Page 8 - Sep-Oct 2024 - REPORTER - web optimized2

INSURANCE UPDATE

WHY EMPLOYEE CULTURE IN

THE WORKPLACE PLAYS AN

OUTSIZED ROLE IN BENEFITS

HUB INTERNATIONAL LIMITED

rganizational culture” may be an overused phrase, but culture - • “Learning” cultures put an emphasis on personal and employee
“Oand the employer-employee connection culture generates - has development, through education, development plans, consistent
become part of recruiting, retention and having the right benefits to employee evaluations, educational reimbursements and sabbaticals.
engender long-term loyalty. • “High-performance” cultures are all about delivering value on time
How important are culture and connection within an organization? and within budget, whether that’s to customers, internal clients or
It can make a major difference in candidate interest and employee vendors. These cultures make benefits robust, easy to choose and
satisfaction with an employer: that aren’t overly complex.
• Mentioning culture in job postings increases engagement with the These examples are not mutually exclusive, and there are many
listing (67%). 1 more types of company cultures than listed above, such as a “cause-
• Nearly one-quarter of employees say they’ll leave if they’re not based” culture or a “team-based” culture. In all instances culture is
happy with an organization’s culture. often built less on an emotional connection to the organization than
• In fact, 15% of job seekers will decline a job because they don’t feel leaders may realize.
comfortable with the organization’s culture. 2 A common misconception is that employees love their work, the
company and its brand, but often employees are connected to their
Culture and connection are crucial elements in building a benefits teams and teammates more than the organization itself.
strategy based on Quality Employee Experiences, or QEX. This Understanding the difference is important. Organizations should
approach emphasizes the experience that employees have with focus on strategies that reinforce the connection with teams or alter it
the organization and how benefits can improve the quality of those with benefits that deliver on QEX’s promise.
experiences.
Pulling it all together
The power of the right benefits to support employee culture in the Ultimately, organizations should examine their employee culture
workplace in the workplace and determine what makes it that way, rather than
The importance of culture and connection is magnified by its role imagining their culture as something it is not. They should also fashion
in the employee experience with benefits. Using technology and benefits with empathy in a manner that strengthens their culture and
analytics, employers need to understand the needs of their employees, connection with employees.
particularly the needs of individual employees. What’s more important than identifying a culture as “good” or
Leaders can benefit from understanding what elements make up “bad” is understanding its underpinnings — and importantly, whether
their organization’s culture and simply recognizing what their culture the culture aligns to the organization’s values and business strategy.
is. For example: Here are some best practices on evaluating and strengthening
culture:
• “Caring” cultures emphasize a familial environment and will offer
family-centric benefits. For example, such a culture could cover costs
for fertility treatments, surrogacy services and adoption. 3 Insurance Update continued on page 22...

8 LBMAO Reporter - September-October 2024 www.lbmao.on.ca