Hours of Heat: Employee Benefits Trends

Thursday, December 17, 2020

Employee Benefits Trends

BenefitsPRO Broker Expo 2021 Event The premier educational and networking event for employee benefits. Based on conversations with thousands of employers surveys and internal data Fidelity has shared what it views as some of the top employee benefit trends for 2021.

Employee Benefit Trends In 2016 Hilb Group Of Florida

The last few years have brought about some big changes in the world of employee benefits.

Employee benefits trends. Voluntary benefits are a way for employees to personalize their benefits to fit their lifestyle needs 5. Well see more companies offering Juneteenth as a company. It aids in maintaining work-life balance and offers employees the freedom to work anytime from anywhere.

Offering services such as. New tailored benefits will come into play. HR trends forecast the most desired employee benefits for 2020 like pet perks flex work and financial wellness programs.

Whether incorporated as part of a strategic plan or merely providing the benefits as value-adds there is an opportunity for employers to remind employees of current programs within the benefits program offered and consider offering trendy benefits or perks for working parents. Offer benefits and integrate policies that support employees lives outside of work emerging benefits such as unlimited paid time off PTO programs that reward healthy behavior phased retirement and paid sabbatical programs are among those employees say they want most. With this in mind Sodexo Engage the employee benefits specialist has pulled together a list of the employee benefits trends they expect to see this year.

HR trends forecast the most desired employee benefits for 2020 like pet perks flex work and financial wellness programs. Now that weve discussed why following employee benefits trends are important and how they help your business lets take a look at six trends in employee benefits. Emotional health will move to the forefront.

The following pandemic-prompted trends will play a big part in how employee benefits evolve. Since youre being a great employer anyway you may as well reap some of the benefits that come with it as well. Flexible working has been a popular demand among employees for a while now.

Employers will continue to focus on telemedicine and mental health benefits. Its time to start building your organizations employee benefits for 2020. Employers must be cognizant of the trends that influence and shape employee benefits.

HR Employee Benefits Trends and Predictions for 2021 1. Fidelity found that employers are increasingly viewing benefits in terms of diversity and inclusion and how benefits will serve all members of their workforce as well as how each benefit can contribute to their employees. Business Group on Health outlined the benefits trends to watch in 2021 and it listed the big priorities for most employers.

Below are six benefits trends that many who are in the know believe will gain momentum and transform the employee benefits landscape in 2020 and beyond. Companies can reduce turnover by nearly 140 percent with the right mix of benefits according to research from Paycor. Flexible working will gain momentum with employee benefits trends like the four-day workday.

Thats a lot of innovation in one year. Personalization of benefits. Employees retained the upper hand as companies battled for top talent.

The Society for Human Resource Management US reported an interesting employee benefits trend this year from 56 in 2015 69 of companies now offer remote work benefits to their employees. Gartners 2020 ReimagineHR Employee Survey found that employers that support employees with their life experience see a tangible increase more than 20 in the number of employees reporting better mental and physical health. The Proliferation of Virtual Care Virtual care which exploded in 2020 will continue to grow in 2021.

For instance with the rising healthcare costs employees are looking for companies offering employee benefits that can help address this need. Its time to start building your organizations employee benefits for 2020. Patients will have expanded virtual options and improved availability through telehealth platforms and providers.

New COVID-related benefitsthink mental health days emergency leave virtual summer camps for kids and free employee COVID testingas well as Election Day perks and Juneteenth as a paid company holiday all came into play in 2020. 1 - The rise of the Employee Assistance Programme EAP Even before the pandemic EAPs have been an important option for employees when it comes to effective health and wellbeing management. Six Trending Employee Benefits Moving into 2021.

Recently the unemployment rate dropped as low as 36 which is 1-2 below what experts consider the natural rate of unemployment and represented a 48-year low. I expect significantly more employers to jump on board in the coming year. Flexibility convenience child care benefits and real maternity and paternity leave are only a few of the offerings.

The true cost of COVID will be felt in 2021 and beyond Theres no denying that this year has come with innumerable. A deep understanding of trends shaping the workplace of the future is necessary.

Changing Trends In Employee Benefits Sightsin Plus