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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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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Millennials Welcome a Personal Touch

millenialsAfter numerous articles advocating technology and social media as the only sources of information valued by young workers, a recent study by MetLife has shown that nearly two-thirds of millennials favored a one-on-one discussion with a benefits specialist when trying to understand their employee benefits.

Believe it or not, millennials even lead other generations in consulting with family and friends on benefit-related issues, showing that they value the personal experience when it comes to complex matters. Because they have become accustomed to the way technology streamlines information, they are looking for the facts without a lot of fluff. Nonetheless, one-on-one consultations and phone conversations are proving to be effective in giving young people the personalized information they need to understand their healthcare benefits and make informed decisions.

Self Insured Plans Upgrades Website

Self Insured Plans, LLC (SIP) is a family owned organization with more than 50 years of employee benefits administration experience. They specialize in health plan design, product integration, and claims administration for companies of all sizes. SIP is a unique organization in a world of look-alikes, but their previous website was not so unique. It was out-dated, hard to navigate, and not mobile friendly. Continue reading