Benefits Employees Want Most

benefitsThe pandemic has had an enormous impact on every aspect of our lives, including the way employees view employee benefits. A recent Wall Street Journal article chronicled the changing attitudes of workers who are working remotely or in hybrid settings. In virtually all cases, needs have shifted to things that contribute to employee well-being beyond the office.

Holistic Well-Being

When popular job search site Indeed surveyed 1,000 remote workers about the future of work, results made it clear that the need to support people’s mental and physical health outside of the workplace will continue long after the pandemic is over. Perks such as paid time off, flexible and remote working options and paid family leave are giving employees the support they need in a changing world. Depending on age and other workforce demographics, free therapy, personal financial planning advice and access to parenting coaches are doing a great deal to improve quality of life.

Changes to Family Leave

The International Foundation of Employee Benefit Plans reports that 63 percent of employers have made at least some change to their leave policies because of the pandemic. For employees who are also parents or caregivers, many have introduced emergency leave for childcare and eldercare. More than 10 percent are identifying resources and referrals for childcare, tutoring and backup or emergency child and eldercare with some providing financial assistance.

Companies are also supporting mental and physical health by instituting mandatory time off. Some do this by adding holidays or creating 4-day weekends while others have shut down for entire weeks because workers are unable to take customary vacations. Either way, employers and employees view these changes as some of the best things their companies could have done during the pandemic.

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Dress More Casual

millenialsNon-technical staffing company Randstad US reports that 79% of employers offer casual, business casual or no dress code at all. Even investment bank Goldman Sachs has reportedly relaxed its dress code in response to the changing nature of workplaces. While most employers are considering increased flexibility to be a welcome benefit, many employees appreciate being able to save money on their wardrobe and related expenses such as dry cleaning.

Support for Caregivers

According to a new Harvard University study, 73% of employees surveyed are caring for a child, parent or friend. More importantly, 80% of those admit that caregiving has had a negative impact on their productivity at work and kept them from doing their best work. Employers are beginning to take a more proactive role in helping employees balance these priorities by shaping their benefit programs to accommodate their needs. We’ll take a closer look at some of the steps being taken in our next newsletter.

Flexibility Means Retention

Research reported by the Execu Search Group shows that flexibility may very well be the key to keeping millennials engaged. Allowing more vacation time, better training and a more flexible work schedule, including the ability to work at home when needed, are keys that will make young people happier and more productive. The SHRM says that more companies are offering these benefits in order to retain young workers in today’s competitive labor market.

 

Employers Investing More in Benefits

wellness-programHealth and wellness are integral to employee performance, which helps explain why employers are investing more in their employee benefit offerings.

In June of 2018, the average cost of benefits rose by 2.9%, while wage costs rose by 2.7%, according to data released by the Bureau of Labor Statistics. Also on the rise is paid leave, which has seen a 4% cost per employee increase since 2017. This includes paid parental leave, which allows time off for a birth, adoption or foster placement of a new child.

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Empowering Employees: Big Talk, Little Action

telemedicineTelemedicine offers a lot of potential for everyone – added convenience for busy families and lower costs than a traditional office visit. But as helpful as this service can be, it will only make a difference if it is used.

Low utilization is not unique to telemedicine. It’s a common problem with many new, well designed and well-intended health care services. Encouraging plan members to actually use new offerings is a challenge for employer groups, large and small. And while utilization is often higher in self-funded health plans, all employers need help turning talk into action. Here are a few ideas to consider:

It’s all about them – With health care consuming more of everyone’s income and attention, we all have a vested interest in our benefits. And while wonderful tools like telemedicine keep coming to the table, you need to look at these offerings from your member’s perspective rather than your own. Talk with your employees; ask if a service will help them and listen to their feedback. If it can add real value to your employee’s lives, utilization will follow.

Talk about health, not cost – Research indicates that when it comes to their health and wellbeing, there are many things members would prefer to hear about than fees and costs. A majority are interested in improving their health. It takes time, but focusing on current health risks and personalizing communications as much as possible will help members want to get more engaged.

Educate to empower – Transparency tools and online portals are no different than other modern advances. If people don’t understand them, they will never catch on. Like telemedicine, unless employees understand how to use it and when they can use it, they will never realize the benefit of having an experienced, board certified physician, with access to their medical records, available to help them 24/7.

While it seems that other new disruptive innovations, such as Alexa, catch fire overnight, they do take time. Since your employee communication budget likely pales in comparison to those driving consumers to Amazon, talk with your TPA about new ways to zero in on the needs of your employees. Doing so can lead to increased utilization and a happier, healthier workforce in 2018 and beyond.

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Critical Illness Coverage More Widespread

Voluntary benefits are a growing trend that allows employers to enhance their overall benefits package. While voluntary dental, vision, life and disability insurance are familiar, the popularity of critical care insurance has been growing dramatically. Critical care coverage typically pays a lump sum directly to the insured upon diagnosis of a covered critical illness and is generally used for daily living expenses and things like co- payments, mortgage payments and childcare. This increasingly popular offering can provide a financial  safety net against hardship driven by out-of-pocket medical expenses.

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Latest Happenings in Today’s World

Benefits Linked to Loyalty

A 2012 report by Aflac WorkForces shows undeniable evidence linking benefits offerings and employee loyalty. When asked what their current employer could do to keep them in their jobs, 49% answered, “improve my benefits package.” Employees who are extremely or very satisfied with their benefits program are 9 times more likely to stay with their current employer than those who are dissatisfied with their benefits program. Continue reading