As the U.S. closed out 2018 with a nearly 50-year-low jobless rate of 3.9 percent, we can expect to see companies enhancing their employee benefit offerings to ensure they are recruiting and retaining top-performing talent. That means businesses are constantly coming up with new perks to add to their lists of employee benefits as a way to distinguish themselves from other employers. They would be wise to do so, considering 55 percent of workers say they would be at least somewhat likely to accept a job with lower compensation but a more robust benefits package, according to the 2018 Aflac WorkForces report.

As you take advantage of this opportunity to touch base with clients and help them refresh their benefits game plan, keep the following trends in mind.

1. Technology is key.

As more and more technology options become available in 2019, helping clients identify and leverage appropriate tools will be more of an expectation than a “nice-to-have.” In fact, 90 percent of employers say they are interested in at least one enrollment or educational tool for their workers, including benefit enrollment websites (59 percent), spending tools (46 percent) and educational videos (32 percent), according to the WorkForces report. Technology platforms enable employees to get access to benefits resources around the clock, view easy side-by-side comparisons of coverage options and receive enrollment reminders to help ensure they never miss a beat. Leveraging such a platform can increase benefits utilization and decrease stress.

2. Help employers by providing meaningful value to their employees.

With costs of health care continuing to rise year after year, it is safe to say traditional offerings are no longer enough for employees. In 2019, expect to see voluntary insurance products and services serve as a low-cost way for employers to improve their benefits packages. In fact, more than two-thirds of employers (69 percent) believe voluntary benefits will be a very or more important component of their employee value proposition in the next three to five years, according to a 2018 Willis Towers Watson survey.

Also read: Why employers leave their brokers

Explain to clients that since benefits are paid directly to policyholders, unless otherwise assigned, the money can be used to help with household costs, utility bills, car payments, or deductibles and copayments in the event of a covered illness or injury. Brokers should also educate clients on value-added services such as telemedicine, student loan assistance or bill negotiation services – some of which can be built into their benefits strategy at no additional cost. These go hand in hand with voluntary insurance to provide comprehensive solutions that do more than just help pay bills.

3. Meeting customers where they are and how they want to purchase. As employees enjoy a labor market that affords more choice, many are also exploring freelance, part-time or gig work. The downside to this occupation is that most of these jobs do not offer insurance or retirement savings benefits. Indeed, only 21 percent of part-timers say they receive access to medical benefits, compared to 88 percent of full-time workers. Access to different kinds of workplace benefits varies and is consistently much lower for part-timers compared to those in full-time positions. However, 90 percent of gig workers agree that there is a growing need for voluntary insurance benefits, indicating there is an unmet need. Therefore, brokers and agents can add this discussion point to their agenda as they talk with clients, prospects and associations about ways to get their offerings in-front of this growing segment of the workforce.

Vast opportunity await benefits experts in 2019 because of the current atmosphere of competition for top employees. Use the new year as an opportunity to touch-base with clients and discuss their benefits strategy. Guiding current and prospective clients through the changing benefits landscape is a sure way to help boost your business this year and beyond.

Rich Williams is executive vice president and chief distribution officer at Aflac, responsible for leading the fully aligned distribution team of independent career agents and brokerage professionals. He focuses on the alignment and strategic growth of current distributions, including product development, enrollment and account management for Aflac U.S., as well as further distribution and expansion.

Instant Insights /

2019 trends: Crafting an enticing employee benefits plan

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