- The increase in remote work has led to changes in the benefits that employees expect from their employers.
- Increasing turnover and job turnover have forced companies to boost their benefits to attract and retain employees.
- As the number of hybrid jobs increases, flexible hybrid packages are in high demand.
- Group ownership plans by Roundstone help businesses position their benefits to meet employee expectations.
It is no secret that the last two years have changed a lot in people’s lives and work. The pandemic has created new ideas about health and wellness. As a result, Employee benefit needs are changing.
This means that you, as an employer, may need to rethink your employee benefits program.
The World of Work is Changing
Although the exact results are still unknown, The Great Abandonment it has been going on for about a year now. Some of this has to do with the epidemic, and some has to do with Baby Boomers retiring at age 65. workers.
For these reasons and more, people are switching jobs more than ever before. For employers, this means problems and opportunities: Your employees may leave, but with a benefits package, you have the opportunity to attract top talent and outperform your competitors.
Here are four things that are changing the way companies view employee benefits.
1. The Rise of Remote Services
Perhaps due to the spread of work-at-home arrangements influenced by epidemic shutdowns, most employees want things to go smoothly. Remote and hybrid jobs are now widespread, and many employees do not want to return to an on-site environment. Other desired benefits include stipends for home offices, cell phones, and internet.
2. Greater Focus on Work-Life
As millennials represent the workforce, they are changing the conversation about what employers benefit from. This group is interested in health insurance and employer-sponsored retirement accounts, but many are also looking for help paying off student loans.
Millennials are also well aware of the importance of a healthy work life, so many want things like flexible hours, wellness programs, and gym memberships. They also like to pursue personal growth. Profits that invest in their skills and education are in high demand.
3. Increasing Need for Mental Health Services
Although mental health in America has been on the decline for decades, the epidemic has led to an increase in this and an increase in health awareness. Two years of uncertainty and isolation have had a devastating effect on the mental health of many, leading to anxiety and depression.
As a result, the need for mental health services has increased. Expanding mental health services is another opportunity for employers; Research shows that the ROI for every dollar spent on emotional and behavioral products is $4.00.
Better brain health leads to better work performance, making a focus on mental health a benefit for both employers and employees.
4. Maintenance Assistance
The pandemic put millions of women out of work. Two years later, many of them are still there, taking care of children and other relatives. This situation has shown how the caregiving task always falls disproportionately on the shoulders of women.
As a result, many companies are extending childcare benefits to their female employees. For many workplaces, this may include on-site childcare. For many remote events, this may include flexible options such as daycare vouchers and childcare and eldercare subsidies.
Flexibility is important
Hybrid work means that employees live in different locations. Some may be in the office, some may be remote, and some may be both. The packages they want vary depending on the type of work they do.
Many companies are adding or expanding paid memberships to online platforms that help workers find and care for families and children. Others are offering online financial and health tools.
Whatever your employees’ needs, it’s clear that offering one-size-fits-all benefits is no longer the best way to attract and retain top talent.
Discover the Flexibility of Roundstone’s Publicly Held Plans
Traditional traders are like sellers or buyers; they work for the insurance company, not you. Fully insured insurance carriers offer a little more flexibility to help you meet the health care needs of your employees. They lock you into one plan for a year, leaving you with limited options and an unclear annual rate.
Roundstone does the opposite. The setup of the Roundstone-captured team gives you the freedom to choose, allowing you to change the settings that meet the needs of your employees and reduce your costs.
You will have access to your claims as well expert advice to help you identify opportunities to save money and implement changes to your advantage. You can manage your medical benefits with a long-term, strategic view, just like you do with the rest of your business.
To learn more about the difference captive insurance can make for your business and your employees, download our free eBook.