How the shifting employee/employer power dynamic is impacting the benefits biz

Armstrong predicts “there will be continued convergence between traditional health benefits and areas of financial services, including financial advice, retirement savings and spending accounts.”

The past year has been a difficult one for employers. They’ve struggled with furloughs and layoffs, closures and supply chain shortages, not to mention an ever-lengthening list of government regulations. Amid all of that chaos, the labor force has also faced its own challenges. The result? A fundamental change in the employer/employee relationship.

Employees have gotten a taste for greater autonomy and flexibility in their work. They’ve also gotten to see their employer show its true colors when responding to the pandemic. This has led many to seek out new career opportunities. Call it what you want: The “great reckoning,” the “great resignation,” the “great reset.” Whatever it is, it’s forcing employers to up the ante on benefits programs.