Increased interest in à la carte social benefits and life insurance
The demand for social benefits is also changing due to the pandemic … find out!
Four New Trends in Workers’ Compensation and Employee Benefits Claims
BY RRHHDigital, 03:30 – 01 February 2021
As the coronavirus pandemic continues to affect the personal and professional lives of millions of employees, it is also transforming the way workers assess the benefits offered by their organizations.
After a tumultuous 2020, employees are taking a closer look at the benefit options their company offers them, looking at how each product and / or service fits into their own personal life experience. And it is that many workers find that their situation is changing rapidly in the face of socio-economic volatility.
MetLife has conducted research that reveals new opportunities for companies to help their workers make more informed decisions and feel more empowered not only in the Covid era, but also in the new normal of tomorrow. Here are some of its main findings:
More flexible selection of social benefits: half of the workers surveyed say that this year it is more important for them to have an open selection process for social benefits than in 2019 due to Covid (67%), for reasons financial (34%).) or health costs (31%). Thus, open enrollment is emerging as a new priority for employees as pandemic anxieties persist. Employee interest in certain benefits is also changing, and benefit offerings will have to adapt to the influx of major life changes precipitating the pandemic, such as telecommuting or moving out of cities. 75% of employees indicate that there are specific benefits that interest them more this year than last year, such as life insurance (27%) and dental insurance (24%), which are becoming the priority Financial health is a source of stress and aspiration. Finances are a major stressor for employees, many of whom intend to positively impact their financial prospects in the future. Seven in ten employees say improving their financial health is one of their most important goals this year; and 65% want more control over the amount you pay for health benefits. Open communication enables employees to make better decisions. Faced with the challenge of financial insecurities caused by employee personal debt and lack of financial experience, as well as social pressures from family and co-workers, many workers make important benefits decisions with doubts. Businesses can help make benefits education more accessible by promoting open communication, as well as providing the right mix of tools and resources.
One in eight employees feel insecure when making a decision about their benefits; and two in five prefer to talk more about problems in personal relationships than their social benefits. Providing employees with the tools they need to choose benefits helps them feel secure in their decisions, protect themselves from unexpected expenses, and alleviate general anxiety.
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