Employee benefit trends in 2021: Technology to support innovation
As we round out our look at key trends in the new year, we would be remiss not to address the key role technology will play.
The month of December is a time of reflection, where we look back at the events of the past year as well as forward to what we can expect in the year to come. Though no one likely would have predicted the chaos of 2020, from it, we can see a few key themes that will have a long-lasting impact on the nature of work and employee benefits.
Related: Technology’s role on the modern benefits team: A Q&A with Tim Kulp
As we round out our look at key benefit trends in the new year, we would be remiss not to take the opportunity to address the key role technology will play in advancing the employee experience, not just for benefits, but throughout the workplace.
Operations become employee-centric
With the proliferation of the internet, employees have more choice in terms of their employment than ever before. As a result, the balance of power has shifted from companies to employees, and so modern HR teams are retrofitting their processes to be geared towards supporting, developing, and engaging employees as much as possible. Companies need to focus on building more employee centricity into their daily operations and tools. This will enable employees, regardless of their title or location, to feel empowered to make suggestions and challenge processes they may feel are interfering with their, and their team’s, productivity and performance.
The tools a company decides to use for employee-facing activities like onboarding, compensation, learning and development, engagement and performance reviews, among others, will need to be intuitive and provide benefit to the user.
–Jack Altman, CEO and co-founder, Lattice
Having a (virtual) presence matters
As a full return to office seems less and less likely, making a virtual impact is more important than ever. For us, showing up and participating at all levels (whether it’s commenting on the wellness Slack channel, leading all-hands video calls or joining 15-minute “stand up” sessions) goes a long way with employees. It reminds everyone that we’re processing a shared experience and keeping the wheels turning despite myriad challenges. Internal communications tools have never been more critical to companies, and as an executive, making sure I’m visible, participating and calibrating business strategies to fit employees’ remote work preferences shows that I’m listening and leading through even the most challenging adjustments. In the year ahead, leaders will rely on internal communications tools to have a virtual presence at all levels.
– Ed Barrientos, CEO of Brazen
Rise of the chatbot
Innovation is on the rise will continue into 2021 with new digital solutions coming to market to support total wellbeing. The use of digital tools and programs will continue to escalate. Because they can reside outside a company’s firewall, the use of virtual benefits fairs and microsites will continue to be popular modes of communication. Chatbots, podcasts, texting and surveys are not yet predominant tactics, but will continue to grow as employers seek new ways to engage with employees.
– Betsy Woods Brooks, principal of engagement practice at Buck
Embracing new technologies
From the broker’s perspective, we see a greater emphasis on technology moving forward. So much has changed since the start of the year as a result of COVID-19. Technology has been largely responsible for keeping the economy afloat despite the loss of tens of millions of jobs. And now that we have gone all-in on technology, many benefits have been derived making it very likely we will continue to embrace technology more and more. As such, we see brokers embracing the new technologies that will help them better serve their clients.
–Robert C. Love, president, benefits division at BenefitMall
Read more: