2021 brings with it unique and unprecedented challenges for organisations globally, across a myriad of industries. Organisations are faced with the task of policy-making, restructuring, and planning for the new financial year. One of these annual developments is the employee benefits package. Plus, the Covid-19 pandemic has triggered a need for businesses to relook into several components of the employee benefits plan, especially the group health insurance component.
What does the typical employee benefits package look like?
An attractive hiring and retention tool, the package typically includes medical insurance, annual days off work, maternity and paternity leave, wellness initiatives, dental insurance, and sick leave. Employee medical insurance commonly tops the list.
Just how important is the employee benefits package?
69% of employees would choose one job over another if it offered more benefits and 78% were more likely to stay with their employers because of an attractive benefits package. Putting thought into your employee benefits package will demonstrate to your employees just how much you value them. Also, remodelling it based on their current needs in the new normal takes it a step further in redefining your value proposition to your employees.
What kind of changes does the pandemic bring to employee needs?
The coronavirus has changed the work environment in numerous ways – accelerating some processes and completely altering others. Quickened pace of digital transformation, hybrid and remote work situations, and a disruption to work-life balance have all contributed to a shift in perspective on workplace culture and employee engagement. The crisis is spotlighting gaps in employee benefits packages, during a time when they need support the most.
Different groups of employees are faced with various sets of challenges. Parents working from home now need to schedule time for their children who are also schooling from home. The elderly face heightened stress from loneliness brought upon by isolation and further aggravated by the digital world. Employers are struggling to keep their employees engaged and motivated as a result of work-from-home measures. In what ways will employee benefits packages need to be remodeled?
1. Employee medical insurance
Crises crystallise issues and the pandemic is no exception. Employee medical insurance was and is the biggest priority. There are several points of interest here; preventive healthcare, targeted solutions, and cost-sharing.
What do employers need to know about employee medical insurance? Read here.
Preventive healthcare solutions are a viable method of reducing future ballooning costs, taking care of health issues before they become full-fledged problems. It’s also much more affordable, a win-win for employers and employees. Targeted solutions that cater to the diverse needs of employees and actually pinpoint specific problems are the way forward for businesses that want to make a real difference in their employees’ well-being. Cost-sharing on plans in terms of deductibles, co-payments, and premiums can also fit the varied needs of employees during a sensitive period like this.
2. Mental well-being
Covid-19 has exacerbated the prevalence of mental health issues, causing the costs associated with these issues to be equivalent or more than those concerned with physical health matters. As employees spend increased amounts of time working in isolation, it can be hard for morale to stay up. Compounded by the uncertainties brought on by the pandemic, employees are feeling stressed more than ever.
Employers need to begin implementing mental well-being strategies; clear communication, regular efforts at engagement and bonding, as well as work-life balance are more essential than before. Flexibility is another less-looked-at strategy but keeping this in mind will ease the transition worries for many of your employees – different groups face different problems. Employee benefits packages need to be redesigned in a way that meshes with their current realities.
3. Digitally accessible healthcare
A majority of employee benefits systems aren’t designed to match the diverse needs that are coming up today as a result of remote work situations. Plus, with increased restrictions around people’s abilities to visit practitioners and clinics, access to high quality healthcare is much more limited than ever before.
It’s become crucial for employers to not only acknowledge but begin offering digital health services. One way of doing this is through widening the number of insurers who offer coverage for telemedicine services.
Secure employee benefits and health insurance needs with us
Adept and well-versed in a range of insurance solutions, Expat Insurance Singapore is your go-to broker for redesigning your employee benefits package. We recognise the sensitive nature and importance of insuring your employees during this period – let us help you figure out a solution that works. Contact a specialist today.