Benefits decision-making can be a daunting task for employees during open enrollment. And the current inflation rate makes these decisions even more important.
Since high inflation is causing employees to be more cost conscious right now, many employers hope this year is an opportunity to increase employee engagement during the open enrollment period. Employees who usually choose the same benefits each year without considering other options might now take the time to learn about other benefits plans and figure out if a different plan might make more sense for them.
Traditional benefits are still considered the cornerstone of a solid benefits package, but employees have begun looking for perks in addition to health, vision, and dental. Benefits that augment or improve quality of life, known as lifestyle benefits, hold greater and greater importance to younger employees. They want their jobs to provide types of insurance and perks previously considered to be private purchases, like renter’s insurance and identity theft protection.
The pandemic left many employees feeling isolated, fearful of the future and in need of support. It’s up to employers to do what they can to help by offering access to mental health resources and support. The Great Resignation has exposed the importance of comprehensive benefits to employees, and voluntary benefits are on the rise as employers strive to strengthen recruiting and retention efforts.
Potential new hires are turning to organizations that go the extra mile in their offerings, from identity theft insurance to pet insurance. Amid the pandemic and volatile economic times, people want the peace of mind that this extra protection gives them. Since the start of the pandemic, scores of smart employers turned to new and enhanced benefits to help employees through a myriad of challenges. There has been a big focus on physical health and safety, remote and flexible working arrangements, mental health, COVID-19 vaccine strategies and incentives, and much more.
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