8 MAY 2019 • FOGHORN FOGHORNFOCUS: HUMAN RESOURCES About the Author Chris Shipley is a Vice President of Employee Benefits and Director of Emerging Markets at Henderson Brothers, Inc, a PVA Associate member. As Director of Emerging Markets at Henderson Brothers, a Pittsburgh, PA-based commercial insurance and group benefits brokerage, Chris is responsible for the strategic direction of all clients in the two-to-10- employee segment, plus individual and Medicare. customized benefits to meet their needs would increase their loyalty to that employer, and a staggering 94 percent of employees want employers to ensure their benefits offering has a meaning- ful impact on their quality of life. One way to accomplish that objective is to consider expanding the benefits offering to include more “non-tradi- tional” benefits available for employees to purchase. As more and more employers realize that Generations X, Y and Z now make up the majority of their workforce, traditional product offerings are shifting. Employees in these gen- erations will spend money and buy products that make sense to them. For instance, we have seen an enormous uptick in employers offering identity theft coverage for their employees. This benefit provides a financial sense of security to employers, particularly Millennials whose online presence creates vulnerability. Employers offering this coverage have increased by 56 percent in the past two years. Another “perk” that we expect to continue to rise in popularity over the next two to three years are student loan reimbursement programs. This benefit has shown to increase loyalty to employers while providing employees assistance with crushing student debt. We’ve also seen an increase in the number of employers offering employees support concerning Medicare.Arecent U.S. Bureau of Labor Statistics study found that every 8.5 seconds for the next 11 years, a Baby Boomer turns 65. Employers who offer education and consulting around Medicare enrollment can provide their employee with a sense of security and understanding during a very confusing time while also reducing potential risk on their plans. Finally, as more and more states begin to legislate around paid leave, employers are respond- ing by putting in their own paid leave programs to provide financial assis- tance during a qualifying leave. In the 2018 Milliman National Benchmarking survey, for the first time in several years, attracting and retaining employees was ranked higher than controlling cost. While the employee benefits market consistently evolves and adapts to market pressures, an employer that prioritizes the changing needs of their workforce, optimizing their benefits package to be cost-effec- tive and attractive, will be best posi- tioned to win the war on talent. n