Benefits and Beyond: Meeting the Relevant Needs of Today's Workforce

Gym memberships, free coffee, student loan help, and pet care are just some of the perks that many employees have said they'd like to have available at their workplace. That's a fun wish list, to be sure, and one that would meet the wants. Their needs, however, are benefits that can help soften the serious impact of unexpected life events. Since the COVID-19 pandemic impacted the US earlier this year, employers are reminded of just how devastating those moments can be to employees' health and financial wellness.

As a result, it is more important than ever for employers to make sure they are offering the right benefit options for their employees, and making sure they understand the benefits available to them and how to use them.

"The pandemic has placed hospitalization front and center," says Laura Bongiorno, voluntary benefits practice lead for Group Benefits at The Hartford.

The Hartford has found that since the pandemic, employers have a significantly greater interest in adding benefits that can help mitigate the costs associated with a critical illness.¹

Supplemental health options are voluntary benefits that allow an employee to purchase additional insurance coverage for unforeseen injuries, illnesses or hospitalizations. They can provide a lump sum payment to employees that help to mitigate the financial burden often incurred by these types of events.

"Benefits such as accident, critical illness and hospital indemnity insurance are gap fillers for high-deductible health plans. They are even more relevant now as we continue to navigate life during the pandemic and people are looking for an extra level of protection in a time of uncertainty" Bongiorno added.

Providing the right benefits is only one half of the equation. Helping employees understand their benefits to get the most out of them is the other. For that, Bongiorno stresses the importance of translating your offerings into relatable life moments for an employee with educational support that lasts beyond the enrollment period and is year-round.

"Insurance can be confusing for employees," says Bongiorno. "Using story-telling techniques to help explain benefits is really connecting with employees and helping them understand what is available to them." Online resources such as The Hartford's wellness blog is an entertaining, informative resource aimed at helping people to better understand their benefits a better prepare for some of life's unexpected moments.

"That's the beauty of the ecosystem," Bongiorno said. "Employers aren't in this alone. They can and should expect their partners to help them to enhance the educational resources available to their employees. We find it important to help employers support a compassionate workplace, especially today."

For more insights and advice visit The Hartford's employer resource center.

Sources

The Hartford, 2020 Future of Benefits Study (Feb. 27-March 13, June 15-June 30)
The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including underwriting companies Hartford Life and Accident Insurance Company and Hartford Fire Insurance Company. Home Office is Hartford, CT. © 2020 The Hartford