Integrating Employee Benefits into Company Values

Business has become fiercely competitive, not just for attracting but talent. More and more companies are realizing the value of appealing benefits packages, but they often fall short of making employee health and wellbeing a part of their company values and culture.

When you genuinely invest in your employees’ wellbeing, you don’t just build a happier workforce – you cultivate a more creative, resilient, and successful business. It’s a win-win scenario.

What Is Employee Wellbeing?

Employee wellbeing is more than just health. It’s a multidimensional state that includes emotional, mental, and social health – as well as physical health. It’s about feeling supported, valued, and connected, both in work and in life.

• Physical wellbeing: Physical wellbeing is an important part of sustaining physical health. It’s not just health benefits but lifestyle support like opportunities for physical activities or ergonomic workspaces.
• Mental and emotional wellbeing: Mental health is a challenge for many people, but they often battle it silently. Creating an environment of safety and support allows employees to seek help when they’re struggling.
• Social wellbeing: Humans are social animals. Forming connections and friendships at work is important for overall job satisfaction. Fostering a community in the workplace helps people feel a sense of belonging and inclusion.

Common Challenges Businesses Face When Developing Their Culture

Building a strong, positive company culture is often easier said than done. Here are some common challenges businesses face when developing their culture:

Misalignment Between Culture and Employees Needs

Many companies articulate strong values that preach about employee wellbeing, but their actual culture is anything but. For example, a company may talk about the importance of work-life balance, only to force employees into long hours and unrealistic expectations.

This misalignment can lead to dissatisfaction and burnout, undermining the company’s stated values and causing high turnover.

Lack of Leadership Buy-In

Culture comes from the top down. Leadership commitment is crucial for embedding wellbeing into company culture. When leaders fail to model and communicate the importance of wellbeing, it signals that the company’s stated values are not truly prioritized. Leaders who actively participate in and advocate for wellbeing initiatives set a powerful example.

Stigma and Fear of Reprisal

Employees may hesitate to seek help for work challenges or mental health issues if they feel there’s a stigma or retribution. Overcoming this concern can be difficult but creating a supportive environment where seeking help is normalized, rather than penalized, can go a long way.

Why Integrating Benefits and Values Matters

Company values aren’t just feel-good words and phrases. Actions can speak louder than words if you integrate your employee benefits packages into your company culture and ensure they reflect your values.

• Increased employee engagement and satisfaction: When benefits align with company values, employees are more likely to feel valued and engaged. This alignment fosters a positive work environment and higher job satisfaction.
• Improved recruitment and retention: A robust benefits package that focuses on holistic wellbeing, not just healthcare or financial wellness, can attract top talent and reduce employee turnover. Employees are more likely to invest in a company that invests in them.
• Enhanced brand image: Companies that prioritize employee wellbeing build a strong, positive brand reputation that extends beyond their current workforce. Potential clients and candidates learn about the company through word of mouth, enhancing your overall brand appeal.
• More productive and healthier workforce: Benefits support employees’ physical, mental, and financial health, which translates to increased productivity and fewer sick days. Ultimately, you’ll have a healthier and more effective workforce.

Important Areas for Benefits Integration

There are several key areas to focus on for benefits integration:

Health and Wellness

Healthcare is a standard benefit for employees, but effective benefits go far beyond traditional health insurance to include a comprehensive wellness program, mental health resources, gym membership, and flexible work arrangements that support work-life balance. This comprehensive approach supports all aspects of your employees’ health and wellbeing.

Financial Wellbeing

Financial stress can significantly impact employee performance and satisfaction. Benefits like robust retirement plans, financial education programs, and student loan assistance can help employees take control of their finances and make smart decisions. Employee stock ownership plans (ESOPs) can also help employees invest in their financial wellbeing and future.

Personal and Professional Development

Investing in employees’ growth through career training opportunities and mentorship programs shows a commitment to their career development. They’ll feel more valued and satisfied in their current position, and as a result, may be more loyal to your company.

Social Connection

Building a sense of community in the workplace is crucial for wellbeing, but it’s more difficult with increasingly distributed workforces. Company-sponsored events and team-building activities can bring everyone together and build rapport. You could also enhance team cohesion with volunteer opportunities and employee resource groups (ERGs).

The Important Role of Benefits Technology

Benefits technology can be an asset to integrate your benefits into your company values and culture. Here’s how:

• Simplifying benefits administration: Benefits technology streamlines the benefits administration process for HR teams, reducing the administrative burden and allowing for more efficient management of employee benefits.
• Enhancing employee experience: Best-of-breed benefits platforms and easy access to information. This can improve the employee experience with benefits, allowing them to navigate their benefits packages, access educational resources and decision tools, and make informed decisions.
• Data analytics: Leveraging data analytics on a benefits technology platform allows you to track the utilization and effectiveness of your employee benefits. Insights from analytics can inform your strategy and guide adjustments to benefits offerings to improve their impact on employee wellbeing.

Demonstrate Company Values with Employee Benefits

Integrating employee benefits into company values is not just a strategic advantage but a necessity for fostering a culture of wellbeing. When you address common challenges in your company culture and focus on key aspects of wellbeing like physical and mental health, financial stability, personal development, and community building, you can create a supportive and engaging work environment that helps your business thrive.

Frank Mengert

Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.