Brokers are seeing changes in benefits
As the business world adapts to a new climate beyond COVID-19, employee benefits will evolve to better match what employees need. Brokers will be working with clients in different ways.
Here is a look at the trends brokers are focusing on over the next few months.
Financial well-being is a focus
During COVID, people faced severe financial trouble, threatening their financial well-being. Financial plan participants may have tapped into their retirement accounts through a loan or even a disbursement when restrictions were lowered through the CARES Act. While that aid is not available now, companies are expected to continue to offer voluntary benefits with financial well-being options.
Companies are also offering more financial wellness options, which can help people navigate problems or avoid them. Other financial well-being programs include student loan repayment, bill payment programs, employee purchase programs, automatic savings programs, on-demand payment programs, and medical deductible financing.
Financial stress is the biggest worry at work for many employees and causes distraction, according to PwC.
A new world for brokers and clients
With all the changes, the role of the broker has changed as well. They are often seen as consultants and advisors, helping HR teams find the best solutions for companies.
Some of that work centers on walking clients through what has changed from even a year ago. Mental health and telemedicine are in great demand, while other benefits may not be as popular as before.
Businesses looking to help employees get back to the office will also be researching commuter benefits. Commuter benefits let employees save $270 a month tax-free in their paychecks so they can use the money for public transportation, qualified parking, and more.
Are you interested in partnering with us? We work with several brokers to help find the best solutions for their clients. If you’d like more information, book a meeting with us so we can help you get started.