Voluntary Benefit News Stories You Need to Know

Posted by Lars Thording on April 4, 2017

Every two weeks, I gather all the hottest trends in voluntary benefits and adds my commentary. Tune in for the latest in voluntary and core benefit trends from all industries. 

 

BrewDog introduces global paid puppy leave (Employee Benefits, February 15, 2017):

New types of voluntary benefits constantly find their way to the workspace. However, this one is a bit out of the ordinary – the example is from the UK: Paid leave for employees when they get a new puppy… Genius Avenue would easily be able to support this employee benefit as well…

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Why ‘One Size Fits All’ Is No Longer A Relevant Benefits Strategy (The SHRM Blog, February 25, 2017):

This blog post addresses the differences in behaviors and expectations between employees in different age cohorts (Matures, Baby Boomers, GenX). This has fueled the usage of voluntary benefits: A company really cannot offer the same benefits to all employees; voluntary benefits enable the employer to satisfy all – and Genius Avenue makes it simple and effective for benefit providers as well as employers.

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Why employers should rethink their benefits strategies (Employee Benefit Advisor, March 8, 2017): 

If you only read one article – read this: “The mentality of employees today has shifted, Laughing friends enjoying coffee with laptop in cafe.jpegespecially among the growing population of millennial employees. Today’s workforce expects more from their employers than the traditional healthcare and retirement options, in terms of both specific benefit offerings and communications about those offerings.” The article points to 3 pieces of advice: 1) How you select the company’s benefits (most companies just listen to their brokers – not to their employees); 2) drop brochures and move to digital engagement; and 3) Move to non-traditional benefits. Genius Avenue advocates this approach and has the solution to enable these changes to happen.

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Customizing voluntary benefits goes beyond the generations (BenefitsPro, March 20, 2017):

Happy multi-generation family using digital tablet in living room at home.jpegThe article discusses refined, data-based methods for segmenting generations in benefits marketing: “The new way to customize voluntary benefits goes beyond simply matching benefits to mainstream generational characteristics. It involves adding another level of segmentation — using eight specific employee personas based on lifestyle and buying preferences.  This additional segmentation provides a more informed method for employers to offer the voluntary benefits that are important to their workforce”: Genius Avenue business intelligence allows for even deeper targeting with transactional, behavioral and attitudinal data, combined with external segmentation data.

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‘It’s the Customer Experience, Stupid’ (InsuranceThoughtLeadership, March 28, 2017):

“Can we wake up and focus on the customer experience? Do we truly understand what they want? Do we understand that customer experience isn’t just about technology, transactions and 24/7 availability? Are we prepared to go beyond the processes and needs of the insurance company and look at insurance from the outside in?” Genius Avenue focuses on the user experience for our benefits clients and base our consumer engagement activities on consumer research.

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Topics: benefit marketing, voluntary benefits

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