Gone are the days when a standard employee benefits package that covered dental, health, and vision was enough to entice workers and provide adequate support for their wellness needs. On the heels of a global pandemic that radically shifted how people structure their lives and think about how work functions as part of their lifestyle, today’s professionals expect more from their employers – and basic benefits simply don’t cut it anymore for the demands that are put on their families.
For emerging and established businesses alike, this means that understanding the broad circumstances and the individual needs of employees is more important than ever before and crucial for ensuring long-term success.
Companies who give more – get more.
There is a strong trend among modern professionals to seek out employers whose values are aligned with their own so that a mutually beneficial outlook forms the foundation of a good working relationship. For small companies – and startups especially, creating a baseline where employees feel valued for more than their professional output encourages better performance from workers who feel they are getting more from their employers. With more than two-thirds of large employers planning to enhance their benefits offerings in 2023, companies seem to be paying attention.
High-value benefits to match the high-value talent.
As the economic tide turns in favour of a talented modern workforce, employers must respond by offering dynamic employee benefits and more personalized and nuanced options. With hybrid and remote flexibility changing the landscape of work practices and spaces, the changing needs of employees call for a renewed commitment from employers. Understanding the specific needs of existing and potential employee demographics in the tech-startup sector puts employers in a better position to offer meaningful and effective support modes.
One size certainly does not fit all.
On top of the basic necessities of dental, vision, and health care, today’s employees seek benefits that support their financial wellness, family planning, mental health, pharmaceutical access, substance use, and pet care. An increasingly diverse workforce has opened up employers’ need to negotiate individual benefits that speak to the specific needs of different employees.
5 specialized products for a tailored benefits package in 2023.
- Family Planning & Fertility Care
With younger generations beginning to make up most of the workforce, fertility care as an employment benefit has become a significant factor in employee and jobseekers’ decision-making. In a recent survey, as many as 77% of respondents said that the prospect of fertility benefits would influence their decision to work for a company. Access to fertility care is a factor for many skilled working professionals, including single and LGBTQ+ people, who may have encountered substantial barriers in family planning.
- Substance Use Support
The stigma surrounding substance use can make it difficult for individuals to seek and access support services that could positively impact their well-being. Orchard has partnered with Alavida to provide affordable and accessible addiction treatment for employees. The service is personalized, confidential, and available 24/7 on users’ smartphones. Alavida attends to the unique circumstances of individuals with a dedicated team of proactive care professionals.
- Financial Wellness
Economic uncertainty is an issue that concerns everyone. No matter where people are on their journey to financial security, access to sound advice and planning strategies is a benefit that can improve the well-being of employees. Orchard has partnered with The Smart Benefit, Seedwell, and Common Wealth to provide comprehensive support for employees’ financial goals – from a student loan and debt repayment to retirement savings and investments. Financial literacy and wellness are vital to the well-being of individual employees and a secure collective workforce.
Simplified access to pharmacy services is a valuable benefit for working professionals. Orchard has partnered with Mednow to offer employees easy access to licensed and accredited doctors, pharmacists, mental health, and holistic care. Since many people require prescription medication as part of their basic healthcare, easing the access and affordability of that necessity is an attractive benefit for employees.
- Pet Healthcare
Canada is one of the most pet-friendly countries in the world, with just over 60% of households reporting ownership of at least one dog or cat in a recent nationwide survey. Animals provide their owners with invaluable companionship and emotional support, so it’s no surprise that the benefit of pet healthcare and insurance is a priority for employees and job seekers. Orchard has partnered with Good Paw and Vetster to offer pet owners licensed veterinary care and insurance solutions tailored to their pets needs.
Companies who choose to expand their benefits packages by including these customizable products are positioning themselves to be aligned with the values of the modern workforce. By offering inclusive benefits, businesses increase their likelihood of attracting and retaining highly valuable and diverse candidates.
Orchard Benefits’ top-tier partnerships offer competitive perks, exclusive rates, and flexible packages through our preferred providers. Take a look at our full list!