You can make it in two steps. Firstly, revise the current plan and cancel options redundant in the pandemia situation. Secondly, include into your benefits package new services on which employees became dependant during the COVID-19. Obviously, it’s easy to say how and much harder to perform.
We’re going to talk about societal shifts that created new demands in the benefits administration and look closer at the services employees expect their employers to provide. Trends in Employees Benefits will show the existing need among the working force. In the end, you’ll find a solution to the cost problem. Though, a short answer we’ll give straight away.
Investments in AI technology and benefits administration platforms are the best way to fight rising prices
Clearly, it sounds counterintuitive. More investments mean more spendings, which is not a way to save money. However, we’re talking about remaining on the market, basically, the matter of existence. The pandemia taught us to implement rapid changes, and we must use these skills to benefit our companies in the long run. Technological advancements reduce the amount of time, human resources, and money spent on manual and outdated tasks.
Anyway, other companies have already stepped in. As stated in Fountech.Solutions research, 30% of businesses started to use AI technology for the first time since the spring lockdown. Nearly half of them plan to prioritize AI solutions in their investments.
Let’s look closer at the shifts that caused such turbulence and rapid actions among employers.
The 2020 review. Did values change?
Yes, and dramatically. Fight for environmental protection and equity in the working sphere was swept away by the quarantine measures and increased focus on the medical state. Apart from remote working, people were challenged to keep jobs during the illness and simultaneously caring for their families. A considerable amount of pressure is still weighing on people’s shoulders, as the pandemic is ubiquitous.
However, COVID-19 is not the only issue we’ve faced. Social unrest due to the pandemic, rise of the Black Lives Matter movement, conflicts around the presidential elections were topped by the forgotten problems of anxiety and feeling of constant threat and instability. Prolonged isolation and limited social activities led to the rising in mental health problems. These issues have affected all fields, particularly businesses, who took a blow and supported their employees through benefits.
It’s a sad picture. However, there is a beautiful bright side. We started to value each other’s company much more than before. Movements for integration and cooperation are on the rise, and we should support this wave to restore a sustainable view of the future.
New benefits trends to consider
According to the Voya Financial study, 73% of Americans shifted their priorities from material success and started to value emotional well-being as a top matter. Here are several directions of benefits programs that focus on health and self-improvement.
It is a practice of receiving medical checks via technology like video calls and instant messaging. It’s being included in the insurance covered services, but the process is still ongoing, so you better keep an eye on the aids they can provide.
- Mental health.
Undoubtedly, this field requires more attention than years before that. Lack of social interactions and increased anxiety do not help to balance personal life and work. Moreover, a split based on political or medical grounds worsens team relationships. Mentoring and facilitation may help your team go through this difficult period.
- Domestic help.
Lockdowns and quarantine limitations return regularly, and working from home has become a constant reality. Benefits for child care, home management, and even food delivery would be welcomed as essential help in daily life.
- Education and reskilling.
A new working environment requires new skills to continue working efficiently. As 69% of Americans focus more on saving than spending their income, it’s wise to offer a financial well-being education. FinFit is a platform to nurture saving habits and reach financial goals.
On the other hand, you wouldn’t like to lose employees as they try to fulfill their career goals in a different field. With reskilling and offering internal mobility, you will save your human capital by applying their talents to the company’s needs.
Benefits administration platform
It is a tool for the HR team. All operations concerning benefits packages are united in the platform and are easy to work with as the process is paperless. We’ll mention a number of advantages:
- Employees can modify their benefits package directly. With the platform, workers do not need to address the HR department to get required documents and can update their information independently. It reduces the cost of administrative work and frees human resources.
- All daily tasks are put in order. The software helps the HR team by reducing manual operations like creating reports and dealing with invoices.
- You comply with law requirements. As some benefits are obligatory and the list varies from state to state, it’s essential to keep track of all law changes concerning benefits regulations. Using the platform reduces the pressure from the HR team and ensures that you include all mandatory benefits.
All in all, innovations lead to a reduction in costs. Platforms like Tabulera offer a substitute for manual work that requires more human capital, time, and funds. Without being bothered with daily tasks like report writing and data entry, your HR team may focus on more critical issues, like creating a suitable benefits strategy that will correspond with the time’s needs.