The COVID-19 pandemic dramatically changed the world of work, including expectations around employee benefits. In 2021, more than 47 million Americans quit their jobs. Many are reconsidering their work, in terms of work-life balance and where to work, i.e. in person, hybrid, or remote. As a result, employers must examine their employee benefits package.  Employers and insurance carriers have an opportunity to modernize employee benefits to combat the Great Resignation, the Great Realignment, or Turnover Tsunami as the phenomenon is described. 

Employee benefits as a concept gain greater importance

Despite record numbers of people leaving the workforce in recent years, the benefit packages provided with regular employment have never been more important. The Society of Human Resource Management's 2022 Employee Benefits Survey indicates that when viewed individually, employers indicate each benefit is even more important than it was prior to the pandemic, resulting in a different mindset toward benefits such as flexible work, family care, and paid leave.