Offering extra perks helps to satisfy unique employee needs. More organizations are recognizing how beneficial voluntary benefits are to employees and their families while many of these benefits come at little to no cost for the employer.
Holistic Benefits Offerings
A recent Willis Towers Watson survey saw a 58% increase since 2018 in the number of employers who found voluntary benefits critical to their talent and reward strategies. Experts agree that number will continue to increase from its current standing.
While dental and vision continue to be the most popular voluntary benefits, the pandemic has made critical illness, hospital indemnity, pet insurance, and identity theft and group legal more popular. Increasingly, more employees are looking for additional coverage to protect their health, finances, and safety as these areas have been greatly threatened by Covid-19. Offering supplemental perks gives employees the chance to fill coverage gaps.
Financial Wellness Support
Retirement savings plans, safety net insurance, emergency savings funds, student loan repayment, and financial planning have become increasingly popular over the past few years. Employees say one of their top stressors is money, especially during the pandemic. Finance-related voluntary benefits provide employees with guidance and educational resources. Financial stability is tied to higher employee productivity and lower absenteeism, which is attractive for many employers.
More Remote Health Services
For various reasons, employees have been postponing their preventive care and needing more mental health support. Making remote health services more accessible and affordable is a common solution to these problems. Providing the option for telemedicine can decrease stress and anxiety while improving mental, physical, and emotional health.
While the pandemic has highlighted these needs, employers will continue to look for these types of benefits even after Covid-19. Over the next couple of years, employees can expect to see more holistic benefits, financial wellness, and expanded remote health services being offered.