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Compensation is not the only factor to consider when managing a total rewards package. Benefits also play a key role and can affect not only employee retention, but attracting new talent. The pandemic brought renewed focus to the importance of an employee's physical, mental, and emotional well-being. It is vital to ensure the benefits package offered is showing employees they are valued within their organization.
The rising cost of health care continues to be a prominent concern among employees and employers alike. A thoughtful design of a benefits package can boost employee satisfaction, engagement, morale, and more importantly, their commitment to an organization. However, not all benefits packages will fit for every organization. Goals, objectives, and culture should be considered when creating or updating any benefits packages in order for it to be successful. Balancing the needs of employees while aligning with business goals, takes careful planning and preparation.
Total rewards plays a crucial role when an organization is attempting to stay competitive. Having a carefully designed program can help with employee retention and recruitment. Benefits tend to get overlooked, but they are just as important as compensation.Maureen Siwula, SPHRHR Director
MRA's 2021 Health & Insurance Benefits Survey includes reliable data to help with the process of compiling and updating a competitive total rewards package as a way to influence retention of current and future staff.
Our goal is to help your organization discover the best total rewards strategy that aligns with your organization. This year, we have updated the report with new questions on:
- Retiree medical benefits
- Section 125 plans
- Full cafeteria plans
- Life insurance plans
- Accidental death and dismemberment insurance
- Long-term/Elderly care
- Short-term disability
- Long-term disability
Responses to the questions that were surveyed are shown in tables on the pages following this summary. They include additional breakouts by state when enough clean, relevant data was present. Use this data to help determine out if you are competitive enough in this ever-changing market.