Interview with Vin DiDonna, Namely’s National Practice Lead, Benefits Consulting
We know interest in fertility benefits has accelerated in recent years. What do you attribute this uptick in interest to? What are you hearing from your clients?
Overall, employers are trying to “be more” for their employees. Most recently, due to the Great Resignation, employees have never been more focused on benefits that impact their quality of life. While attractive benefits like PTO and remote work may come to mind first, our clients have noticed that employee family benefits now play a major role in attracting and retaining their employees.
How are companies handling employee benefits, and family-building benefits in particular, during the current economic climate?
Reproductive health, in general, is at the center of philosophies relating to employee benefits. Most companies who do not offer traditional family-building benefits do so because of the cost. These benefits can be quite expensive. However, the landscape is changing and new vendors are bringing products to market at more affordable prices that make it possible for more companies to offer such benefits. The demand for them has only increased since the pandemic, and it’s not going anywhere. More employers are partnering with vendors in this space in an effort to provide benefits that are both personal and impactful.
How are benefits packages used for attracting and retaining top talent?
The search for top talent has never been more competitive than it is at the moment. While total earnings do play a major role in candidates’ decisions to choose one employer over another, benefits factor into that equation as well. Candidates are “doing the math,” so to speak. Although the term “total rewards” has been around for some time now, it is really starting to resonate with candidates who will sit down and calculate contributions and other expenses to see which company is truly providing the best offer.
With Open Enrollment on the horizon, what should companies be thinking about when it comes to benefits in 2023?
An employer’s benefits package should be looked at as something that constantly needs to evolve. Using COVID-19 as an example, employees now operate in a different world than they did prior to 2020. Employee benefits should mirror that because their needs and wants change. Benefits should evolve simultaneously with the employee experience.
It is important to know what employees need and want. This has never been more difficult for employers to figure out with so many employees working remotely. It has become increasingly difficult to keep a finger on the pulse of your workforce. At Namely, we recommend surveying employees at least once a year to identify and address potential gaps in your benefits plan. Namely offers clients a proprietary employee benefits survey to do just that. From there, our Managed Benefits Team can make pointed recommendations based on clients’ specific workforces.
