How Have Your Employee Benefits Changed Since the Start of COVID?
Before Coronavirus swept the world with high unemployment rates, a strain on healthcare resources, and economic strife, employers were thinking creatively about how to not only retain their existing employees but also attract the best employees with benefits. While some states have been more affected by the health concerns surrounding COVID-19, almost all have felt the effects of the economic downturn. How have your employee benefits changed since the start of COVID? Once you identify the changes, how can you begin to prepare your insurance plan for post-pandemic employee benefits to attract and retain the best employees?
Despite the large unemployment numbers we’ve seen over the last few months, employers should still consider offering employee benefits that align with their employees’ needs.
Employers had to act fast as stay-at-home orders went into place rather quickly. Therefore, they had to establish work-from-home policies, provide external education opportunities, provide new leave requirements, and anticipate new policies for return to work phases. All of this combined with the fear of potentially contracting COVID-19 can be overwhelming.
However your employee benefits have changed since the start of COVID, here are a few ways you can look to the future for your employee’s benefits:
- Get proactive: As an employer, understand the implications of layoffs, furloughs, and other workplace changes. You also need to understand benefits utilization, headcounts, and changes to employment policies.
- Rework your employment policies: What does the return to the physical workspace look like? How can you ensure your employees stay safe when they come back? What happens when an employee tests positive for COVID-19? Think creatively about how to run your business effectively outside of your physical space.
- Consider your compliance: Have you experienced changes to your workforce? If you are a large employer (with 50 or more full-time employees), and you do not offer benefits to 95% of full-time or full-time equivalent employees you may be opening yourself up to liability.
- Include Telemedicine options: Telemedicine use has seen a drastic increase over the last few months. Be sure telemedicine is offered in your employee’s benefit programs.
As we all continue to understand what the effects of Coronavirus will be, as an employer it’s best to try to get out in front of it. Ensure both your business and your employees stay safe. Contact us to begin crafting your benefit plans today!
