Future-Proofing Your Workforce

Strategies for effective benefits management

BY LOUIS D. MEMMOLO, AIF, GBA, NQPA

WEINER BENEFITS GROUP has been in the region for several generations providing comprehensive employee benefits, retirement plans, and individual wealth management to employers and their employees. Over many years working with hundreds of employers and thousands of employees, we’ve developed a process based on a philosophy that addresses the fundamental needs of this diverse group.

Financial security brings peace of mind and an overall sense of wellbeing. Employees who are generally happy, financially secure, and content are free to concentrate on their jobs and therefore are generally more productive. They don’t have to worry about a catastrophic event or massive debt that bankrupts their household or not having enough money in retirement because they have a foundation of solid benefits where they work to cover those needs. Employees seeking job opportunities are attracted to these kinds of benefits programs and they tend to stay with employers that offer comprehensive and thoughtful benefit packages.

Our philosophy and mission of providing financial security and peace of mind from hire to retire is exemplified by this process and affirmed in two recent studies, The 2024 Health and Benefit Trends from Marsh McLennan and the annual MetLife U.S. Benefits Trends Study.

So, what does the future hold in respect to benefits? We’re entering a new era where employees desire personalization and empathy. Employers must respond to the diverse needs of today’s workforce in a less transactional way. The growing societal consensus is that employers should “be there” for their employees, providing “always on” employee care. Delivering on these expectations means employers must understand what their employees want and why they want it.

As we know, better benefits mean better talent. Employers that deliver employee care effectively see better talent outcomes.

But to deliver benefits that motivate and engage employees, employers must do more than expand their offerings. Employers must tailor benefits to their employees’ unique needs, and employees must receive the education and encouragement necessary to take advantage of every program available. Employers see that the effectiveness of great benefits hinge on effective communication.

Investment in this holistic approach or whole-person health is by default the investment in organizational wellbeing. Employers that show employee care have employees with a higher level of loyalty, productivity, increased engagement, and overall job satisfaction.

This holistic approach to health aims to address the myriad of factors that influence a person’s wellness outside the purview of medical insurance. These strategies include the foundational aspect of pay and compensation, purposeful work, a social and supportive culture with a sense of belonging, flexible work-life balance, professional growth and training, and comprehensive wellness programs.

While initially it may appear that whole-person health signals increased costs for employers, these investments boost organizational output and reduce the onset of costly health conditions.

The health care economy in 2024 poses a steep challenge to employers. Employers should seek alternative funding methods for their health care programs and more effective analysis in their retirement plans with targeted, thoughtfully designed programs that improve performance and satisfaction while reducing costs. These kinds of programs provide medical, dental, life and disability insurance, retirement and college savings plans, key executive benefits, mental health and employee assistance programs, student debt relief, administrative and educational support, analytical tools, and proven employee engagement resources.

Employers have reached an inflection point and a fundamental shift as they seek to provide more for their employees in times of unprecedented uncertainty. “Sticking with the status quo” is neither financially nor organizationally practical.

Louis D. Memmolo, AIF, GBA, NQPA is a partner at Weiner Benefits Group, LLC.