Employers benefit strategies are focusing on Voluntary Workplace and EAP’s
In today’s business environment employers are having to refocus their benefit strategies in order to meet the increasing needs of their employee’s and candidates. Voluntary benefits have become a major focus and are more important now than ever to a company’s total rewards strategy.
Critical illness, hospital indemnity, accident insurance, as well as buy ups on disability and life insurance plans are leading the way as the fastest growing benefits of employers. The pandemic has definitely placed a stronger demand for benefits that are designed to protect employees against a loss of income as a result of increasing hospital and doctor bills.
Employee Assistance Programs (EAP) are also seeing a rise in demand in order to assist employees with mental health, grief, loss, parenting, and marital issues. As cited in a recent PwC workforce plus survey article “as business leaders charge ahead with post-COVID-19 work plans, they are relying on an energized, motivated and skilled workforce to help them achieve their growth agenda. The challenge? Many employees simply aren’t mentally or physically ready to hit the ground running”. That is where EAP programs are stepping in to assist. EAP’s are a voluntary, work-based program that offers confidential assessments, short-term counseling, referrals, and follow-up services to employees in an effort to resolve personal or work-based problems that may be affecting their overall wellbeing and job performance.
Please contact us today to learn more about how FosterThomas can help expand your voluntary workplace and other benefit programs.