How the pandemic has refocused benefits strategies

The COVID-19 pandemic has affected virtually every aspect of our lives. While the most immediate impact initially involved quarantine and an expansion of remote work, an ongoing and often overlooked consequence has been the negative impact on employees’ sense of security and wellbeing. Many businesses quickly faced major revenue shortfalls and responded with cost-cutting measures, including layoffs and furloughs. Consequently, many Americans lost their sense of security regarding their jobs, economic standing, and overall health.

As we focus on benefit strategies in a post-pandemic world while still recovering from the economic fallout of the past few years, employers and their benefits brokers have an opportunity to bolster workers’ overall sense of security, stability and wellbeing. To attract and retain employees (most of whom are struggling to balance competing demands), brokers and employers must be more creative with their benefit strategies. New offerings will increasingly include remote work options, flexible schedules, wellbeing programs, and other types of work-life management support.