair loss. A shift in how you address that type of coverage can be incredibly meaningful. Taking it a step further, programs around fertility treatment to support family building or gender reassignment can be deeply impactful for some in your organization. At the end of the day, the goal is for everyone to feel recognized and see value in the plan, regardless of how they identify or their place in life.

3. Communicate Regularly to Build a Culture of Well-Being

You might be spending upwards of tens of thousands of dollars every year on your employee benefits but if you aren’t communicating about them, does your workforce actually benefit? Make sure your employees understand what is available to them and how these benefits are connected to their emotional, physical, and financial well-being.

There are plenty of specific health and wellness “months” or “days” throughout the year that you can highlight in a communication plan that educates your people on corresponding benefits designed to enhance their wellness. I recently heard a saying around consistency vs. intensity with the idea being that a slow drip can be far more powerful than a blast. It might seem simple, but regular communication about your plan will keep it feeling fresh and dynamic – especially if you strategically speak about different types of benefits at different times throughout the year.  As a client of Captivate, you will receive the quarterly newsletters that we send out specifically for your employees.  

Feeling like your plan has been static for too long?   Get in touch with Shannon to chat tweaking it to meet the changing needs of your employees. One of the core values behind my work at Captivate Benefits is the belief benefits play a key role in building a healthy and thriving workplace culture. Keeping your plan dynamic and regularly sharing details with your people about what’s available will help build that strong culture of well-being in your organization.