Amazon's New Benefits Focus on Employee Finance and Health

Amazon became one of the latest companies to add a slew of new benefits to its employees.
These benefits focus on addressing employee concerns and difficulties in these challenging times.
Learn more about these employee benefits.

In the current tight job market, where organizations are navigating economic uncertainties and finding it tough to find skilled talent, many are developing new strategies to retain existing talent. Some of these strategies include improving employee benefits. Amazon is one of the latest organizations to amp up its employee benefits. The company has rolled out several benefits, including a mental health app, an emergency savings fund, and financial counseling. The benefits are aimed at addressing employee difficulties and concerns in these challenging times.

AccordingOpens a new window to Lian Neeman, director of global benefits at Amazon, â€We have a number of listening channels to understand what the top and evolving needs of employees and their families are. There were financial and mental health concerns that cropped up, and we knew we wanted to address them.â€

See more: How InsurTech Initiatives Are Enhancing Employee Benefits

Benefits To Expand the FamilyFlex Program

Amazon rolled out its FamilyFlex programOpens a new window for its employees in November 2021. The program included parental leave, family benefits, flexibility, and work/life balance. The latest benefits, introduced in July, expand this program.

According to Neeman, the focus on financial wellness is obvious, as employees are hit hard by high living costs and looking for ways to cope. According to a Morgan Stanley at Work study, financial pressures due to inflation have significantly affected employees. Further, employees have been reassessing their workplace and financial benefits over the last year.

As such, Amazon has added and enhanced a slew of employee benefits. Among the financial benefits is free counseling, where employees and their family members can access a free consultation session for each financial issue. They can also use a financial health resource through a provider to reduce or consolidate debt, discuss long- and short-term financial goals, and create spending plans.

Further, the company is implementing an emergency savings fund to help employees save for the rainy day directly from their paychecks. This is a fairly new offering among employers. According to SHRM’s 2023 Employee Benefits surveyOpens a new window , only 2% of organizations offer such a program.

Another focus of the company is the mental health benefits. Amazon has increased the number of free general counseling sessions from three per year to five. It also added 24/7 virtual mental health support through the app Twill and added free pediatric mental health counseling.

Finally, the company is enhancing cancer care benefits to its benefits. It now offers in-house cancer case management for its employees and their family members diagnosed with cancer. It is also offering a travel and lodging benefit when eligible employees receive an evaluation or treatment out of town.

See more: Why Workplace Benefits Are Critical in Today’s Economic Situation

Employee Benefits: A Critical Element in Employee Retention

In today’s uncertain economic situation, benefit programs are crucial in alleviating employee concerns. The economic upheaval has undoubtedly forced several companies to tighten their budgets across business functions. That said, in today’s challenging talent market and growing employee expectations, organizations have refrained from cutting employee benefits. Some are even adding more benefits to their compensation program to attract and retain valuable talent. A study by consulting firm WTW showed that competition for talent (80%) and rising costs (67%) are the top priorities influencing organizations’ benefits strategies.

According to Neeman, competitive benefits help Amazon compete for talent. That said, the company’s move to expand the benefits is more about supporting employees. She said that the support, in turn, would help the company’s goals.

How have you altered your benefits program to address your employees’ concerns? Let us know on LinkedInOpens a new window , TwitterOpens a new window , or FacebookOpens a new window . We’d love to hear from you!

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