In today’s tight job market, companies are focused on how to differentiate themselves to attract and retain the best talent. There has been a lot of attention on salaries and hybrid work arrangements but how do employee benefits figure into the equation?
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With the onset of the pandemic, workers became increasingly concerned about their financial security and emotional and physical well-being. According to a new study by LIMRA and EY, there is a growing employee appreciation for non-medical benefits such as paid family medical leave, life insurance, disability insurance, and wellness programs. The study predicts this increased demand, combined with the fierce competition for top talent, will drive non-medical workplace benefits to grow 20% by 2026.
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Employee benefits brokers have served as a long-standing bridge between carriers and their clients. Many employers value working with a trusted benefits professional to help navigate a daunting array of oftentimes similar options. While well established, the broker-employer relationship is evolving at a rapid pace.
LIMRA recently partnered with EY to better understand the future direction of the workplace benefits industry. The research explored the perspectives of key stakeholders in this segment (i.e., employers, employees, brokers, and technology providers) and found that while brokers are still highly regarded, their role is rapidly shifting from a sales-focused, transactional business model toward one that is more consultative in nature. We expect this shift to accelerate over the next five years as several environmental trends driving this change continue to unfold.
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With all of the health issues brought on by the COVID-19 pandemic, LIMRA research shows employees are placing greater importance on the benefits offered by their employers, and are more closely examining their benefit needs.
In 2020, LIMRA asked full-time employees with insurance benefits what changes they made to their benefits package during their 2020 open enrollment period. The results highlight the immediate short-term impact of the pandemic.
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Healthcare costs have been on the rise over the past decade. In response, some employers have scaled back on their health insurance offerings, at times leaving gaps in coverage. As a result, the voluntary benefits market, where employees pay the premiums, has become more popular among employers.
These voluntary benefits programs, however, have underlying costs to employers, including those related to implementation and administration. Digital tools can help employers reduce these costs by simplifying operations and improving efficiency.
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The general perception has been that the pandemic would radically increase employees’ appreciation of benefits and possibly increase their need for certain benefits, but how benefits may evolve based on these changes remains unclear.
With the pandemic shaking the country for more than 12 months now, employee benefits experts are trying to gain insights into which actions employees will take as a result of COVID-19 and whether carriers will see a positive impact on participation rates. The general perception has been that the pandemic would radically increase employees’ appreciation of benefits and possibly increase their need for certain benefits, but how benefits may evolve based on these changes remains unclear.