Benefits have always been crucial for attracting and retaining top performers, and voluntary benefits are a great way for employers to round off their offerings. These extra perks allow for more personalization that can help satisfy the unique needs of each worker, especially in today’s multigenerational workforce. A rising number of organizations recognize that voluntary benefits are beneficial to employees and their families—and many come at little to no cost for the employer. This article highlights three voluntary benefits trends to monitor in 2022.
- Emphasis on Holistic Voluntary Benefits Offerings – The voluntary benefits market has been expanding steadily over the years and will continue to grow in 2022. Nearly all employers (94%) find voluntary benefits important to their talent and total rewards strategies over the next three years. Back in 2018, just 36% of employers felt that way. It’s expected that more employers this year will offer a wide range of voluntary benefits options to meet the needs of their current and prospective employees. Dental and vision care continue to be standard voluntary benefits. As the pandemic continues to impact workplaces and personal lives, nontraditional offerings like critical illness, hospital indemnity, pet insurance, identity theft and group legal are becoming popular. One of the best perks of voluntary benefits is that they are, in fact, optional, so employees can opt for the coverage that matters most to them. Since employees often face unique stressors or challenges, employers can offer a wide array of benefits or services to support their workforces. Supplemental offerings could be precisely what employees need to fill in coverage gaps as the pandemic continues.
Truckers protesting mandated vaccines at the Canadian border have vastly slowed down the supply chain, which was sputtering back to a slow start after a difficult year. However, supply chain slowdowns are just the tip of the iceberg when it comes to the issues that are arising from vaccine mandates.
