Employee Benefits Blog

“Organizational culture” may be an overused phrase, but culture — and the employer-employee connection culture generates — has become part of recruiting, retention, and the assembling of the right benefits package to engender long-term loyalty.

How important are culture and connection within an organization? They definitely can make a major difference in candidate interest and employee satisfaction. Just consider the following;

• Mentioning culture in job postings increases engagement with the listing (67%).
• One-quarter of employees say they’ll leave an employer if they’re not happy with an organization’s culture.
• Nearly 15% of job seekers will decline a job offer because they don’t feel comfortable organization’s culture. 

Let’s face it. Rising interest rates and stubbornly high inflation are causing financial stress among those who previously felt financially secure. One can therefore appreciate how this one-two punch is now overwhelming anyone who wasn’t already in a decent financial position before these two economic conditions took hold. 

It’s well documented that concerns over money and financial security are now contributing to declines in mental wellness. At present, 19.86% of American adults, equivalent to nearly 50 million people, are experiencing a mental illness of some sort.

Well-constructed and employer-led financial wellness programs can help alleviate some of this pressure, leading to greater happiness and workplace productivity. Financial wellness now plays an essential role in ensuring what we like to call a Quality Employee Experience or QEX for short.

Regulations aside, employee benefits management hasn’t changed much in several decades, so it’s notable that employers are beginning to use traditional marketing tactics to make sure their benefits efforts hit the mark for their employees. 

Case in point: HUB Workforce Persona Analysis.  It’s a smarter way to inform your benefits strategy, meeting employees where they are. If your organization isn’t taking steps to understand your population using audience segmentation, you should. (You can watch a video on Persona Analysis here.)

Analysis of workforce personas enables employers to design personalized experiences from multiple perspectives. Seeing benefits from different angles can make your benefits spend smarter, resulting in a return on investment 5% to 8% ahead of a one-size-fits-all approach. Just ask any consumer marketer and they nearly unanimously will tell you that personalization also deepens customer relationships.

So why can’t this approach also advance your employee relationships? It can, for organizations that stop to take the pulse of their workforce and apply what they learn to guide how we engage each other and nurture healthy employee cultures. These actions ultimately inform better benefits design, improved job performance, boosted impacts from leadership, and reduced employee churn.

Here's how to look at it;