The effects of the pandemic have shifted much of our culture immensely. In the wake of the upheaval the pandemic caused, employers are offering additional worker benefit options to better meet their employee needs. Over a year ago, we did not see this, but according to a recent blog by the CPA Practice Advisor, at this point 94% of employers are finding that voluntary benefits are important to their employees and increases value in their professional business relationship. That is outstanding compared to 2018 where only 36% of employers found it important.
Many businesses find that offering these benefits are more cost effective while still pleasing their employees during these trying times. What are the main areas being addressed with these benefits?
Identify theft, Hospital indemnity, Pet insurance, Critical illness, and Group legal just to name a few.
Through The Emerging Trends in Health Care Survey conducted we see an influx of additional benefits not only being considered but implemented over the next few years such as: Financial planning, Tuition reimbursement programs, Onsite fitness centers, Backup childcare, and Elder care.
It seems as though businesses are seeing how important it is not to just treat their worker as an exchange of goods and services for capital, but to also try to enrich other areas of life as well.
If you are interested in offering these types of benefits, reach out to your HR Consultant to determine next steps and vendors who can assist you with these offerings. If you do not have a HR contact, reach out to us at 310-534-5577 or [email protected]. We’ll be glad to refer you to someone who can answer your questions and help you get started offering these non-traditional benefits.
