The reality of today’s HR teams is that they’re juggling an array of responsibilities like implementing new programs, answering open-enrollment questions, and re-engaging employees, all while grappling with the intricate landscape of employee leave experience and legalities. A new year always brings high expectations for everyone, but the need for scalability and affordability can make it challenging for companies to maintain momentum with new benefits and programs. For the greatest impact, HR is tasked with finding common ground between employee expectations and organizational goals. But where do you start?
There’s a stark contrast between employer and employee perceived value and return on investment in policies, especially against the backdrop of recent inflation, economic volatility, and increasing cost of premiums. Highlighted in Forrester's "Predictions 2024: The Future of Work" report, a possible “employee winter” was coined from companies’ diminishing interest in the overall employee experience that may lead to cost-cutting measures or the compromise of standards within organizations.
Understandably, companies must prioritize the most scalable programs and affordable benefits, but often struggle with finding impactful solutions that also meet employee expectations. To identify the best investments that tick all the boxes for both employers and employees, let’s examine the current benefits pyramid and where priorities are.
Aside from the required general health insurance and state mandated paid leave programs, the top of the pyramid is highly coveted but not widely offered and most likely to be cut. However, they’re usually the most critical to promote retention and encourage productivity.
40% of employers say workers leave their job to find a role that offers better employee benefits with 62% of businesses surveyed changed benefit offerings in 2023.
Forbes Advisor found that employees ranked paid time off as a priority but it didn’t make the list for what employers offer. According to Indeed’s 2023 Wellbeing Report, Parental Leave is right up there with quality health insurance, floating holidays, financial benefits, and hybrid work, but only 27% of employees have access to it. When employees and employers are not aligned, there’s a higher risk for turnover.
In response to this tug-of-war between employers and employees, the SOAR Analysis framework can lead the way to understand how to meet in the middle. Unlike a traditional SWOT Analysis, SOAR replaces Threats and Weaknesses with a forward-looking perspective that helps companies find common ground. The analysis then looks like this: Strengths, Opportunities, Aspirations, and Results.
To help you identify the best benefits and programs to navigate changing expectations that meet organizational goals, Download the Toolkit for sample questions to conduct a SOAR analysis.
Strengths: Strengths are benefits and programs that are already available and working well, valued by both employees and employers. Evaluate your current offerings. Ask employees what their favorite and most appreciated benefits and programs are. Nearly 90% of parents at the Best Workplaces for Parents say their company has “special and unique benefits,” and when that’s true, they’re 65% more likely to stay with their employer. The Parento program sees a 10% utilization rate which is higher than the average EAP of 1-3%.
Opportunities: Opportunities are external circumstances or challenges that can be reframed to create potential new benefits and programs, such as what do employees wish they had? Identify the disconnects by examining what’s come up in employee feedback surveys or exit interviews. What are the organizational pain points? Perhaps you’re losing parent talent or missing the mark with a poor return to work experience from parental leave.
Aspirations: Aspirations are based on preferred future and include strategic benefits and programs that would support those goals. This should include the envisioned path for the company’s growth and development, so review the company’s mission, vision, and core values. For example, a company may want to attract and retain young skilled talent but doesn't provide the flexibility and paid parental leave programs that many young workers expect. Or perhaps growth and development is a core value but employees can’t gain certifications or tuition reimbursement.
Results: Results will identify key indicators of success and resources that encourage continued measurement and progress towards goals. Establish KPIs, timelines, and budgets. It’s important that the outcomes and achievements aligned with aspirations are effectively measured and evaluated over time. Paid Parental Leave is a growing corporate program, especially with more states implementing paid leave programs.
Companies have seen increased tenure by 10-15% after implementing paid parental leave and Parento clients have an average 95% return to work full-time rate following parental leave.
84% of U.S. employers are planning to make changes to their leave programs in the next few years, so performing a comprehensive analysis of benefits and programs will help find where employee expectations and organizational goals intersect. For some companies, actionable steps and initiatives following a SOAR analysis may include:
It is through this thoughtful approach that companies can effectively summarize, strategize, and plan with a win-win solution that integrates employee expectations and organizational goals without compromising on experience, quality, or cost.
While the dichotomy between employee and employer expectations is not a new conversation, simply “flipping the pyramid” to prioritize programs isn’t enough. Integrating employee expectations and organizational goals is the key to finding common ground and maintaining momentum for programs throughout the year. Parento is a scalable and affordable nationwide program with gender neutral paid parental leave insurance for less than the cost of dental. The program consistently exceeds expectations with personalized wraparound care and support. Chat with our sales team to see how Parento can help you support your working parents while driving improved outcomes year-round.
