The coronavirus pandemic has greatly accelerated the evolution of two recent trends in employee benefits. Combined, they magnify an ever-present challenge for employers and present a clear opportunity for brokers to retain their current clients, increase wallet share, and expand their book of business as we slowly return to the next normal.
- Trend 1: Employers are offering a wider range of benefits post-COVID-19 as they focus on caring for and supporting the whole employee.
- Trend 2: More employers are moving toward a modernized, tightly integrated benefits model.
- The magnified challenge for employers: It's never been easy for employers to communicate their benefits in ways that promote adoption and expand awareness of their value to employees — a challenge that will be exacerbated with a more thoughtfully constructed, holistic benefits package.
The challenge for employers is more critical now than ever. It also sets the stage for brokers with the right partner to be a hero to more employers than ever before.
In the aftermath of 2020, a growing number of employers are focusing more on total well-being for their employees. They're offering a broad range of previously unrelated support for the employee's work-life experience. While this new approach involves an expanded blend of core and voluntary/worksite benefits, the critical element involves how those benefits integrate and complement each other. Other pieces range from support for mental well-being and pet care to new employee engagement and retention concepts.
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