The COVID-19 pandemic has accelerated some of the trends that were already taking place, changed demands from employees and introduced new opportunities for employers, according to a new MAXIS Global Benefits Network (GBN) report.
The report suggested that a third of professionals expect businesses to prioritise health over lifestyle employee benefits as a direct consequence of COVID-19.
Before the pandemic, the employee benefits industry was already going through a period of significant change and evolution before the pandemic struck. But MAXIS GBN suggested that the significant change in views might have taken years, if not decades, to become the norm, and has now happened overnight.
MAXIS GBN explained that multinationals need to be “agile and responsive to catch up”.
The report suggested that there has been a change in attitudes towards working-from-home as a result of many people being forced to due to the pandemic.
It said that the pandemic has forced human resource and employee benefit professionals to look closely at their employee benefit programmes and plans to see if they are fit for purpose in the new world.
The report, which is a UK-based research study, found that 72 percent of employers said they will review their employee benefit offering in direct response to COVID-19, with a particular shift in attitudes towards the provision of wellness services.
Elsewhere, 46 percent of employees surveyed told us that the pandemic has made them reappraise the value of an employee benefits package when deciding to stay with or join a new employer.
The COVID-19 pandemic has made expensive wellness benefits even more important than ever, according to the report.
The report outlined that with such high demand for wellness solutions and a lack of access to traditional, in-person, healthcare due to COVID-19 related disruption, many employers have had to turn to digital healthcare solutions.
US data shows 11 percent of patients used telehealth services in 2019 compared to 46 percent in 2020.
It also showed that the increased usage has led to projections that the global telemedicine sector will have a 23 percent compound annual growth rate over the next five years, reaching $116 billion by 2025.
The report also highlights the impact of the pandemic on the gig economy, highlighting that a 2019 study found that only 30 percent of gig workers said they had insurance to cover their independent work.
The report noted that “although gig workers are not ‘employees’ in the traditional sense, it still benefits multinationals to provide cover for them – not only to reap the productivity benefits but to help attract the best freelance talent”.
Commenting on the report, Mattieu Rouot, CEO at MAXIS GBN, said: “Health and wellness solutions were a part of many employee benefits programmes well before the pandemic, but the crisis has meant that a health and wellness offering can no longer be a ‘nice to have’.”
“It is vital for attracting and retaining employees. Many employers had programmes in place which have now truly demonstrated their value in protecting and caring for their employees this year,” Rouot added.
