Why the future of employee benefits is flexible

“The future is flex,” says Neil Raymond, Pacific Prime’s Founder and CEO, in a recent CIO Applications article. As a thought leader on employee benefits, Neil has witnessed firsthand the need for personalized employee benefits. With multiple generations, nationalities, genders, and ethnicities in the workplace, there’s no better time than the present for companies to consider the unique needs of employees and offer flexible benefits that meet them. This Pacific Prime article explores why the future of employee benefits is flexible and what employers can do about it.

The standard approach to employee benefits isn’t good enough

The modern workforce is incredibly diverse, and employers who make the most of the diversity are bound to reap the rewards. Yet even though many organizations recognize the opportunities for innovation and swapping ideas, employee benefits are often left on the back burner. One reason for this is that organizations may not understand what goes into benefits programs that truly make a difference.

The first thing that employers must realize is that the cookie-cutter approach to employee benefits no longer suffices. Now more than ever, employees know what they want and need – and aren’t afraid to go with employers who can give them that. For example, recent graduates are much more interested in student loan repayment than retirement planning. While health insurance remains a desirable benefit for virtually all employees, not all employees want the same benefits.

Employers who wish to remain competitive during the time of the ‘Great Resignation’ and talent shortages must adapt their approach. Fortunately, flexible benefits make it possible for employees to customize their employee benefits and for employers to offer as much as they can.

How flexible benefits work

Flexible employee benefits, or flex benefits, essentially allow employers to give their workforce an array of benefit options to choose from. Through this approach, employees can create a plan that is ideal for their unique needs and desires – which may look nothing like that of their colleagues. Some examples of benefits employees can select under a flex benefits program include:

• Private medical insurance
• Annual leave
• Dental insurance
• Health screening
• Gym membership
• Meal and transport vouchers

Unlike standard employee benefits, employees don’t have to be convinced to value custom employee benefits. They get to choose the benefits that best meet their needs based on what their employer is offering, making it a win-win for all. On top of that, employees may be able to add on to their benefits at an extra cost.

Flexible benefit advantages

It’s easy to understand why a customized approach to employee benefits is appealing to employees. Flex benefits improve employee morale by addressing their wants and needs. Employees who feel seen and heard tend to be happier and more fulfilled at their jobs, making them more loyal. By taking health into their own hands, employees often become healthier as well, which leads to better performance.

It’s also worth noting that real-time benefits selection and adjustment enhance the employee experience and encourage employee engagement. Plus, they offer an approach that the tech-savvier generation will likely find appealing.

From an employer’s perspective

With that said, it’s just as important to look at flex benefits from an employer’s perspective. One way that flexible benefits stand out for employers is that it gets rid of any guesswork. By offering customizable benefits on a flexible platform, employers can offer an array of benefits that the whole workforce can appreciate.

Flex platforms also make it easier for employers to evaluate the cost, and consequently manage them much more effectively. The automated platforms ultimately end up saving money, time, and resources. Employers can even keep the same benefits structure and vary flex credits (which employees spend on benefit options) to keep their benefits consistent across business entities. What’s more, using a flex benefits platform gives HR one less thing to think about.

A closer look at Pacific Prime’s flex benefits technology

Just last year, Pacific Prime acquired insurtech CXA’s brokerage arms and incorporated their industry-leading technology to continue to help our clients design, manage, and administer flex benefits. Through CXA’s integrated flex benefits and wellness platform, employers can gain a complete understanding of their workforce’s health and wellness. Similarly, the platform offers personalized recommendations for employees regarding their benefits selections. Since everything is on one centralized platform, employees can also:

• View their benefits
• Submit claims
• Monitor claims status
• Purchase add-on items from CXA’s marketplace

Start offering flex benefits with Pacific Prime

As a leading employee benefits specialist and health insurance broker, we take pride in remaining at the forefront of the latest changes and trends affecting our industry and enjoy sharing insights with our clients and readers alike through resources such as our annual Global Employee Benefits Trends Report and more. Check out the 2021 edition of the report here.

Are you ready to offer flexible benefits? Pacific Prime helps businesses find, secure, and manage holistic employee benefits and company insurance solutions. Contact us to find out how we can address the health and wellness needs of your workforce today.

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Jantra Jacobs

Senior Copywriter at Pacific Prime

Jantra Jacobs is a Senior Copywriter at Pacific Prime with over 10 years of writing and editing experience. She writes and edits a diverse variety of online and offline copy, including sales and marketing materials ranging from articles and advertising copy to reports, guides, RFPs, and more.

Jantra curates and reports on the results of Pacific Prime’s monthly newsletters, as well as manages Pacific Prime’s Deputy Global CEO’s LinkedIn posts. Complemented by her background in business writing, Jantra’s passion for health, insurance, and employee benefits helps her create engaging content - no matter how complex the subject is.

Growing up as a third-culture kid has given her a multicultural perspective that helps her relate to expats and their families while 8 years of working remotely have given her unique insight into hybrid work arrangements and enthusiasm for employee benefits.

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