The COVID-19 pandemic makes your decisions about employee benefits in 2021 more challenging than before. The crisis brought many health and wealth struggles for your employees, and these might reflect in the open enrollment.
Here are some ideas on how to improve employee benefits, respond to these new challenges, and remain competitive in the job market for recruiting and retention.
1. Rethink paid sick and paid time off policies.
With the increased risk of getting infected with SARS-CoV-2, the policies should encourage your employees to stay home when they feel sick. So you might consider distinguishing sick days from PTO or other similar strategies.
2. Offer telehealth services.
Social distancing and lockdowns made many healthcare providers offer their clients the option of seeking non-emergency care from the comfort of their homes. Discuss these services with your health insurance carrier, and also explore virtual appointments for mental health care.
3. Incorporate mental health benefits in the health plans.
According to the CDC, people all over the US have been reporting increases in anxiety and depression this year. Besides access to counseling, you may also think of giving employees access to mental health resources such as apps, videos, or guides.
4. Include childcare assistance in the employee benefits.
With many childcare centers closed, and virtual attendance in schools, your employees – working parents – are extremely challenged. Offer them some real support, such as onsite daycare, virtual activities, or tutoring for the kids staying at home while parents work remotely for your company.
5. Provide optional benefits.
Benefits such as additional life or disability insurance, and reduce employees’ stress about their finances and long-term plans. These extra benefits may include educational activities on financial education, reducing debt, enhance financial wellbeing, etc.
6. Use technology to manage benefits seamlessly.
Get experts’ help to create a truly automated system that enables your HR team to manage employee benefits from the hiring moment through open enrolments, qualifying life events, and termination.
Consider these trends and discover more of your employees’ specific needs to design the best employee benefits for 2021.
Contact us for more guidance and support on how to improve employee benefits packages.