HR managers should step up and redesign existing voluntary benefits packages to align with the ever-evolving circumstances that their colleagues need to work around.
Life can be unpredictable. Even before the pandemic struck, daily life had its share of ups and downs. These triumphs and struggles define the human experience. However, in tough times supporting one another becomes even more important. HR managers should step up and redesign existing voluntary benefits packages to align with the ever-evolving circumstances that their colleagues need to work around.
Employees Want More Extensive Coverage
Health insurance used to be the coverage type that employees most often demanded. However, that status quo is changing. Now more than ever, employees seek better policies. They want perks to go up and costs to go down. Prudential Research recently conducted a survey which revealed that 75% of the employees who participated believe benefits are even more crucial these days due to the pandemic. Requests for retirement savings, disability insurance, and life insurance are surging. As such, HR managers should recognize that trend and take meaningful steps to actualize their promises.
Furloughs and Layoffs Impact Financial Situations
While furloughs and layoffs are not as prevalent as they were last year, they could still become a burden on many average employees. Even if the other workers on your payroll were not directly affected by such employment upheavals, they likely know someone who was. Many businesses had to slash their teams’ hours which, in turn, decreased take-home pay. Voluntary benefits packages provide more relief than they might appear to on the surface. Even if they are not needed in the short term, such options are still good to have as a piece-of-mind safety net.
Companies Must Adapt with the Times
All in all, companies must keep up with societal changes. The old ways of thinking – even from a decade ago – are becoming obsolete. Since they are no longer applicable to today’s workforce, they won’t be as effective. Commuters and part-time employees deserve to have a solid set of voluntary and supplemental benefits available to them. At the end of the day, all stakeholders save money – and that is good news for everyone!
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Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!