Published June 2023
Like any relationship, transparency between employers and employees can be the key to success. When employers are more open, they can help set appropriate expectations for prospective employees. For example, transparency around compensation, especially early in the recruitment process, can help improve employee trust, engagement and retention. In fact, some U.S. states have salary transparency laws, requiring employers to disclose salary ranges with job openings.
Here we’ll explore other strategies for how employers can display transparency, including with their health benefits offering, to attract and retain top talent.
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Bring your benefits to the forefront.
Being transparent about the benefits package your organization offers can help distinguish your company from competitors. In addition to standard health benefits, employers with innovative benefits that may stand out from other organizations’ benefits should clearly communicate and leverage these early in the recruiting process. For example, family-focused benefits such as childcare reimbursements, caregiver concierge services like Wellthy, and support for family planning and women’s health may be important to some job seekers.
Help employees fully understand their benefits package.
Almost half of Americans are confused by the basics of health insurance. In addition to offering great benefits, transparency and ongoing communication are critical for helping employees thoroughly understand and utilize your organization’s benefits package. Tools like Reduce My Costs and Estimate My Cost can also support transparency when it comes to helping employees understand health care costs and options.
Put a spotlight on mental health and well-being.
Employers can practice transparency by communicating the different offerings and tools within their mental health and well-being benefits, and encourage employees to utilize their paid time off to reset. Consider encouraging company-wide wellness challenges. For example, have employees block their calendars for a quick 12 minutes each day to enjoy the benefits of meditation. The openness with which you discuss these benefits will help reduce stigma and increase trust.
Make flexible workplaces and career mobility a reality.
A recent report found that employees want more opportunities for internal mobility (13%), flexible work arrangements (20%) and upskilling (8%). Clearly communicating flexible ways of working, whether hybrid or remote arrangements, and opportunities and structures for promotions and professional development can also help employers attract and build long-term trust with top talent.
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When given straightforward information about their workplace and benefits, employees are empowered to make the most of their job. Transparency creates a more comfortable working environment, increasing trust, engagement and retention. It’s a win-win for employees and employers alike.
To confirm eligibility for any programs or services mentioned in this article as it relates to your specific health plan, please reach out to your account executive or HR benefits team. You may also speak to our member services team at (888)-333-4742 or by sending a secure email. And for plan details and other member resources, log in to the member portal.