According to a new survey by Arther J. Gallagher & Co. there is a growing employee well-being focus for group benefit plans post-pandemic. While currently 72% of employers said they will make minimal or no changes to their benefits coverage in 2021, 21% are expecting to change the design of their group benefit plan. That number is expected to grow as the true effects of the pandemic are realized over the next few years.
While traditionally group benefit plans have focused on the physical health of their employees, more employers are realizing that a comprehensive well-being package includes mental, physical and financial well-being components. Of employers that said they expect to expand their well-being offerings, 19% say their will improve program offerings and 37% said they will include new resources and tools for overall well-being. Another 37% of employers said they will provide additional support specifically for emotional well-being and 20% said they will increase their financial well-being support.
The survey found that three-quarters of respondents are in the midst of planning or implementing a return to the workplace. Uncertainty of what this looks like remains high. Because of that experts are predicting an increase in well-being programs such as psychology benefits. We expect to see an increase in telehealth services that target mental health and emotional well-being as employees are adapting to the “new normal.” Stress in the workplace has always been a challenge, adding a global pandemic to the everyday work stress may have a negative affect on the mental well-being of some employees.
Adding to this stress are financial concerns, especially for those who were out of work or saw their hours reduced significantly. Employers that already offer financial well-being services will have employees that are better prepared to handle a sudden work stoppage or slow-down.
Some employers are ahead of the game by offering financial and mental well-being services. But it is never too late to start, which is why there is a growing employee well-being focus for group benefit plans post-pandemic.
If you are interested in reviewing your current group benefit plan and ensuring a greater focus on employee well-being, contact DENT Benefits for a complimentary consultation.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.