The survey foundthat identity theft protection has become the most regularlyrequested “progressive” benefit—those requested at least once amonth. (Image: Shutterstock)

As the War for Talent heats up to new heights, employers aremaking decisions about new benefits based more on their value toemployees than how much the benefits would cost, according toSontiq's 2019 Benefit Broker Survey, conductedin partnership with EZShield and IdentityForce.

The survey polled more than 125 employee benefit advisorsthroughout the U.S., and found that “value to employees” wasidentified as the leading factor for an organization to add a newbenefit this year, whereas “price” was key in 2018.

“It makes sense that as the labor market continues to tighten,and employees are more empowered to find best-fit organizations fortheir life stages, companies are trying to keep pace with oneanother in the benefits department,” the authors write. “That mayalso explain why 'value to employees' is now consideredmore important than 'price per employee,' as retention has become astrategic imperative.”

The survey also found that identity theft protection has become the mostregularly requested “progressive” benefit—those requested at leastonce a month or are in high demand (multiple times per month or perweek). Organizations requesting identity theft protection rose by20 percent over 2018's report, with more than 50 percent of clientsregularly expressing interest. A third (33 percent) of brokers saytheir clients are consistently expressing interest.

Still only one-third (34 percent) of benefit brokers say atleast half of their clients have ID protection in place for theiremployees, “signaling a massive opportunity to introduce thein-demand progressive benefit to clients,” the authors write.

“The increase in organization demand is a key indication thatbrokers should research and have conversations with IDtheft protection providers, so they are prepared when the questioninevitably comes up and can make an educated recommendation totheir clientele,” they write.

The three other most regularly requested progressive benefitsare wellness programs/wellness stipends, telemedicine/counseling and financialcounseling/financial advice.

“With rising health care premiums infringing on take-home pay,such benefits are increasingly important to employees' mental,physical and financial wellness,” the authors write.

However, just 56 percent of brokers say that more than half oftheir clients are offering wellness programs. A greater percentage(64 percent) of brokers say that more than half of their clientsare offering telemedicine/counseling programs, while just 25percent say the same about financial counseling/financial adviceprograms.

“Brokers should work closely with their HR partners to framebenefit offerings to meet the needs of individuals no matter theirage or stage of life, either personally or professionally,” theauthors write. “By easing people's stressors both inside andoutside of the workplace, benefit advisors canhelp organizations create happier, more productiveemployees, while retaining key client relationships.”

Read more: 

• Employers expanding benefits offerings to staycompetitive
• 10 tips to improve employee benefits communicationand enrollment
• Employers give education benefits a closerlook