22 Jun Does Your Total Rewards Program Promote Employee Wellness?
What’s the most sought-after benefit that employees look for in a company’s total rewards program? While the answer may vary, healthcare tends to top the list in most places. For instance, a Glassdoor survey has found that 76% of respondents consider medical coverage the most important benefit.
More interestingly, however, is another statistic from the same Glassdoor survey:
- Less than one in three (31%) of employees feel that the benefits offered at their company are better than those offered by competitors
Offering competitive benefits is part of your company’s ability to attract and retain top talent. Moreover, communicating the value of those benefits to your existing and potential workforce is a key strategy for outperforming competition.
The Solution: Presenting Benefits as a Wellness Package
While it’s true that medical coverage may not be the single most important benefit for every employee in your company, offering competitive medical benefits should certainly be one of your main priorities. And, by taking a strategic approach with your total rewards program, you might even be able to make healthcare more appealing. Benefit News reports that a popular topic at the recent WorldatWork Total Rewards Conference was employee wellness. Experts are saying that it’s no longer about offering medical benefits alone; instead, employers are focusing on what affects their associates’ wellness the most, and offering a solution-based approach to help them achieve greater wellness overall.
One company, MVP Health Care, offers a program called Journey to Well-Being in its total rewards program, which includes educational resources on health and nutrition, finances, and more. Benefit News reports the tremendous success of the program: a third of the MVP Health Care workforce signed up for the program the first day it was offered, participants reduced their debt by $9,000 on average, and nearly everyone involved – 97% – said they’d recommend the program to a coworker.
Ultimately, employers who want to use total rewards as a tool to attract and retain top performers must tailor their employee benefits statements to provide an all-encompassing solution to wellness. By implementing total reward statement software or a similar tool, you can encourage employees to take advantage of these valuable benefits, thereby creating a healthier, happier workforce that’s better able to perform well for your company.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. For more information on our Total Rewards Software, REWARDview, click the button below!