Modern Benefits Are Flexible Benefits

Okay. So you're at the point where you realize that, yes, it’s time for a modern benefits program. You’ve begun assessing of your current program (using what you learned in our previous post and this handy dandy resource). You may have started to even look at solutions...

But how can you be confident that the benefits program you’re building truly fits the needs of your employees now and in the future?

Start with flexibility.

A modern benefits program is built flexible. The perks you offer to support your employees should reflect the current era. Look around you. Today’s society is driven by choice, independence, and flexibility. You can have 20 different jams, nearly anything you want on Amazon, and use 5+ apps to deliver you food.

Setting aside whether we like it or not, this is what consumers come to expect. Your employees are consumers too: both literally and metaphorically with the way employees are beginning to job hop. This means a one-sized fits all benefits program won’t meet their expectations.

And maybe it shouldn’t.

After all, flexibility means that your program can support the needs of individuals: accepting, embracing, and caring for them as they wish to be cared for. We’ll touch on this later, but it’s an important anchor when thinking about flexibility.

Consider flexibility as a key to longevity.

It’s easy to think with a short-term mindset; our performance is often graded in a narrow window after all. Unfortunately, this can cause downstream consequences including within the benefits space. When you’re creating a modern benefits program, you want to create one that lasts. So often, especially startups, get caught in trap of offering benefits that are “cool” or eye-catching especially to younger talent. (Insert startup tropes like ping pong tables, weekly ice cream, even luxurious travel programs.)

These programs certainly attract young talent. And though it may not necessarily move their day-to-day productivity and wellbeing needle, they are nice. But what happens when your startup scales? When your young talent become your company veterans?

A nice trip is a boon to a single 20-something but may be a hassle for those caring for children or juggling diverse family needs. Ice cream becomes less attractive when you’re buried by laundry.

Not only does a flexible program increase the longevity of your program, it also serves an increasingly diverse workforce and work environment. The demographics are changing in the workplace. As more individuals enter the workforce, the standard one-benefit-fits-all approach won’t cut it. In fact, an out-dated benefits program can sometimes feel like a slight or put off candidates who feel they don’t fit the demographic your benefits may cater towards. For example, if you currently offer plenty of perks around trendy experiences, perhaps some older candidates may not feel that the company culture fits their needs.

How does flexibility create inclusion?

The workforce is changing. Teams that used to be homogenous now include a mix of all ages from all walks of life. And this change means you have access to more talent than ever before! As diversity increases, so does skillsets and perspective.

It also means, that the needs of your employees are evolving.

Flexibility means meeting employees where they’re at. A gym membership will not make sense to every individual (whether they are into at-home workouts or may not be able to access one). And instead of including this benefit as compensation the employee doesn’t utilize, you can empower them to use the funds in the way that suits them.

But flexibility isn’t only about making sure those in the workforce have their needs met with your benefits program; it also means that individuals who’ve been forced out of the workplace can now successfully work. The most tangible case of this is working mothers.

Women disproportionately carry the burden of home responsibilities — even when working. With childcare expenses skyrocketing and workplaces often not offering flexible options, working mothers have to make a tough choice. It’s understandable why many opt out.

This is where flexibility shines. We’re entering a distributed workforce; the companies who embrace this will have a competitive advantage. Your benefits package is a core component of this. Supporting these individuals could look like providing subsidized childcare of the parent’s choosing. It can also mean a hybrid or fully remote work schedule. Adding new-age benefits like Kinside (one of our partners at Maxwell) where parents can find discounted childcare options or meal programs that save time become essential to an inclusive and modern program.

Outside of the traditional benefits, what perks are considered “flexible”?

It’s easier than ever to find providers of services catered to the needs of your employees. Companies like DoorDash, Uber, Care.com, and more offer corporate solutions to provide to your team. The trouble is, if you are not a large enterprise with lots of customers (your employees), then you’re likely not served by these companies. Even if you are, it means the HR team has to spend time and resources to evaluate a never-ending list of options. And even then, what if not all of your employees want it?

Employees deserve flexibility — so do you.

We may be biased, but we think turning to solutions like Maxwell are a great solution. Platforms that offer the flexible spending of FSA with additional help around reimbursements and perks means you can offer a whole marketplace of support — without the hassle. These tools may include the following aspects:

A marketplace of benefits where you provide funds (in dollars because they’re adults after all) means employees choose what support looks like to them: whether they want a Kinside membership or a DoorDash DashPass for subsidized meals.

Extended reimbursement capabilities for you and your team. While often a value add to an employee, reimbursements can also cause headaches for you and the employee. A modern benefits program uses tools that make this easy for you and your team!

A way to connect with and support peers whether it’s a manager telling their team thank you with cash or a workplace friend who wants to provide aid in a time of need. These interactions build camaraderie even in a decentralized workplace.

An ability to use lifestyle benefits budget on the go or online at approved merchant categories. This means you can support your employee in their day-to-day routine like grocery shopping or filling up the car.

Communication tools that make it easy to reach employees while they’re on their phone or access your benefits platform. This could be via an in-app notification or a text message regarding important updates.

Data and analytics so you can measure impact of benefits and better serve employee populations who may feel neglected (via survey and aggregated usage data).

We recommend including these aspects as you build your modern benefits program. They provide flexibility for you team while empowering you with tools. The exciting part is there are now companies who offer these suite of options in one place. What once was infeasible for only large HR teams can now be done by a few individuals.

And if you’re looking for this type of solution, we’d love to talk. We’ll be sure to help you and your team crush-it.