During this year’s open enrollment, employees have been paying attention to the benefits their employers offer and have planned to enroll in different benefits, according to a study by Unum. Unum’s research reveals new trends since the pandemic:
- 68% are more concerned about financial planning
- 67% will spend more time reviewing their employee benefits
- 66% are more interested or aware of the employee benefits their company offers. This number is highest among Millennials at 78% and Gen Z employees at 73%
- 57% plan to enroll in benefits they were not enrolled in last year
- 42% are concerned about their mental health. These numbers are highest among Millennials at 55%.
A study by LIMRA and EY find that 76% of employers say their employees will expect a wider variety of benefits in the future. Non-medical benefits are expected to grow 20% By 2026:
- Offer rates remain strong: Even though 54% of employers reported decreased revenue in the last year, the vast majority don’t plan to cut back on benefits.
- Employers are addressing a multi-generational workforce: Two-thirds of midsized and large employers expect benefits offerings to expand to address the needs of multi-generational workers.
- Employers want customization: Almost half are considering offering a customized menu of benefits to help attract and retain talent. CoPower makes customization easy with multiple benefits on one bill with one point of contact.
- Benefits are more sought after: One-third of all employees and nearly half of Millennials say their benefits have become more valuable since COVID-19. These are among the top benefits that employees are interested in: paid medical leave (48%), life insurance (44%), and long-term disability insurance (36%)
- Technology Needs to Catch Up: Nearly 60% of employers that use benefits technology from the carrier expect to rely on it more over the next five years. However, 44% of employers aren’t completely satisfied with their carrier’s technology. More than 80% of midsized and large companies expect digital capabilities to become more important in selecting carriers. Two-thirds say they would choose a carrier that integrates with their benefit technology platform, even if the product was a little more expensive.
To find out how CoPower can help meet the demands of tomorrow’s workforces, contact:
Rodney Mattos
CoPower Regional Sales Manager
Email: rmattos@copower.com
Phone: 916.261.9280
Schedule a meeting with Rodney
or
Jason Diffenauer
CoPower Sales Account Manager
Email: jdiffenauer@copower.com
Phone: 650.931.1731
Schedule a meeting with Jason