New employee benefit options for a diverse workforce

Trending benefits: new options for your employees

Authored by Bukaty Companies on October 11, 2019

Benefit plans should reflect employee needs, which change as new generations enter the workforce. Employers competing for in-demand talent leverage their benefit packages to attract and retain quality employees. In a full-employment economy, employers are adopting new benefit options in response to employee demand.

Pet insurance

Nearly 70% of households have a pet, and the relationship between people and their pets has evolved. Employees view their pet as part of the family and go to great lengths to keep them healthy. Pet insurance pays qualified veterinary expenses when a pet gets sick or injured. It’s estimated that about 10% of employers offer this benefit today. Adding pet insurance to your benefit lineup will help set your company apart. It shows you care about employees in a more holistic way they will appreciate.

Student loan repayment

College tuition continues to rise, and graduates are saddled with tens of thousands of dollars in student loan debt. Because financial stress can be distracting for employees, student loan repayment assistance is the hottest employee benefit, according to Forbes. With 70% of graduates entering the workforce with a significant amount of student debt, help with loan repayment is a key differentiator as quality candidates assess their employment options.

Choose-your-own benefits package

Today’s workforce is comprised of five generations with unique priorities. Allowing employees to choose from a menu of benefits is good business. Health insurance is still the most valued benefit, but adding new perks is gaining momentum. It’s not necessary to increase your benefit costs to give employees what they want. Employers can set a defined contribution amount and give employees the option to choose. This allows one employee to select student loan repayment while another selects coverage for Fido. For more on how to tailor your benefits, read our piece on generational benefits.

Blog Category: Workplace Insights


Episode 5: The future of employee benefits

Listen to this podcast and discover how employers are utilizing online benefit management platforms to save valuable time and money. Employees love the ease and convenience an online system has over traditional paper enrollment. It’s a win-win for all!

Episode 4: The power of data analytics

Data analytics can serve as a powerful cost-containment tool for your organization's benefit program. Done right, analytics can illuminate the origin of high health care costs and opportunities for improvement. This episode will examine what it means to analyze data and how a proper analysis can benefit your business.

Episode 3: Understanding reference-based pricing

Reference-based pricing has become a popular strategy to control employer health care costs. Listen to this episode to gain a greater understanding of how this cost-saving strategy can lower reimbursement amounts and overall health care spending.

Episode 2: Busting narrow network myths

Narrow network plans can sound restrictive, but the reality is these plans are a valuable option for many groups. They have the potential to offer up to 20% savings on employee health insurance. 

Episode 8: Avoiding employee lawsuits

Discover how your business could be at risk for lawsuits, and learn strategies to minimize your chances of getting sued. Our podcast guest shares HR tips you won’t want to miss.

Episode 7: Management training is more important than you realize

Don't leave your managers untrained and unprepared. This episode explores the importance of training your company leaders and how it can be detrimental to your business if you don't.

Episode 6: A benefits package for all ages

Rather than limit your company to an outdated one-size-fits-all benefit package, explore customized, generationally based benefit options for your employees. Each generation has different benefit preferences and Bukaty has the technology and benefit lineup to cater to their needs.

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