The survey found that identity theft protection has become the most regularly requested “progressive” benefit—those requested at least once a month. (Image: Shutterstock)
As the War for Talent heats up to new heights, employers are making decisions about new benefits based more on their value to employees than how much the benefits would cost, according to Sontiq's 2019 Benefit Broker Survey, conducted in partnership with EZShield and IdentityForce.
The survey polled more than 125 employee benefit advisors throughout the U.S., and found that “value to employees” was identified as the leading factor for an organization to add a new benefit 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 for their life stages, companies are trying to keep pace with one another in the benefits department,” the authors write. “That may also explain why 'value to employees' is now considered more important than 'price per employee,' as retention has become a strategic imperative.”
The survey also found that identity theft protection has become the most regularly requested “progressive” benefit—those requested at least once a month or are in high demand (multiple times per month or per week). Organizations requesting identity theft protection rose by 20 percent over 2018's report, with more than 50 percent of clients regularly expressing interest. A third (33 percent) of brokers say their clients are consistently expressing interest.
Still only one-third (34 percent) of benefit brokers say at least half of their clients have ID protection in place for their employees, “signaling a massive opportunity to introduce the in-demand progressive benefit to clients,” the authors write.
“The increase in organization demand is a key indication that brokers should research and have conversations with ID theft protection providers, so they are prepared when the question inevitably comes up and can make an educated recommendation to their clientele,” they write.
The three other most regularly requested progressive benefits are wellness programs/wellness stipends, telemedicine/counseling and financial counseling/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 of their clients are offering wellness programs. A greater percentage (64 percent) of brokers say that more than half of their clients are offering telemedicine/counseling programs, while just 25 percent say the same about financial counseling/financial advice programs.
“Brokers should work closely with their HR partners to frame benefit offerings to meet the needs of individuals no matter their age or stage of life, either personally or professionally,” the authors write. “By easing people's stressors both inside and outside of the workplace, benefit advisors can help organizations create happier, more productive employees, while retaining key client relationships.”
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
