We're beyond excited to announce the launch of our very first Global Employee Benefits Trends report. In this first edition, the report looks at the key trends surrounding employee benefits and the factors shaping them. While many people know Pacific Prime as a health insurance broker, some are surprised to know that we also specialize in employee benefits. As global employee benefits specialists, we thought it was about time we shared our expertise and insight with our readers. In this Pacific Prime article, you'll get an overview of the information presented in our latest report.
What is the Global Employee Benefits Trends Report?
The Global Employee Benefits Trends Report 2020 outlines the top six employee benefits trends for the year, along with an in-depth analysis of each trend. The trends are supported by interesting case studies and statistics, along with useful tips on how to implement the trends being discussed. The trends, which are based on insights from our own in-house employee benefits consultants, include:
- The refinement and reassessment of group health insurance coverage
- The adoption of technology
- Mental health benefits
- Family-friendly benefits
- Flexible working arrangements
- Financial wellbeing
This year's COVID-19 pandemic has resulted in global job insecurity and mass unemployment, along with a rapid transition towards work-from-home policies. Consequently, the report looks at the priority changes of employees and employers alike. It also dives into the progressively multigenerational workforce and the growing need for diversity and inclusion.
The top employee benefits trends for 2020
While you'll have to download our free report to get an in-depth look at the top employee benefits trends for 2020, a brief summary of each trend can be found below.
1. Refinement and reassessment of group health insurance
Medical coverage continues to be the number one benefit that employees value most. Health insurance remains a high priority for employees this year as the cost of healthcare continues to rise. There also seems to be no end to the growing cost of healthcare in sight, with healthcare costs significantly dominating the general inflation rate. As the COVID-19 pandemic continues, employees want to know that they can get the medical care they need without paying more than they can afford.
2. Adoption of technology
The latest generation to join the workforce is comfortable with technology. After all, they grew up with mobile devices and digital apps, and are used to information being available on-demand. The integration of the newest generation into the office means that employers will be expected to use technology, such as HR tools and applications.
Fortunately, there are several benefits to using HR technology, including personalization, flexibility, and empowerment. HR technology makes it possible to create tailored experiences based on employee preferences. Similarly, it allows employers to design employee benefits to match the needs of staff whenever necessary. In terms of empowerment, HR technology enables employees to take control of their own benefits choices.
Telemedicine
Telemedicine essentially uses technology to connect patients to medical professionals regardless of location, offering numerous advantages such as:
- Less exposure to diseases
- More convenient and comfortable
- Access to a wider network of hospitals
- More time towards work and increased productivity
Generally speaking, workplaces stay healthier and function better!
3. Mental health benefits
The stigma surrounding mental health seems to be reduced, as more employees are looking for mental health benefits from their place of work. In fact, almost 90% of companies offered this benefit in 2019. This year, an additional 26% of organizations in the US alone are offering mental health benefits.
With the current pandemic, there's no better time to start paying attention to mental health. Employees around the world are experiencing intense anxiety and stress, which makes benefits like Employee-Assistance Programs (EAPs) and mental health coverage more important than ever. Lockdowns and social distancing protocol have left employees feeling more isolated, resulting in anxiety and stress. Likewise, it's difficult for many to achieve work-life balance when working from home, especially with our "always-on culture".
4. Family-friendly benefits
Ideally, employees would like to work for companies that support them throughout the different stages of their life. Organizations that make it easier for employees to see to both their professional and personal responsibilities are preferred. Family-friendly benefits that are desirable include paid leave (parental, bereavement, and caregiving) and adoption/childcare benefits.
5. Flexible working arrangements
2020 marked the largest remote work shift in history. While the switch to working remotely seemed sudden for many, the reality is that millions of people were already working this way before the pandemic started. Lockdown and travel restrictions due to the novel coronavirus accelerated the growing trend, and gave skeptical employers and employees alike a chance to try it firsthand. When it comes to flexible working arrangements, the most popular types include flexitime, or flexible working hours, and remote working.
6. Financial wellbeing
Money-related stress is a problem that plagues many, and has only worsened with the pandemic. As a matter of fact, over half of employees say stress gets in the way of their work, and 83% believe that financial benefits are the key. Financial wellbeing is the sense of security that a person feels when they have enough money to take care of their needs. Student debt relief, loans, pension schemes, and investment advice are some of the most popular financial benefits.
The key factors behind employee benefits for 2020
Now that you have an understanding of the best employee benefits for 2020, you're probably wondering about the factors that are shaping them. In our Global Employee Benefits Trends Report 2020, we provide a thorough analysis of and insight into the following factors:
- The COVID-19 pandemic
- Soaring unemployment
- The multi-generational workforce
- Diversity and inclusion
Download the report to get a closer look at each of the factors above.
Get your copy of the report today!
This article provides a quick run-through of the best employee benefits trends for 2020, but you'll learn a whole lot more by reading the full report. Download the free report now for a comprehensive analysis, as well as tips on how to implement the trends with your own employee benefits packages.
Thirsty for knowledge about future trends in employee benefits and health insurance? Pacific Prime is here to help with our abundance of resources. Take a look at our Prime Guides page for more reports, guides, videos, and so much more. You can also get in touch with our team of expert advisors to learn more or receive a free quote and plan comparison today.