The employee benefits that your organization offers are some of the top-selling points for your company when you are competing for a prime candidate. Are you offering the right mix of solutions that will serve the holistic needs of the individual and their family or are there some unexpected gaps in your coverage? Tools for online enrollment and benefits utilization continue to evolve, becoming a key factor that allows staff members to be informed consumers of their health, wealth and wellness benefits. Whether you are concerned about how to offer competitive benefits for remote workers or exploring the options around mental health benefits, here are a few of the top trends in employee benefits for 2020 and beyond.
Growth of Your Remote Workforce
Managing your remote workforce can be a challenge, requiring not only different skills and abilities from your managers but also the need to tailor benefits for individuals in different parts of the country — or the world! There are few limitations in terms of geography for today’s remote workforce, but you might find yourself trying to provide equitable benefits for individuals in Canada where healthcare is nationalized, for instance. Keeping these costs and benefits on an even keel is going to be a growing concern for human resources teams and benefits professionals alike.
Importance of Voluntary Income Protection
When staff members are concerned about their financial situation, it can be much more challenging for them to effectively do their job. Voluntary benefits such as wealth and insurance programs are more likely to be of interest to this generation of workers, as they provide a level of protection against devastating loss. While only a small percentage of employers currently offer critical illness, hospital indemnity and voluntary accident coverage to their staff members, this requirement is expected to grow rapidly in the future as employees make this more of an expectation than a perk. These type of benefits helps employees feel more comfortable in their position, which may mean that they produce better work more quickly than if they were continually concerned about their health and financial wellness.
Expanded Mental Health Benefits
Mental health no longer carries quite the stigma that it might have had in the past, and part of that is due to the ongoing education by organizations in the public eye. Corporations are recognizing that the mental health of their staff members is a key component of success. Depression, anxiety and other mental illnesses can cause significant productivity declines — estimated to be in excess of $1 trillion per year according to the World Health Organization. Plus, companies are seeing that the dollars invested in this type of program have a significant payoff, with an ROI of nearly $4 for every dollar invested in these programs.
Workplace Structure and Flexible Working Schedules
Traditional corporations may never have dreamed of how quickly flexible working schedules and alternative workplace structures would be adopted. Only a few years ago, flexible schedules were something reserved for the Silicon Valley elite, but today’s companies are more open to this type of working environment. Shared spaces, co-working solutions — nothing seems to be off the table when it comes to providing staff members with the convenience they want and the work-life balance that they crave. In response, staff members are more willing to commit to a company that helps provide employment solutions that work for their unique schedules and needs.
A final employee benefits trend to keep in mind is the impact of the rising cost of education. As employers require advanced degrees for high-paying jobs, individuals are investing more in their education than ever before. It makes sense that progressive employers are fighting back against this trend by offering a student debt benefits program that helps staff members pay down their student loans. Employee benefits trends will continue to evolve in the future, and your organization needs to stay on the cutting edge or you risk losing out on access to great candidates. When you are ready to partner with a company that truly understands these trends and can help you implement best practices in your organization, contact the professionals at Employers Select Insurance Services, Inc. at 916-248-4777 for more information. We offer a wide range of educational tools, such as our complimentary download checklist: 8 Ways to Reduce Employee Benefits Costs Without Compromising Coverage.