Introducing our first-ever Global Employee Benefits Trends Report

COVID-19 has dealt a tremendous blow to employee productivity, and unemployment rate. As the world wrestles with the pandemic, it’s more important than ever to dive into the areas that keep your employees engaged, while ensuring the costs do not increase and remain sustainable. For this reason, we are proud to introduce Pacific Prime’s very first Global Employee Benefits Trends report!

Through in-depth analysis, our in-house experts will break down the top 6 global employee benefits trends all over the world. Supplemented with interesting statistics, illustrations, with a side of multifaceted case studies, this report is a new addition to our wealth of corporate resources. Read on for a quick summary of the best employee benefits trends in 2020.

Top 6 global employee benefits trends in 2020

In this section, you will find a snapshot of this year’s hottest employee benefits trends. Don’t have time to read? We’ve got you covered with a handy infographic and an easy-to-follow video if you prefer a more visual medium.

1. Refinement and reassessment of group health insurance

Medical coverage remains the number one priority for employees. A solid health plan does wonders for retaining talents. As health insurance premiums continue to rise year-on-year, so too, does the need for medical coverage post-COVID-19. Increasingly, employers across the board are looking for ways to adjust and optimize group health insurance plans to save costs.

2. Adoption of technology

Within their employee benefits programs, companies are increasingly interested in adopting more technology. In 2020 and beyond, we’ll likely see two main types of technology: HR technology and telemedicine. To an increasingly young, tech-inclined workforce, HR apps and tools will offer much-needed personalization and flexibility. Telemedicine, on the other hand, lets employees stay at home amidst pandemic-related fears.

3. Mental health benefits

COVID-19 has taken a toll on all workers’ mental health this year. No doubt a great many employees are stressed and anxious about their job security. What’s more, mental health stigma seems to be on the decline. More employees are looking to include mental health coverage in their place of work.

4. Family-friendly benefits

Employees are looking to support their families in more ways than one. Family-friendly benefits, therefore, are very much welcomed. Organizations that take care of their workers in both their personal and professional lives will have a better shot at retaining their workforce. Several examples of these benefits include paid caregiving leave and paid bereavement leave.

5. Flexible working arrangements

The pandemic has upheaved our way of living and working. Businesses and workers alike realize simultaneously that working at home is doable. For weeks, employees type away at home during lockdowns and social-distancing protocols. With companies like Twitter and Microsoft Japan leading this remote work shift, workers are likely to look for employee benefits such as remote work benefits and a four-day work week.

6. Financial wellbeing

Who doesn’t like to feel financially secured with the ability to do with their money as they please? The pandemic has made it so backup plans are especially pertinent. No one expected COVID-19, nor the need to shoulder expensive medical costs for a new disease. Taking care of your employees’ financial wellbeing ensures higher productivity. Your workers will be less likely to take leave from work with benefits, such as loans and pension schemes.

Implementing the employee benefits trends into your group health plan

Now that you have a glimpse of the top 6 employee benefits trends in 2020, what should your next steps be? Download our Global Employee Benefits Trends Report 2020 for free today to receive expert insights, and practical tips on taking your group plan to the next level! Encased within are easy-to-follow graphics, and relevant case studies.

Of course, you’ll also receive detailed analysis by our in-house insurance experts on the factors that shape the 2020 employee benefits trends:

• The COVID-19 pandemic which has created mass unemployment and job insecurity, and has shaken up the way we traditionally do work.
• Soaring unemployment forces workers to seek out freelance work.
• An increasingly multi-generational workforce translates to an employee benefits plan that delicately balances the differing needs and expectations of the various generations.
• A world celebrating diversity requires incorporating benefits that appeal to a diverse workforce.

Get in touch with Pacific Prime’s corporation team for a consultation on implementing employee benefits today. With 20 years of experience in the insurance brokers industry, our expert advisors are more than capable of tailoring a group health plan that is perfect for you. Contact us now for answers to all of your employee benefits questions!