5 benefits trending for this year's open enrollment

For many companies, Open Enrollment begins in October — meaning now is the time to explore new benefit options for 2022.

2020 and 2021 both brought huge changes to the way we live and work, and that has in turn caused employers to re-think their benefits. A shortage of available workers in many sectors has also affected benefits offerings, forcing employers to step up their game.

Read more: A look into the future of family benefits and telehealth

I work with HR departments every day, helping them shape and improve their benefits programs. Here are 5 options that all HR pros should consider for 2022:

Telehealth visits: Incredibly, not all health plans offer or cover telehealth visits. Obviously, telehealth became prominent in 2020, but it stuck around in 2021 as both patients and providers learned that many issues can be taken care of with a simple web conference or phone call and don’t require an office visit. If your current health plan does not offer or cover telehealth visits, it’s definitely time for a change.

Mental health programs: Mental health came to the forefront beginning in 2020, as cases of anxiety and depression tripled. In 2021, the demand for mental health assistance has become even more acute, as people deal with new stressors including a return to offices and socializing. The availability of paid mental health benefits can be a great differentiator for employers in competitive markets. Make sure the program you select offers an online, app and/or telehealth component to ease access. We learned in 2020 that many people prefer an app-based flexible choice model over pre-scheduled telehealth talk therapy.

Addiction/Substance Use Disorder (SUD) Programs: As with mental health, the stigma around addiction is lifting as more people recognize addiction is a disease, not a choice or a moral failing. In recent years, new employee benefits programs have emerged that offer employees confidential help, often online or via an app. These programs are not only great for employees, but also save employers significant money in the long run, as the long-term impacts and costs of addiction are avoided.

Financial wellness programs: The pandemic brought new awareness to financial wellness issues, as we learned many employees were uneducated or unprepared to manage their finances during a crisis. This is an area where employers are starting to step up and help, providing financial coaching services as well as benefits such as student loan payoff assistance.

Read more: How LearnLux plans to bring more women and minority workers into the financial planning profession

Flexible work location/hours: While many companies initially panicked at the thought of employees working unsupervised at home, the arrangement worked out well in the vast majority of cases. So well that many companies closed or reduced their central office space and are giving employees the opportunity to work from home indefinitely if they wish. Flexible work location and hours have become a highly coveted benefit. Companies who haven’t already developed policies around this need to consider doing so for 2022.

The labor market is likely to continue to be competitive going into 2022. As you evaluate your programs in advance of Open Enrollment, keep these 5 new benefit types in mind to help ensure the competitiveness and completeness of your benefits offerings.