A new year, and new benefits! As 2020 is rapidly approaching, it is time that many employers decide if they would like to introduce changes to their company's benefits offering.

Brokers have the opportunity to further their clients' New Year's resolutions by introducing voluntary benefits that can be tailored to fit their employees' individual needs. Also, employers can take advantage of the technological advances introduced in the last year that could benefit their company and their employees.

Voluntary benefits

Expect to see employers introduce more voluntary benefits in the coming year. A survey of large employers by Willis Tower Watson found that 69 percent of employers believe voluntary benefits will be a very or more-important component of their total rewards strategy in three to five years. Voluntary benefits tend to fall into four categories: health, wealth, security and personal.

The survey also found that 42 percent of employers offered at least one of three voluntary income protection benefits to their employees, whether it is voluntary accident, critical illness and/or hospital indemnity plans. Additionally, 18 percent of companies offered all three to their employees. As employees continue to appreciate and eventually expect these options from employers, it is crucial to be a company that offers these benefits to remain competitive.

A company relies on happy employees to work strategically and efficiently. Increase employees' overall happiness and job satisfaction by offering a variety of voluntary benefits, from wealth benefits like identity theft protection to personal benefits like student loan programs. Benefits can often be the determining factor when potential employees are considering your job offer and can also help to convince your current employees to stay with your company.

Mental health benefits

Health benefits provided to employees should go beyond physical health and encompass mental health too. Keeping employees mentally healthy is essential for quality work performance and the reduction of sick days. A study has recently concluded that depression alone costs U.S. businesses over $44 billion annually in lost productivity. Companies can help curb this loss by providing their employees with mental health benefits.

First and foremost, it is essential to ensure employees' medical insurance includes mental health coverage. From outpatient and inpatient treatment, to telemedicine, to medication or counseling, these services are essential for treating mental illness. Telemedicine, in particular, is key to offer through a medical insurance plan since it allows employees to obtain anonymous and convenient help.

Improved technology

As technology continues to improve every year, companies can utilize these improvements to simplify benefit offerings. From the development of easy-to-use mobile applications to paperless coverage enrollment, these improvements can help save both time and money! Online tools also allow brokers to foster relationships with clients and provide faster and more personalized advice through streamlined communications systems.

In particular, improvements in online enrollment tools now allow employees to make informed choices about their coverage with side-by-side plan comparisons and online tools to manage benefits and profiles. For employers, online tools have greatly simplified the new hire enrollment process with additions like e-signatures and paperless on-boarding. Expect to see even further advancements to online enrollment capabilities in the coming year.

Employers are changing the way that they leverage technology, not only in their business, but in the way they administer benefits. As we move into a new decade, technology will continue to play a pivotal role in the growth of the employee benefits industry as we continue to create more secure, efficient ways to conduct business.

There is no better time to expand your product offerings and adopt new technology. The market is growing, and it provides an opportunity to grow with the changing tide. Robert Love joined BenefitMall in 2018 as president of the benefits division, bringing with him more than 30 years of experience. Love also brings experience leading sales and operations teams in all size markets segments on a national level.

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On your radar: 2020 benefit trends

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