New trends emerge as business returns to a new normal
As companies across the U.S. begin a slow but steady return to office work, the return to normalcy many of us have long awaited appears to finally be at hand. But is it the normal we remember?
In addition to increasing the pace of digital transformation in the insurance industry, the pandemic has had significant effects on what customers expect from their agents and insurers. And according to a 2021 report conducted by Care.com, changes are coming to employee benefits, too.
The Future of Benefits, which surveyed both C-Suite executives and human resources leaders across various U.S. industries, found that 98% are planning to expand select benefits while deprioritizing others.
Let’s break down three findings revealed by the report.
1. Mental health support and childcare are top benefits
Given the challenges of state lockdowns and working from home, it’s little surprise that mental health and childcare list among the top five benefits that employers are seeking to introduce or expand. These rank alongside health and dental insurance, retirement, and health and fitness discounts.
By contrast, employers are moving away from certain benefits, such as commuter, on-site childcare, and paid vacation days. This again reflects the shifting needs of employees, some of whom will continue to work from home indefinitely.
2. Attrition is a driving force
While there are a number of reasons employers are expanding benefits, such as to increase employee productivity and sharpen their competitive advantage, the latest driver is attrition.
According to the report, a majority (two-thirds) of respondents’ companies suffered some level of attrition due to the pandemic, with 56% citing child and senior care concerns as a major factor. A significant number (71%) also reported attrition as being more common among women.
An Accenture survey of women in financial services this May revealed similar findings: 28% who left their company during the pandemic did so to better care for their children or senior family members.
3. Some employee needs may still be hidden
While the pandemic has spurred big changes for employee benefits, another survey conducted by Care.com in 2020 suggests there is still work to be done. According to the survey, 52% of employees with children avoided voicing their childcare concerns to their employers, indicating that benefits and support may be lacking, even when employees do not signal otherwise.
Are you prepared for open enrollment season?
With big changes coming to employee benefits, this year’s open enrollment season is likely to be more challenging than usual for benefits brokers. How would you like to make it stress-free? Let ReSource Pro handle your employee benefits administration work this year and increase your time with clients by 25%.
Find out more by visiting our Employee Benefits page.