The right benefits package can make your business stand out from competitors while offering next-to-none is guaranteed to put you at the bottom of the pile. As an employee, the top employee benefits help you realize where you currently stand and what to expect from your company. Fortunately, employee benefits specialists from Pacific Prime are here to provide insight into the top global employee benefits trends in 2020.
1. Refinement and reassessment of group health insurance
When it comes to the top employee benefit, it’s hard to imagine anything ever replacing medical coverage. Health insurance coverage is an essential benefit that all employees expect, and with rising medical costs, it’s easy to see why. The cost of healthcare continues to rise every year, dramatically exceeding the general inflation rate. With the ongoing COVID-19 pandemic, this benefit gives employees peace of mind since they know they can access medical services without spending more than they can afford.
2. Adoption of technology
The new generation of employees is familiar and comfortable with technology. They’re the generation that’s grown up with mobile phones, laptops, digital apps, and information available on-demand. Consequently, they’ll expect employers to use technology as well, such as HR tools and applications. There are many benefits of HR technology, ranging from tailored experiences and flexible employee benefits to allowing employees to take charge of their own benefits choices.
3. Mental health benefits
The stigma surrounding mental health seems to finally be reducing, with more mental health benefits being offered by companies. In fact, the US alone has witnessed a 26% increase in companies offering benefits such as Employee Assistance Programs (EAPs), mental health coverage, and more. In 2019, 9 out of 10 organizations offered this benefit. With lockdowns and social distancing measures due to the COVID-19, employees are experiencing more stress and anxiety – making the need for mental health benefits more important than ever.
4. Family-friendly benefits
As an employee, you want to know that the company you’re working for has your back. Employees rather work for companies that support them throughout different stages of life, by offering benefits that help them balance their work and family responsibilities. Family-friendly benefits such as paid parental leave, paid bereavement leave, and childcare benefits are valued, and organizations that offer these benefits are preferred.
5. Flexible working arrangements
Due to the pandemic and its repercussions, the world witnessed the largest remote work shift in history. Employees across the globe had to work from home, whether they had experience with it before or not. However, this trend was merely accelerated by COVID-19 since the trend has been growing for some time. As a matter of fact, millions of people were already working remotely before the pandemic.
With greater control over work-life balance and increased productivity, it’s easy to see why employees prefer flexible working arrangements like flexible hours or four-day workweeks. So much so that 76% of workers would be more willing to stay with their current employer if they offered flexible hours.
6. Financial wellbeing
Economic uncertainty has certainly triggered employees’ desire for financial benefits. Many employees believe that stress interferes with work, and the majority of them believe that financial benefits could be the key. As the name suggests, financial wellbeing is an emotional state that results from financial security. Some of the most popular financial benefits include student debt relief, pension schemes, and loans.
What are the main factors influencing global employee benefits trends in 2020?
Several key factors are influencing global employee benefits this year. The COVID-19 pandemic is a catalyst for various changes in 2020, including mass unemployment and accelerated work-from-home policies. Another factor resulting from the pandemic is soaring unemployment, leaving employees seeking more job security. The workforce is also becoming more multi-generational as Gen Z gradually join their older peers, making it necessary for employers to meet a broader and more diverse range of needs.
Now that you have an understanding of the hottest employee benefits for 2020, it’s time to think about how you’ll incorporate them. For an in-depth look at the trends, tips on implementing them, and more, download your free copy of the Global Employee Benefits Trends Report 2020 today. You can also check out our Corporate Resources page for free access to our best guides, infographics, videos, and other resources.
As reputable global employee benefits consultants and health insurance broker, Pacific Prime specializes in group medical insurance and global employee benefits solutions. Contact us to compare company health insurance plans and receive impartial advice for free today.