Employee benefits trends: prevention over cure
Post-pandemic, employees are demanding more from their employee benefits. In this article (one of seven in the series), we look at one way Covid-19 is influencing employee benefits trends.
When it comes to wellbeing and employee benefits, HR is now looking to actively manage various areas, rather than simply provide reactive solutions when problems get worse.
The number of mental health first aiders is rising, for example, so that peer support from colleagues trained to spot psychological problems will prevent harder-to-solve problems developing.
This is important. Government data suggests the likelihood of falling out of work entirely is just 5% when off for 4-6 weeks, but a significant 20% if you’re off for six months or more.
Financial planning – to prevent problems caused by financial need – is also catching up. The percentage of firms offering preventative financial wellbeing has jumped to 35% in 2020 from 28% in 2016 (research from Employee Benefits).
This is timely – since the pandemic 12.5 million have suffered loss of income. A fifth have had to borrow money, take loans or rely on friends and family for financial support.
Covid-19’s promotion of the family has also led employers to take on preventative strategies around previously underexplored topics, such as menopause and miscarriage support.
We’ve just published our full report into how Covid-19 is changing employee benefits. Download it today.