Going Beyond Traditional Offerings – Biohack Your Employee Benefits
Going Beyond Traditional Offerings – Biohack Your Employee Benefits. Biohacking has been gaining popularity over the past decade and it’s easy to see why. This global movement, described as a do-it-yourself biology, involves making small lifestyle changes to improve health and wellbeing. Biohacking can range from simple changes such as tracking sleep patterns or making diet substitutions to more complex experiments including genetic biohacking.
To generate the best results, it’s important to make well-informed and cautious decisions. Every person is unique and therefore what biohacking treatments work for one person, may not work for another. The same can be true for your employee benefits. Not all employee benefit programs will suit every business because each business is made up of a unique set of people.
Why you should biohack your benefits.
While traditional benefits create a foundational layer to help attract and retain top talent, a wide range of creative benefit options are available to support a company’s unique workforce, enhance employee retention and create higher productivity.
Each aspect of a benefits plan, from what options are offered to how those options are communicated to employees plays an influential part in creating a high-quality, low cost plan. For example, a company with an older workforce is more likely to utilize email updates, or for smaller groups, personal phone calls to inform them about their benefits whereas a younger workforce may appreciate the use of an app to manage their benefits.
Understanding the genetic makeup of your workforce will help you determine the right strategy. Even companies with similar demographics need to determine what their people need. For instance, two companies with predominantly young workforces will likely have different benefit offerings because the needs of those people can vary greatly. One company could have a workforce with young families who require child care needs whereas the other could have a workforce who are carrying school debt and could benefit from a debt repayment option.
Whether your organization has an older or younger population, monitoring for change regularly is essential. By 2025, 75% of the work population is expected to be millennials. Which could mean those companies who cater to an older workforce may need to track their strategy closely as time goes on.
The possibilities are endless.
With the help of a trusted consultant, begin to biohack your benefits program. Several strategies exist to help you find budget-friendly options that your people can get excited about. One of the easiest ways to know what your employees want is to conduct a survey to gather their feedback. A data-driven analysis should also be leveraged to provide information about your benefits program.
Using this information, your consultant should be able to present strategies to solve potential problems and achieve effective and supportive offerings for your people and your business. During the planning process, ensure that your company mission is taken into account as your benefits should reflect your ultimate company goals and culture. Once decided, a road-map to success can be created.
Employee benefits have evolved over the past several years and have emerged into a whole realm of health, from mental health needs to family planning. These factors must be acknowledged in order to support both employers and employees. Non-traditional benefits are a great way to accommodate diverse employee needs while showing commitment to improving work-life balance and enhancing wellbeing. Here are some examples of non-traditional benefits:
- Childcare benefits.
- Onsite daycare.
- Tuition reimbursement.
- Senior caregiver options.
- Transportation options including parking benefits or bus passes.
- Mental health benefits.
- Flexible work schedule.
- Hybrid or work from home options.
- Family planning options.
Not only should your benefits program meet employee expectations, it should exceed them. By biohacking your benefits you can help employees feel valued, heard and appreciated, which can increase job satisfaction and help lower turnover.
Create small, meaningful change within your benefits program.
Someone who cannot eat toast because it makes them feel ill or causes digestive upset could biohack their lifestyle and eliminate bread from their diets to achieve healthier wellbeing. If your benefits program is not meeting your people’s needs, don’t continue to offer toast, consider a change.
If you have questions about your benefits program, don’t hesitate to reach out. We’re here to listen.
