How to Eliminate Bias in Your Benefits
Is your Benefits Package Biased? It most likely is. Here’s why…
According to Willis Towers Watson, “today’s benefits appeal mostly to the highly paid,” but even those workers have trouble engaging with their benefits. From the 40,000 employees WTW surveyed for their 2019/2020 Global Benefits Survey, The average rating for benefits packages was very low (NPS of negative 25%).
The data shows that individuals who feel their benefits meet their needs are ~2x more likely to list their benefits package as a top reason to stay with their company. This translates to real loyalty!
The reality is that the diversity of your people, their personalities, their cultures, and even their geographic locations are rapidly evolving. Their needs are broader than ever before, so employers need to be more flexible than ever before.
After digging into this space for the past few years, reading dozens of research reports, interviewing hundreds of People leaders, benefits brokers, and most importantly, employees, our team at JOON is confident that flexible benefits are fundamental to fostering an inclusive culture.
- Why subsidize ClassPass alone, when many employees live in areas that don’t have any of their network studios?
- Why give all your employees Pet Insurance when only a small group of employees have pets?
- Why do only 5% of employees use your EAP (Employee Assistance Program) when a quarter of the team is burning out and requesting mental health support?
Has your HR and leadership team been designing benefits packages that include what they would want or packages that reflect the geographic and economic diversity of your workforce?
The research shows that when you give your employees flexibility and freedom of choice in their benefits package, 70% will say that package meets their needs. That’s up from the mere 36% when no choice is given.
Many companies are transitioning from underutilized, expensive, and even canceled (on-site) benefits to programs that work for every employee. Flexible benefits can create cost savings and be more effective at boosting engagement, morale, and supporting employee wellbeing.
The research we’ve conducted, data we’ve collected, and all the lessons we’ve learned along the way have led us to our unique approach at JOON 🙂
- Automated reimbursements: Our card-linked approach allows employees to use their own credit/debit cards and automatically get their purchases validated and reimbursed. Some of our competitors have opted for an extra card means, which means extra friction and less engagement for something that was intended to be easy to use for your entire population.
- Totally customizable: Every benefit category (e.g., health and wellness, food, family, education, etc.) can be tailored to meet your team’s needs, and you can adjust your program’s allocation and categories whenever you need to! JOON is open to any vendor whereas other platforms are restricted to a limited marketplace of brands.
- The human touch: Our employee success team goes above and beyond to help our members align their JOON benefit with their wellbeing and lifestyle goals. In an increasingly digital world, we believe it’s more important than ever to deliver personalized care and delightful support.
Whether you decide to use JOON or not, I recommend the move towards a more flexible benefits package.