Employees Want to Know More about Workplace Benefits that Support Health and Wealth
Historically, human resources groups have often found it challenging to stimulate employee interest in voluntary benefits. Behavioral scientists have evaluated the issue and offered solutions. Digital and analytic tools have been developed. Regardless, many workers would rather do almost anything else.
2020’s enrollment season is quite different for a number of reasons: remote work, pandemic restrictions and the limits of video meetings. The biggest difference between the 2020 enrollment season and previous enrollment seasons, however, may be the level of employee interest.
A Voya Financial survey discovered the pandemic has inspired great interest in benefits. A majority (71%) of survey respondents intend to spend more time reviewing their employers’ benefits options this year, especially voluntary benefits that help protect health and wealth. More than half are interested in making benefits changes that will support their health and wealth in 2021. Employees may be particularly interested in:
- Health savings accounts
- Flexible spending accounts
- Mental health coverage
- Hospital indemnity insurance
- Critical illness insurance
- Disability income insurance
- Emergency savings funds
- Retirement savings accounts
Remarkably, Millennials (born 1981 – 1996) and Gen Z (born after 1996) are most interested in learning about, reviewing and making changes to benefits. It makes a lot of sense when you understand that the collective experience of younger generations – they’ve lived through multiple recessions and market downturns in a relatively short time span – has made them particularly attuned to financial security.
The material in this blog is presented for general informational purposes only. The information presented is not investment, legal, tax or compliance advice. Millennium Trust Company performs the duties of a directed custodian, and as such does not offer or sell investments or provide investment, legal or tax advice.