Open enrollment. What do you think of when you hear that word? Maybe you are thinking of how much extra work this month entails or maybe you’ve been waiting on this month all year to change up your benefits. However, the one thing we know is benefits are an ever increasing and important topic amongst today’s workforce. In fact, “What does this company offer in benefits”, is a common question we receive at ProRecruiters. In response, we have compiled information about 2020 Benefit Trends on the horizon.
In 2019, “Seventy-seven percent of private industries workers had access to and participated in employer-provided retirement benefits…73% of workers made flat dollar contributions with a median monthly amount to medical care” according to the Bureau of Labor Statistics. Many employers provide access to great benefits and some employees may not understand the depth of all that is available to them. We have noticed a few changing trends amongst benefits and how they are being modified to fit today’s workforce.
The first benefit we all think of is medical care. Medical care costs have risen in the past decade, but healthcare is changing and becoming more accessible to fit our schedules. In 2020, employers are trending to offer more plan options and virtual options, including telehealth. At ProRecruiters, we even heard the option of a “Doctor’s office in a van” coming to the Tulsa area. This would be a van with a Nurse Practitioner and an MD traveling around making good ol’ fashioned house calls to patients that do not want to venture outside the home when ill. Their van will offer all types of basic medical care an individual might find in an urgent care. Other virtual options will include Telehealth and Virtual Doctors where patients can access medical care through apps and websites. This will help cover basic health care needs and offer flexible medical care options for employees. Along with medical care, will be an expansion of mental health options and greater access to health care support tools. Health care support tools including second-opinion services and alternative treatment options, in addition, to offering claims assistance to deal with some of these benefits.
Other benefits that are diversifying are ones that promote financial wellness and those that focus on work-life balance and stress management. With the changing workforce landscape, employers are modifying their focus of benefits to fit the upcoming generations. Benefits that focus on financial wellness include tuition reimbursement programs, student loan repayments, employee discounts, 401K contributions and others that allow workers to be financially well.
Another dynamic benefit we have seen is work flexibility. Remote work, telecommunicating and flexible schedules are becoming a hot topic amongst employees. The Deloitte Millenial Survey found “the number of younger people being able to work from locations other than their employer’s primary site increased more than 20% from 2016-2018.” At ProRecruiters, we are beginning to receive more and more candidates looking for remote and flexible options to help balance their lifestyle.
Lastly, benefits are becoming more unique. There are all types of benefits that range from exclusive discounts, gym memberships, on-site childcare and paid parental leave (which has been another hot topic for the last few years).
Benefits are a great way to stand apart from other competitors and great for employees to find a company culture that works for them. Companies offer them to retain top talent. At ProRecruiters, we strive to stay on top of all the new changes happening amongst the benefit landscape in this next year to continue to fulfill our mission of “being an instrument of hope to our candidates seeking employment and our clients seeking quality employees to help them grow their organizations.”
Miller, Stephen. “6 Open Enrollment Trends for 2020.” SHRM, SHRM, 30 Oct. 2019, www.shrm.org/resourcesandtools/hr-topics/benefits/pages/open-enrollment-trends-for-2020.aspx.
White, Michelle. “20 Unique Corporate Perks (and Why Your Organization Needs Their Magic Now).” The Access Perks Employee Benefits Blog, Access Perks, 14 Sept. 2019, blog.accessperks.com/20-unique-corporate-perks.
White, Michelle. “Employee Benefits Trends: What to Expect in 2020.” The Access Perks Employee Benefits Blog, Access Perks, 11 Sept. 2019, blog.accessperks.com/employee-benefits-trends-2020-what-to-expect.
United States. Bureau of Labor Statistics. “Employee Benefits in the United states – March 2019.” News Release, U.S. Department of Labor, 19 Sept. 2019, https://www.bls.gov/news.release/pdf/ebs2.pdf. Accessed 6, Nov. 2019.