Even though the majority of workers receive health insurance coverage on the job, a new survey has found that many of them understand surprisingly little about their health plans and are leaving money on the table.
The job market is still dealing with the aftereffects of the COVID-19 pandemic. Workers are taking stock of their circumstances and considering which employment perks matter the most. Specifically, employees are increasingly more concerned about their physical and mental health, financial security and work-life balance than before the pandemic. Many employers have responded by enhancing benefits offerings to support employees.
The U.S. inflation rate has increased by 9.1% year over year, according to the Bureau of Labor Statistics (BLS). The BLS also reported that this is the highest the inflation rate has been since 1981. This has led to significant price increases across many consumer goods, and employers are responding in various ways.
While most organizations ramp up their benefits communications about a month before open enrollment starts, the efforts often drop off at the start of the year.
Employers nationwide are looking for ways to attract and retain talent and differentiate themselves from competing employers, and many are looking to the two most popular voluntary benefits: employee dental and vision plans.
Despite the job market upheaval and intense competition for talent, there is a mismatch between the value that human resources executives and job prospects put on employee benefits, according to a new survey.
Employee well-being refers to the overall state of employees’ physical, mental, social and financial health, which can often be influenced by various workplace dynamics (e.g., workload, connections with co-workers and available resources).
Wearable Technology and the Workforce
Wearable technology isn’t a new feature. For years, personal gadgets such as smartwatches have been gaining popularity among people who want better insight into their health trends. According to Pew Research Center data, nearly 1 in 5 Americans (21%) say they regularly wear a smartwatch or fitness tracker. In fact, wearable technology has grown so commonplace that employers have been exploring ways to leverage it among their workforce.
Telemedicine got a big boost during the COVID-19 pandemic, and now a number of states have been moving to ensure that health plan enrollees still have access to it and pay for it just as they would in-person visits.
Each workforce is comprised of unique individuals with diverse backgrounds and interests. So why opt for a one-size-fits-all benefits package? Instead, consider providing benefits options that are as unique as your employees. Doing so could be the attraction and retention tool that sets your workplace apart.
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An AssuredPartners Agency
In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.