Hopefully 2022 will put the pandemic behind us. However, the impact will continue to loom large for the US workforce. The top trends impacting employee benefits are directly influenced by the COVID-19 pandemic and the “Great Resignation.” The combination of these factors makes it imperative for employers to create a strategic employee benefits package to ensure a healthier employee population and reduce employee turnover. Here are three things to consider.
1. Flexibility in how, when, and where employees do their job.
According to the U.S. Bureau of Labor Statistics, there were 5.9 million total separations in the U.S. in October 2021. Millennials have had the greatest increase in resignation rates. As these population shifts continue to occur, the newest generation to the workforce will be filling in the gaps. Working 9 to 5 in the office now seems out of date. The ability to work from home, hybrid work schedules, or even a shorter work week is becoming a key value proposition for employers. This new work arrangement can be seen as a positive force that drives companies to focus on results rather than face time at the office as a metric for performance.
2. Providing virtual access to mental healthcare.
Taking care of one’s mental health has come front and center with the pandemic exacerbating trends already affecting millions of Americans. The whole world has experienced more stress, which has contributed to an increase in diagnosis for anxiety and depression, substance abuse and alcoholism. One way an employer can help provide easier access to mental health care is by promoting a virtual care, or “telemental” health product within the employee benefits package. When COVID first hit in 2020 we saw an increase in telehealth visits because of the lockdown. This formula can be used to gain greater access to the mental health professionals as well. The increase in demand for mental health services, coupled with a shortage of mental health professionals, will increase the need for virtual care solutions.
3. Incorporating diversity, equity, and inclusion into your benefits strategy.
Throughout 2022, employers should continue to reassess their diversity, equity, and inclusion (DEI) strategies. The people poised to shape the future are more diverse than ever. As an organizational foundation, focus on DEI is here to stay. There are many benefits to developing and supporting a DEI program, such as:
• Attracting top talent – 67% of job seekers use diversity as an important factor when considering companies and job offers.
• Helping your company grow – companies that create diverse and inclusive work environments are more adaptable and creative.
• Preventing discrimination expenses – workplace discrimination is costly. A new study by Vault Platform found that U.S. businesses lost $20.2 Billion in 2021 due to workplace discrimination.
Today, managing your business while attracting and retaining talent is a bigger challenge than ever before, but Univest Insurance is here to help. Contact us at 800-220-3077 or firstname.lastname@example.org to discuss how we can help create a comprehensive benefits package that meets the unique needs of your business and your employees.
Insurance products offered through Univest Insurance, LLC. are obligations of the issuing insurance companies, not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States