2022 Voluntary Benefits Trends
October 10, 2022
According to a Willis Towers Watson survey, ninety-four percent of employers find voluntary benefits crucial to their talent and total rewards strategies over the next three years, compared with just 36% in 2018.
A growing number of organizations recognize that voluntary benefits are valuable to employees and their families—and many come at little to no cost for the employer. Employers can help address surging physical, mental and financial wellness issues through expanded voluntary offerings at a time when they are more necessary than ever.
Here are three voluntary benefits trends to monitor in 2022:
1. Holistic Offerings
Employers are expected to offer a wide range of voluntary benefits to meet workers’ unique needs. Holistic offerings address not only physical wellness but also employees’ mental and financial wellness.
Dental and vision care continue to be standard voluntary benefits. However, the pandemic is making the following nontraditional offerings popular:
- Critical illness
- Hospital Indemnity
- Pet insurance
- Identity theft
- Group legal
2. Financial Wellness Support
73% of Americans rank their finances as their top stressor, according to a CreditWise survey.
When employees experience lower financial stress, employers may see greater employee productivity and morale and lower absenteeism. Increasingly popular financial wellness voluntary benefits include:
- Retirement savings plans
- Safety net insurance
- Emergency savings funds
- Student loan repayment
- Financial planning or coaching
3. Remote Health Services
Two major health care issues became apparent during the pandemic:
- Employees need more mental health support than before the pandemic.
- Large groups of employees put off preventive care because they’re worried about getting COVID-19.
Employers can help make remote health services more accessible and affordable by providing benefits that offer telemedicine or remote health services. Telemedicine is a valuable and cost-effective way to receive medical care from the comfort of home.
Are you interested in learning more?
CBC has a wide range of coverage types & carriers for your business, allowing you to create a comprehensive yet cost-effective benefits package with various plans to offer your employees.
Brought to you by Custom Benefit Consultants, Inc. © 2022 Zywave, Inc. All rights reserved.
Blog Tags:
Voluntary benefits, holistic offerings, employee benefits, financial wellness, remote health services
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