Apr 27, 2021
As a result of the pandemic, employees expect more from their employers, according to a recent MetLife Employee Benefits Trends Study. Physical protection from COVID-19 are important, but employees also want to be financially supported and protected against unexpected costs:
- 72% say that it’s more important than ever to have safety and protection for them and their family
- 62% say employee benefits are more important now because of the pandemic
- 60% are interested in having a wider mix of non-medical voluntary benefits
- 51% say that employers should play a greater role in the safety and protection of employees and their families
- 39% of employees say their employer is not offering benefits and programs to support or improve their well-being
To address these concerns, employers need to rethink what protection means to their employees. Because of COVID-19, 80% of employers plan to increase the range of benefits they offer and/or their investment in employee benefits. A holistic approach is an emerging model with companies rethinking benefits to meet employees’ changing needs and support their overall well-being.
How Benefits are Changing
More employers are shifting from a product-by-product model to treating benefits as a suite of products that work together across employees’ changing life stages and personal needs. This holistic view supports how benefits can work together to support physical, mental, social, and financial health while giving employees what they want, more choices.
Grouping benefits by the support they provide makes it easier for employees to see how benefits can work together. When employers communicate benefits in a value-forward way, workers can easily close the gaps in their coverage.
Employers are expanding the range and customization of benefits:
- 80% are increasing benefit communications or intend to
- 74% are offering more added-value services for employees, such as mental health programs or EAPs, or intend to
- 66% are expanding the range of voluntary benefits or intend to
- 75% are offering more benefits customization or intend to
- 70% are investing in new benefits or intend to
- 64% are expanding non-medical insurance benefits or intend to
Employers are also becoming more intentional about setting goals, soliciting feedback, and improving employee benefits communications and engagement. Employers list their top benefits goals as increasing productivity, retaining employees, and improving employee health.
Reach out to your Amwins Connect Regional Sales Representative for guidance on creating the kind of holistic benefits plans that employers and employees are looking for.
