This post was originally written and published by SAPinsider.

To help companies reduce manual effort and improve HR efficiency, PlanSource recently announced a series of updates, improvements, and new features as part of its Spring 2024 Product Release. Now available to all users and partners, the release includes a new Retroactive Payroll Feature, new carrier integrations, new marketplace partners, and more.

“In 2024, PlanSource will remain hyper-focused on delivering on customer commitments, ensuring platform is scalable and ready for open enrollment, removing industry friction and continuing to innovate the customer experience,” said Srini Venkatramani, Chief Product & Technology Officer of PlanSource.

One of the most significant updates PlanSource users can now benefit from is the Retroactive Payroll Feature. All too often, HR administrators have to manually go back through previous payroll data to apply missed deductions. This new feature automatically identifies and reports missed payroll deductions, as well as providing flexible configuration and a user-friendly dashboard to further simplify the process.

To reduce industry friction, PlanSource also introduced two new carrier integrations – MetLife can replace batch EDI files with real-time enrollment API, and Aflac customers can utilize an Evidence of Insurability decision notification API. These users get an enhanced shopping experience as they receive an underwriting decision in a shorter amount of time, saving HR teams up to 30 minutes per employee.

Embedded within PlanSource’s offering is a new guided renewal enhancement. This allows HR administrators to complete annual reviews with enhanced efficiency through a guided interview. Customers can also better control payroll with a new payroll schedule model, allowing them to view, edit, and remove payroll schedules.

PlanSource added two new partners to the PlanSource Partner Marketplace to diversify the set of offerings available to users:

TaskHuman is a real-time digital coaching platform. It allows users to bolster their well-being, whether that is mental, physical, financial, emotional, or otherwise. The platform pairs users with one-on-one personalized sessions with guides who can help them achieve their goals.

Trend Micro offers AI-powered cybersecurity solutions to its users. It can help companies and individuals better equip themselves to protect their identity, operate internet-connected devices securely, and safely navigate their digital lives.

In today’s economic climate, workers are under increasing pressure to perform their duties more efficiently to cut down on costs – and HR teams are no exception. These teams must find solutions that allow them to infuse automation so they can focus on other requirements.

PlanSource is expanding not only their internal offerings, but their partner ecosystem. This provides users with a holistic solution to meet their payroll needs in less time, allowing them to achieve their goals and keep the HR operation running smoothly.

Learn more about PlanSource and SAPinsider.

1. Attract and retain talented employees 
2. Boost employee engagement and satisfaction 
3. Improve productivity and financial performance 
4. Enhance the company’s reputation and brand image 

Employee benefits are a powerful tool for reflecting and reinforcing corporate values. When benefits align with the company’s ethos, they send a clear message to employees about what the organization stands for and values. Some examples of how benefits can support different cultural values include: 

• Work-life balance is essential, especially for working parents who need childcare benefits and flexible hours. Offering generous paid time off, remote work options, and family-friendly benefits supports this balance. 
• Innovation-driven employees seek growth opportunities. Providing professional development programs, tuition reimbursement, and access to cutting-edge technology signals commitment to their career advancement. 
• Health and wellness are central to well-being. Comprehensive health insurance, wellness programs, and resources for stress management support a culture of wellness.
• Social responsibility appeals to employees who want to contribute. Implementing volunteer days, charitable donation matching, and eco-friendly initiatives aligns values and fosters pride among socially conscious employees. 

By tailoring benefits to the company’s culture, organizations can create a more cohesive and engaging work environment that resonates with employees. 

1. Conducting employee surveys and gathering feedback: Use surveys and focus groups to gauge employees’ perceptions of the company culture and their preferences for benefits. 
2. Analyzing existing benefits and culture: Review your current benefits offerings to determine how well they align with the company’s stated values and culture. Survey leaders of the organization to get their feedback on what they believe is the company’s culture. 
3. Identifying gaps: Look for discrepancies between the company’s cultural aspirations and the benefits currently offered. 

By assessing your current culture and benefits, you can identify areas for improvement and develop a strategy for better alignment. 

1. Tailoring health and wellness programs: Design wellness initiatives that reflect your company’s values, such as holistic health programs, mental wellness support, or fitness challenges. 
2. Offering work-life balance benefits: Provide flexible working arrangements, remote work options, and generous paid leave policies to support employees’ personal and family needs. 
3. Investing in professional development: Offer training programs, career growth opportunities, and educational support that align with a culture of continuous learning and improvement. 
4. Promoting community involvement: Introduce volunteer days, charitable donation matching, and sustainability initiatives that reflect your company’s commitment to social responsibility. 

By implementing benefits that resonate with your corporate culture, you can create a more engaging and fulfilling work environment for your employees. 

Communication and Implementation: 

• Clearly explain how benefits reflect company values and support employees’ well-being. 
• Involve employees in design and implementation to foster ownership and engagement. 
• Phase in new benefits gradually for a smooth transition and employee adaptation. 
• Continuously gather feedback to refine and improve benefits offerings. 

By communicating transparently and involving employees, organizations can better align benefits with corporate culture. 

Measuring Success and Continuous Improvement: 

• Establish metrics for success and monitor them continuously. 
• Track key performance indicators (KPIs) such as employee engagement, participation rates, retention, turnover, productivity, and financial performance. 

Regularly gathering feedback and analyzing metrics help identify areas for improvement, allowing benefits strategies to evolve and better support corporate culture over time. 

Aligning employee benefits with corporate culture is a powerful way to create a more cohesive, engaging, and successful workplace. By understanding your organization’s culture, assessing your current benefits offerings, and implementing strategies to better align the two, you can foster a work environment that supports employees’ well–being and drives organizational success. 

