Paul Wilson is the editor-in-chief of BenefitsPRO Magazine and BenefitsPRO.com. He has covered the insurance industry for more than a decade, including stints at Retirement Advisor Magazine and ProducersWeb.
The novel coronavirus (COVID-19) pandemic raises many employee benefit and compensation considerations for employers. We examine key issues relating to COVID-19 and provide suggested strategies for employers to prepare for these issues.
In the past few weeks, key industries for voluntary benefits such as restaurants, hotels, public schools, and other service sectors have shuttered for an indeterminate period of time. And unfortunately, voluntary benefits are disproportionately skewed towards these hourly workers and sectors.
Here are answers to some of the questions benefits advisors, employer and employees may have now about the coronavirus and it's potential ramifications.
Employers selecting a new plan or carrier must sort through an increasing number of options, hoping to choose a product that will provide the most value to their workers at a reasonable price. At the same time, this growing complexity can make it more difficult for employees to understand their benefits, negatively impacting the customer experience.
Standard benefits, like medical and dental insurance and paid vacation, only scratch the surface of what younger employees care about today. Now, employers need to offer the same types of perks we've all come to expect from our smartphones: convenience, choice, connection and more.