Employee Benefits Expectations Have Changed. Are You Meeting Them?

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Employee expectations of what they want from their employer have dramatically changed in part due to COVID-19. The workplace we know has changed, and what employers offer for benefits must keep up with the changing times. According to a study by Kaiser Family Foundation and the Los Angeles Times:

  • Most small and medium business employees say their employer is responsible for their well-being
  • Employees are worried about costs not covered by their health insurance
  • COVID-19 has made employees worried about workplace safety

Employees’ three primary areas of concern they expect their employer to address are employee wellbeing, costs not covered by health insurance, and workplace safety. Is your company addressing these critical areas of employee concern?

Employee wellbeing

76% of small business employees believe their employers are responsible for their well-being and health needs and should meet those needs holistically. Small business employees expect four types of benefits- financial health, mental health, physical health, and social health. When employees are satisfied with their employer’s benefits, they are more likely to stay, demonstrate loyalty, and remain committed to their employer. 

Managing HR and Compliance Issues

Health Insurance is not enough.

Small business employees are worried about their ability to manage co-pays, deductibles, and coinsurance. Employees also feel the workplace is optimal for their employers to help them manage stress and address mental health concerns through on-site services or company-sponsored integrated benefits as an add-on to their health insurance coverage.

Workplace safety is a top concern.

The coronavirus pandemic has made employees more concerned about workplace safety, and many aren’t confident that their employer will keep them safe. Employees at companies smaller than 100 employees are less likely to approve of how their employers have handled employee safety during the pandemic. 

Employees are afraid to go to work and have a fear of contracting the virus at work. And, seven in ten employees cite juggling their jobs and other responsibilities as a source of stress.

Our Client Retention

 At Aspen HR, we provide HR Managed Services via our PEO and ASO solutions to alternative investment funds and financial services firms. Our white-glove service model enables our clients to truly focus on their core business while becoming best-in-class employers. Our specific services include HR compliance and consulting, employee benefits (medical, dental, vision, life, disability, 401(k), and payroll administration. Together with our partners, we can provide you with solutions that meet your employees’ expectations.

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