This year, and the unprecedented challenges that came with it, have made something very clear to organizations nationwide, employees need benefit programs to support them more than ever. In fact, a recent survey from Prudential Financial that questioned employees about their needs and perspectives found, among other things, that non-health benefits are playing a bigger role in their decision to stay at their current job or move to a new one.
“While we’re pleased to see workers increasingly recognize the value of a comprehensive, cohesive workplace benefits package, we also cannot ignore that this stems from the financial, physical and mental stressors of the pandemic,” said Leston Welsh, head of business segments for Prudential Group Insurance. “Given the uncertainty of the current environment, it’s more important than ever for employers to educate and encourage their employees to choose the solutions that will help safeguard their financial security—over the near and long term.”
One year ago, 2/3 of employees felt that benefits were an important part of their compensation, but this has jumped 10% in 2020. Nearly three-quarters of respondents said programs such as financial wellness tools are a big reason they would stay at a job, up dramatically from a year ago. Other findings in the survey include:
- 75% agreed that, “Due to the pandemic, I feel that access to benefits through an employer is now more important than ever before.”
- By more than a 2-to-1 margin, respondents said they would “be willing to take a chance on a new job right now if it offered better benefits.”
- 70% agreed that, “A person should be able to rely on their employer for more than just a paycheck, including to help take care of other financial, physical and mental needs.”
Furthermore, data from MetLife’s Employee Benefits Trend Study also revealed that when employers provide greater support to their employees, their employees are more successful. The study showed that the top drivers of productivity, engagement and loyalty are employee recognition, competitive compensation and a comprehensive benefits program. While 4 in 10 employees said their employer is currently not offering benefits or programs that help, 69% said having a wider array of benefits would increase loyalty to their employer.
As the pandemic has brought to light the importance of a robust employee benefit package, here are some high-impact employee benefit programs that can support your employees and their needs.
Offering company subsidized backup care as regular care plans are disrupted will help working parents and caregivers bridge care gaps and remain focused and productive while working, knowing their children and aging loved ones are being cared for by either trusted caregivers they know or vetted care providers.
Tutoring & Academic Resources
To help ease some of the educational burden that has been hefted onto working parents nationwide, employers can provide access to online academic programs that offer on-demand access to expert professional tutors and resources that can help families overcome educational challenges, and keep kids learning without falling behind academically.
Mental Health Support
In the face of all this change, uncertainty and frightening statistics, employees may be experiencing new and heightened levels of stress, anxiety and emotional health concerns. That’s why it’s important that employers offer Employee Assistance Programs to provide access to confidential counseling. It’s also imperative to share emotional health resources and information to help employees recognize if they have an issue and, if so, how to cope, recover and build their mental strength.
With finances being one of the top stressors for employees before the pandemic, now more than ever it’s vital that employees receive the financial wellness guidance and tools that can help them protect themselves and their loved ones from the impact of the pandemic, both in the long and short term.
Ongoing Care Support
Researching solutions for all of these unique challenges is time-consuming, no doubt impacting employees’ focus at work. Plus, having to juggle schedules, drop-off and pickup times, finding and vetting various programs and their ongoing professional responsibilities can feel next to impossible for working parents. Offering ongoing care support programs to do the time-consuming research will save employees stress, money and time.
As employees face financial struggles brought on by the pandemic, offering employees an easy to access, complimentary discount program that can help them save on the things they need now, including school supplies, electronics, groceries, meal delivery, child care, home office equipment, and more, is a great way employers can alleviate some of their financial burden.
Care Subsidy Administration
Understanding the new child care demand on employees, many forward-thinking employers are offering relief for employees, but can then be burdened by implementing and running the program functions. Subsidy administration programs can help you manage and administer any financial relief you may be offering to working parents, saving your team time and stress.
By offering high-impact employee benefits programs, employers can make major impacts on productivity, engagement and morale by removing some of the burdens their employees are managing. LifeCare’s services are uniquely designed to support the needs of employees with whatever they may be facing. If you’d like to learn about how we can help you implement some of these support programs contact us or call us at 866-675-3751.