In today’s competitive job market, companies need to step up their game and move away from the basics. Compensation will always be king, this won’t change for the foreseeable future.
That being said, an outstanding, well-rounded benefits plan can tip the scales when it comes to swaying candidates who are stuck between offers, candidates who are vetting where to work, or even catching the eye of a casual LinkedIn member.
Having braggable benefits can get you that spotlight you’ve been looking for, but what do we mean and how is it done? Before we get into that, let's first explain the “why.”
Why benefits are making a big splash in compensation packages
Well, first of all, benefits are compensation, let’s say it again.
Benefits. Are. Compensation.
Understanding this concept is key. When today’s job-seekers talk about “compensation” they aren’t just talking about their pay stub. Your current and future teams are weighing the impact of your full compensation package. That means benefits that:
- Support their health and well-being: Rising healthcare costs and an increased focus on our health make comprehensive coverage a top priority. As people increase their healthcare spending they see more value in benefits designed to support health and wellbeing so they aren’t out-of-pocket for these expenses.
- Offer flexibility: Top talent wants options that suit their varying lifestyles. One-size-fits-all plans are a thing of the past – one of our Plan Sponsors even called them dusty! No two people are alike, so why should they be pigeonholed into the same benefits?
- Reflect company values: Employees want to work for organizations that genuinely care about their people. This fosters a sense of purpose, belonging, and well-being, leading to increased job satisfaction. You can brag about company culture all you want, but do your benefits match your words?
A robust benefits plan checks all these boxes. But how do you offer benefits that appeal to your whole team without breaking the bank?
Enter the HSA.
Premium-based plans offer the perception of value. They show lots of categories and amounts covered that make you think you’re getting a great deal. But offering all those benefits means paying through the nose when Plan Members make claims and the insurer adjusts your premiums to account for usage.
HSAs, on the other hand, can be just as robust (if not more)! The lack of categories, caps, and maximums means Plan Members can use their contributions as they please and can receive all the same benefits as a premium-based plan.
Of course, you can pair that powerful HSA with benefits like Life, Disability, Travel, Excess Medical and more, to make a full-featured plan that checks all the boxes.
Your product isn’t the only thing that should differentiate you
An HSA can give your business that competitive edge you’ve been looking for, here’s why:
- It appeals to a multi-generational workforce: Employees’ needs vary widely depending on their stage in life. While younger workers may prioritize savings potential and wellness perks, older workers value robust coverage.
- Promotes financial wellness: The increasing healthcare costs we mentioned earlier sting a little less when utilizing the tax-free contributions an HSA provides. Additionally, utilizing our HSA Rollover can directly provide savings with the RRSP it contributes to.
- Positions your company as a thought leader: Offering innovative benefits demonstrates that your organization is forward-thinking and invested in its people. Candidates notice when a company goes beyond industry standards to offer real value
The Importance of Diversity, Equity, and Inclusion
An HSA doesn’t just attract talent and save you money; it helps build a more inclusive workplace.
Typical premium-based benefit plans often leave gaps for Plan Members due to the ceilings put into what they can claim and how much they have for it. Offering flexible benefits ensures your entire team can feel supported equally regardless of the types of healthcare they need.
An HSA is also better positioned to meet the diverse needs of Plan Members. On top of the usual expenses, an HSA can be used to reimburse expenses such as alternative medicine (Naturopath, Osteopath), specialized therapies (Music Therapy, Art Therapy), etc.
Finally, as we said above, it creates a more inclusive culture within your business. Your team is more likely to feel valued and included when they see their benefits plan is catered to their diverse needs. This fosters a workplace where everyone can thrive.
Final thoughts
At its core, a good benefits plan is about more than just coverage; it’s about showing your employees that you care.
By putting an HSA at the center and building out a package that prioritizes flexibility and inclusivity, you’ll not only attract top talent but also create a workplace where everyone can succeed. And in today’s competitive landscape, that’s a win worth investing in.
Want to talk about benefits? Get in touch with our Growth Team to start bettering your business. Also keep up to date with us on X (Twitter), Facebook, Instagram, and LinkedIn!