At PlanSource, we understand the importance of aligning benefits with corporate culture. Our comprehensive benefits administration platform and employee communications tools can help you design and deliver benefits that resonate with your company’s values and engage your workforce. With PlanSource’s solutions, you can create a benefits strategy that not only supports your employees but also strengthens your corporate culture and drives long-term success. 

By investing in benefits that align with your corporate culture, you can create a workplace that attracts and retains top talent, boosts employee engagement, and positions your organization for long-term success. Embrace the power of aligned benefits and corporate culture to build a thriving, purpose-driven workplace. 

Offering a personalized benefits package has become a key factor in attracting and retaining top talent. The days of one-size-fits-all benefit plans are long gone. Progressive employers recognize the importance of addressing the diverse needs of their workforce by offering a range of options that employees can customize to their individual requirements. 

So, what’s driving companies to shift towards personalized benefits? Let’s explore the primary factors behind this trend. 

1. Health insurance plans with varying levels of coverage 
2. Retirement savings plans, including 401(k)s and pensions 
3. Flexible spending accounts for healthcare and dependent care 
4. Wellness programs and gym memberships 
5. Professional development and training opportunities 
6. Student loan repayment assistance 
7. Pet insurance 
8. Mental health support and counseling services
   

By providing a diverse range of benefits, employers demonstrate that they value their employees’ well-being and are committed to their overall satisfaction.

Addressing a Diverse Workforce 

Today’s workforce is more diverse than ever, with multiple generations working together, each with their own unique needs and priorities. For example, while Baby Boomers may prioritize retirement planning and healthcare, Millennials and Gen Z may be more focused on student loan repayment and professional development opportunities. 

A personalized employee benefits package enables employers to cater to these diverse needs, demonstrating that they understand and appreciate the individuality of their employees. 

Enhancing Well–being and Meeting Employee Expectations 

Personalized benefits can significantly contribute to supporting employees’ physical, mental, and financial well–being. By offering a range of health insurance options, wellness programs, and mental health support, employers can help their staff maintain optimal health and productivity. 

Financial wellness benefits, such as student loan repayment assistance and financial planning services, can alleviate stress and improve overall job satisfaction. 

As the workforce evolves, so do employee expectations. Today’s job seekers are looking for more than just a paycheck; they want to work for companies that value their well–being and offer benefits that support their personal and professional goals. 

Offering a personalized benefits package can give companies a competitive edge in attracting and retaining top talent who are looking for an employer that will invest in their success. 

Attracting Top Talent 

In a tight labor market, a standout total rewards package can be the deciding factor for job seekers choosing between multiple offers. By offering a range of personalized benefits, companies can differentiate themselves from competitors and attract top talent. 

Improved Retention and Engagement 

Personalizing benefits demonstrates that employers are listening to and addressing their employees’ needs. When staff feel appreciated and valued, they are more likely to be engaged in their work and committed to their employer. 

Offering benefits that support employees’ well–being and help them achieve their personal and professional goals can lead to increased job satisfaction, productivity, and loyalty, ultimately reducing turnover and its associated costs. 

Managing Costs 

While offering a variety of benefits may seem expensive, personalized plans can actually help companies manage costs more effectively. By providing options that employees actually want and will use, companies can avoid wasting money on underutilized benefits. 

Additionally, wellness programs and preventive care can help reduce healthcare costs in the long run by promoting a healthier workforce and reducing the impact of severe health conditions. 

Health and Wellness Programs 

Health and wellness benefits are a top priority for many employees. Personalized options may include: 

1. Gym memberships or fitness class stipends 
2. Wellness challenges and incentives 
3. Stress management and mental health resources 
4. Telemedicine and virtual healthcare options 
5. Smoking cessation programs 
6. Nutritional counseling and healthy eating initiatives 

Financial Benefits 

Financial wellness benefits can help employees manage their money more effectively and plan for the future. Options may include: 

1. Student loan repayment assistance 
2. Financial planning and education services 
3. Tuition reimbursement or professional development stipends 
4. Retirement planning and investment advice 
5. Employee discount programs 

Work-Life Balance 

Offering benefits that promote work-life balance can help employees manage their personal and professional responsibilities more effectively. These may include: 

1. Flexible work schedules and remote work options 
2. Paid time off for volunteering or personal development 
3. Childcare or eldercare assistance 
4. Employee assistance programs for personal or family issues 
5. Paid parental leave 

Assessing Employee Needs 

To create a personalized benefits package that truly meets employees’ needs, it’s essential to gather their input. This can be done through surveys, focus groups, or one-on-one conversations. 

Employers should aim to understand what benefits employees value most, where they feel current offerings are lacking, and what new options they would like to see. 

Communicating Benefits Effectively 

Once a personalized benefits package is developed, it’s crucial to communicate the offerings clearly and effectively to employees. This can be done through a variety of channels, including: 

1. Benefits guides and brochures 
2. In-person or virtual benefits fairs 
3. Webinars and educational sessions 
4. Personalized benefits statements 
5. Regular email communications and reminders
   

Employers should also provide resources to help employees make informed decisions about their benefits, such as decision-support tools, cost calculators, and access to benefits counselors. 

Personalizing benefits is not a one-time event; it’s an ongoing process that requires regular evaluation and adjustment. Employers should periodically assess utilization rates, gather employee feedback, and stay attuned to changing workforce needs and market trends. 

Based on these insights, benefits packages should be updated and refined over time to ensure they remain relevant and valuable to employees. 

As we look ahead to the future of work, personalized benefits will only continue to grow in importance. Companies that embrace this trend and make employee needs a top priority will be well-positioned for success in the years to come.

If you’re considering offering personalized benefits to your employees, PlanSource can help. Our benefits administration software makes it easy to set up and manage a customized benefits program that meets your unique needs. Schedule a demo with one of our experts today to learn more!