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As workplaces adapt to changing times, it is important for employers to review the capabilities of their employees. Organizations can no longer afford to offer medical, dental, and visual benefits alone if they expect to dominate the market for the most talented employees. A strong list of service offerings is not only a useful tool for attracting and retaining talent, but also for increasing the safety of your employees in a world of uncertainty.
What's the best way to optimize your employer-sponsored benefits in 2021? These four offers are particularly relevant in today's workplace – and are already enjoying growing popularity.
1. A managed fertility benefit
Some couples struggling with infertility are willing to literally mortgage their homes in order to raise a family. In response to this demand, employers from different economic sectors and regions are now supporting fertility treatments for workers and their partners.
According to the Society for Human Resource Management, fertility clinics were among the most popular specialty centers for signing direct contracts with employers in 2019. This continued a trend: In 2018, 31 percent of employers with 500 or more employees offered some sort of 24 percent fertility benefit in 2016.
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Employers and employees will get the most out of a managed fertility benefit. This helps reduce company bottom line and saves employees time and money compared to an unmanaged fertility benefit. As part of this service structure, clinical experts connect with staff throughout their fertility journey and recommend the most appropriate network doctors, medical treatments, and medications purchased at the lowest unit cost.
“We are seeing an increasing number of companies offering managed fertility benefits because they recognize that this approach can lead to improved clinical outcomes, such as: B. increased pregnancy rates and reduced high order multiple pregnancies while lowering costs, which is especially important as interest in family education benefits grows. "says Roger Shedlin, MD, CEO of WINfertility.
2. A psychological benefit
Before the global health crisis, a third of large employers – those with 5,000 or more employees – planned to offer behavioral health counseling locally in 2020. That was a quarter of those companies in 2019 and less than one – fifth in 2018, according to a survey by the Business Group on Health. Many of these counseling services have gone online in the last few months.
Not all professionals have the same needs. Veterinarians are at a much higher risk of suicide than the general population. According to a study by Johns Hopkins University, lawyers are about four times more likely to experience depression than people in other professions. Technicians are at greater risk of substance abuse disorders. More than ever, it is important to provide mental health benefits with a robust online component. Many platforms offer videos by recognized clinical psychologists, nutritionists, and experts in physical fitness and rehabilitation.
3. Pet insurance
Any business with a younger workforce – between 20 and 30 years old – might be surprised by the popularity of employer-sponsored pet insurance. For employees without children of their own, pet insurance is comparable to insurance for your family.
The home relocation resulted in a boom in pet adoption and care in 2020. According to Shelter Animals Count, 89 percent of homeless dogs and cats left shelters between March and June, compared to 86 percent in the same period in 2019. In fact, tens of thousands fewer homeless dogs and cats died across the country this spring compared to last year lost.
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The American Pet Products Association estimates that by 2020 Americans will spend $ 99 billion on their pets, everything from food to veterinary care. Strong pet insurance also covers routine checkups.
Pet insurance also offers a hidden mental health benefit. An APPA survey found that pets helped reduce stress and increase their owners' wellbeing. The major players in space – Healthy Paws, Nationwide, Trupanion, Petplan, Hug, Pumpkin – effectively provide security for an employee's safety.
4. Teaching aid
Supporting an employee's post-graduate qualification training is possibly the most fundamental tenet of the HR department. In a rapidly changing economy, what will that look like for the American workforce in 2021?
Sponsoring all or part of an employee's tuition or graduation fees is declining in popularity. According to SHRM, an alternative is to pay staff tuition fees directly for courses in certain programs at certain schools. This has the potential to lower the cost of a tuition fee for employers and allows workers to focus on skills relevant to their job.
As artificial intelligence becomes a more practical tool in many sectors, the demand for AI-specific jobs will increase. IBM posits that "nanodegrees" – specialized online programs that facilitate employee transition to AI careers – provide a practical path for employers and employees, and a logical space for employer-sponsored tuition fees.
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Inpatient tuition fees have skyrocketed, so employers may want to take a more hands-on approach to qualification training. Google has worked with Coursera on an IT training program and has even offered public access to the courses in recent years.