Remote, hybrid, and flexible work arrangements have changed what employees need in benefits, according to a study by Arizent and Ameritas.
HR professionals say their biggest challenges are managing benefit costs, improving employee engagement, and attracting and retaining talent. Many employers are increasing their budgets to address these issues. They’re finding ways to make their current benefit offerings more appealing in a hybrid work environment.
Nearly half of the respondents have increased telecommuting options, medical benefits, and well-being programs over the past 12 months. HR professionals say this trend is likely to continue. Employers plan to retain their focus on well-being programs and retirement benefits while enhancing vacation time and opportunities for paid community volunteering.
Using the Right Data to Choose Benefits
Employers turn to a variety of information sources to determine what benefits to offer, with budget analysis and employee surveys being used most often. Brokers can provide a fuller picture with a claims analysis or recommendations based on how employees have been using their benefits. It is also helpful for employers to know the most popular maximum benefit, coinsurance, and deductibles in a particular industry.