The COVID-19 pandemic has impacted more than just businesses in our local New Hampshire/Boston/New England region. It has clearly impacted organizations and businesses around the world, and employee benefits are yet another aspect that have been impacted. Consider the potentially-impacted areas of employee benefits:
Work-Life Balance and Flexibility
Organizations have increased flexible work hours and have more widely offered the option to work remotely to help offer better work-life balance. According to SHRM, in a 2019 study, more than 40% of employers had some kind of telecommuting policy in place. And in 2017, Flex-Jobs reported 44% growth over the last 5 years. And in 2020, the percentage grew even more in the wake of the COVID-19 pandemic because of stay-at-home orders and governor recommendations. So, flexible schedules and telecommuting options can be a desirable benefit at the next renewal season.
Child Care Benefits
Child care became a major issue during the COVID-19 pandemic. Millions of working parents suddenly found themselves in the role of parent, employee and teacher. With the uncertainty of school openings for the fall, parents found themselves taking multi-tasking to a whole new level. Child care benefits may be an option to consider when renewing your employee benefits package, whether through subsidies, incorporating with a flexible schedule, or creating on-site options.
Telemedicine Options are Important
Prior to COVID-19, telemedicine options were minimal for employers, in part because of a lack of uniform coverage policies across insurers and states. And utilization was low by those where telemedicine was a covered plan benefit. The shift to telemedicine during the pandemic changed all that. Those who may not have offered telemedicine before, have seen its success. It is expected that more plans will include telemedicine options.
Mental Health is a Major Focal Point
The COVID-19 pandemic has affected more people than just the folks that contracted the virus. Federal agencies are warning of the psychological trauma from job loss, isolation, financial woes, anxiety and depression. A Kaiser Family Foundation poll notes that nearly half of Americans report the coronavirus is harming their mental health. According to The Washington Post, a federal emergency hotline for people in distress received more than 1,000 increase in April vs. the same period of time last year. While many plans offer mental health benefits – there may be changes in the number of visits. Companies are also looking at Employee Assistance Programs (EAPs).
Focus on Health and Wellness
Social distancing guidelines and restrictions were put in place for fitness centers and gyms across the country. In the post COVID-19 era, employers who offer or provide a wellness program may need to review program designs.
Is Your Benefits Plan Competitive in a Post COVID-19 World?
Contact us to learn more about the ways in which COVID-19 has impacted employee benefits. We would be happy to review your benefits plan with you to help identify areas in which your plan can be improved. We look forward to hearing from you!