Employers love to say, “We’re a family!” How do you know they mean it?

There’s nothing more cliché than your manager saying, “We’re a family here!” when asking you to go above and beyond. No overtime, no bonus, no recognition or any other type of compensation. You’ll do it for love.

In 2024, that just doesn’t fly. Data now backs up what we have felt for years: humans work best when they are treated like humans. We can love our co-workers and derive pleasure or fulfillment from our jobs, but if an employer wants to embody the image of a family, it must be less Sopranos and more Pearsons from This Is Us: generosity, not obligation; care not coercion; and a robust benefits package, not extra slices of capicola from Satriale’s.

The New Standards

Employee benefits packages can be a significant reason potential employees will both accept an offer and then stick around awhile, as they find predictability and a caring culture at their workplace.

Stacey Hyland is the Employee Benefits Practice Leader in New England with Hub International. She credits each generation of entry level workers with pushing workplaces to a more holistic culture. Hyland said that when there’s a tight labor market, like right now, employers would do well to listen to what would attract and retain new hires. “Hiring managers are in the position to respond to incoming and outgoing employees and provide precise solutions to senior leadership,” she said. Here are some of the trends in benefits for the HUB International clients.

Paid time off

Time is money, and scheduling is a cost-effective culture change to make. HUB International’s 2023 Workforce Absence Management Survey surveyed over 500 employers with 50 to 1,000 employees and found that since 2021, more than one-third increased their paid parental leave, more than half increased overall paid time off, and nearly one-quarter had added paid holidays to the holidays.

“Post-pandemic, things like working from home and flexible hours—those are the perks that are almost more important than medical insurance for some people,” Hyland noted, sharing that people will even take a cut in salary to work remotely.

Caretaker benefits

In addition to paid time off, an employer that wants a genuine “one big family” culture will have policies that allow you to care for your actual family. Of special consideration are workers who are 10 or 15 years into their career and might also be part of a “sandwich generation,” caring for both children and elderly parents. They will be looking for policies to support long-term care or hospital costs. For parental leave policies, modern terms can be gender neutral for any new parent and useable for an adoption or foster placement. Childcare and family planning benefits are very attractive, like stipends for IVF treatment or reimbursements for daycares.

Behavioral health

“We have found that the younger generations of workers, 24- to 40-year-olds generally, they see mental health as a standard of overall care,” said Hyland. Employee Assistance Programs (EAPs) are a common benefit, providing assessments, referrals and limited term counseling, often in response to work-related issues. However, a more robust program that is part of medical coverage would make access to medication, intervention and maintenance treatments more accessible.

Education benefits

Assistance with loans, tuition and professional certifications has serious allure for potential hires. “We have employers who are providing reimbursements or a matching contribution to tuition,” said Hyland, acknowledging that these are mostly large employers who have multiple paths for advancement. Hub also offers an Employee Financial Wellness benefit, where financial advisors are available for employees to get personal advice on managing debt and building wealth.

Lifestyle programs

These are the types of benefits where implementing one that’s tailored to current needs can transform a company’s culture. These programs could be stipends for gym memberships, exercise equipment, travel reimbursements for out-of-state medical care, pet insurance, or various discount programs.

Getting the most from the basics

Since the above benefits are emerging trends, you still need to know what’s out there for the Big Five Benefits, which are the most popular programs, all subsidized insurance policies. If a traditional employer with over 50 employees doesn’t have these, ask questions and maybe pull your application:

Medical
Vision
Dental
Disability
Life

A solid employer will pay a significant portion of health insurance premiums. Hyland marked 75% as a good standard. Employers can also show appreciation with a matching contribution to a Health Savings Account or HSA. “This shows clear support,” Hyland said. “Like, ‘We’re investing for your future, even if you don’t work here anymore.’”

For early career workers, disability and life insurance might seem unnecessary based on current assets or single status, but you should never leave money on the table. Often, the basic premium for these policies is significantly or completely subsidized by an employer. For life insurance, Hyland stressed that when you start a new job, you could have an opportunity of “guaranteed issue,” where you can purchase a policy without disclosing current or previous health issues that would typically result in denial of coverage.

How small employers can make the best of what they have

For employers who can’t offer much beyond the basics, Hyland sees an opportunity to add value through education. “Employee benefits are a significant portion of the overall compensation package,” she said, suggesting some employers could better explain how much they spend on benefits per employee. It can be a lot: according to Kaiser Family Foundation’s latest Employee Benefits Survey, annual premiums for employer-sponsored family health coverage reached $23,968 this year, with workers on average paying $6,575 toward the cost of their coverage.

But it’s not just the price tag. Whether it’s during the onboarding process or throughout the year, by educating employees about differences between HMO or PPO policies, how to invest money with your HSA, or the magic moment of “guaranteed issue,” employers are giving an indelible gift of knowledge. “When you help people understand and optimize their benefits, you engage them on topics with lifelong implications,” Hyland said.

HUB International’s employee benefit specialists work with employers of all sizes in all industries on every aspect of employee benefits program planning and management. Contact them today to improve your hiring and retention strategies.