Oct 06, 2020
Some have feared that employers would cut back or eliminate benefits amid the COVID-19 pandemic and financial downturn. For the most part, that hasn’t happened, according to a survey by the Employee Benefit Research Institute (EBRI) and Greenwald Research. Employees say their employers have reacted to COVID-19 by furloughing or laying off workers (26 percent), promoting telemedicine (18 percent), and increasing leave availability (17 percent). Only one percent have suspended or cut back benefits.
Nearly half of employees say they are extremely or very satisfied with their benefits package. They say that these benefits contribute a lot to their financial security:
- Nearly two-thirds cite health insurance
- 40% cite life insurance, financial wellness, and benefits like accident and critical illness
- One-third cite disability insurance
Fifty-eight percent are satisfied with their health plan. Also, health insurance is the benefit that employees are most likely to consider when making employment decisions, followed by retirement savings plans.
Open-Enrollment During COVID-19
About half of employees surveyed say that their employer has offered effective communication about health benefits during the pandemic, and nearly as many say the same about mental health and work-life balance. Seventy-five percent of employees say their health benefits are easy to understand compared to 60% who say the same for non-health benefits.
As a result of the pandemic, 37% want more information and guidance than usual during open enrollment. Employees are most interested in having a portal for selecting benefits, a tool to help make decisions, and online brochures.
Only three in ten employees take advantage of education and advice about benefits. But those who get this advice understand their benefits more and are more satisfied with them.
Contact your LISI Regional Sales Manager for effective benefits communication strategies.
