Employees coping with a difficult economic environment often find their financial problems require legal solutions—and the trend is showing in the numbers.
The number of legal services requested by plan participants for debt and financial matters more than doubled, and requests for bankruptcy counsel increased nearly threefold from 2007-2011, Hyatt Legal Plans finds.
"Since employees' preoccupation with personal legal issues may also impact workplace productivity, offering access to affordable legal assistance through a voluntary group legal plan can be a valued addition to an employer's overall financial wellness program," says Hyatt Legal Plans CEO Bill Brooks.
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Brooks noted his company's research found that 61 percent of employees who accessed services in their group legal plan spent less time at work worrying about—and dealing with—their legal situation. They also took less time off from work to deal with their issue in contrast to employees who dealt with their situation on their own.
More than 80 percent of voluntary plan members re-enroll each year in Hyatt Legal Plans. That's not surprising, experts say, when you consider the benefits you can get from paying a relatively low fee.
"Many group legal plans include fully covered attorney services for a wide range of personal legal matters for around $20 per month through payroll deduction. Having affordable resources such as attorney assistance and representation through a group legal plan may encourage employees to take action sooner and address matters before they escalate," Brooks says. "As a voluntary benefit it is affordable to many employees and a cost-effective way for employers to be able to expand their benefits portfolio to improve employee satisfaction."
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