Employers in multiple industries have become aware of the importance of employee benefits and have taken steps to assist their workers in making sound financial decisions. In particular, employers are emphasizing those benefits which boost worker satisfaction, as well as loyalty and productivity. Here are some of the hottest employee benefits trends which are expected for 2018.
Benefits Which Are Personalized
Employees differ in their needs and desires, even those that work in the same company or department. As such, one of the most popular benefit trends for 2018 will be those which are personalized. Things such as aid for student loans, financial wellness, or others benefits which are voluntary are just a few examples of what employees expect.
The Arrival Of Artificial Intelligence
Advances in machine learning have led to artificially intelligent systems that will influence both HR and other workplace solutions. This has been a source of anxiety for some workers, who feel that their job security may be threatened by these developments. A number of experts feel that it is the responsibility of employers to alleviate these worries, and the best way to do so is through benefits.
Enhanced Ecosystem Integration
One consequence of benefits which are personalized is the greater dependence employers have on brokers, particularly when it comes to the best benefits to provide, but they will also need integration among carriers which is seamless. This goes for brokers as well as administration third parties.
Dilemma Regarding Data Security
While benefits segmentation provides a whole host of advantages, they can also be a source of security hazards. This has placed a significant amount of pressure on HR departments, who must streamline human resource ecosystems. Reports have shown that there are growing numbers of employers who are concerned about cyber-attacks, and recent cases show that their concerns are well founded. An organization which works with lots of providers has multiple touch points within the ecosystems of their employee benefits which will increase their vulnerability. The best way to resolve the issue is by restricting the number of providers so that the ecosystem and its data are better contained.
New Benefits Approach For Employees Who Are Engaged
No longer can employers rely on mere medical or other voluntary benefits to satisfy their employees. Research shows that more workers are looking to employers for various forms of assistance, especially with regard to financial wellness. Despite this, only 1/3 of employers report that they intend to provide wellness benefits for the 2018 calendar year, which means there is much area for improvement. One of the most popular benefits which are anticipated for the coming year is hospital indemnity.
Employees in multiple industries have asked employers to provide additional benefits, and employers are responding. While past benefits were provided largely to attract and retain quality workers, for 2018 and beyond they will transition in a way which emphasizes worker loyalty and engagement.