Benefits Think

Around 63% of workers say their company could do more to support their emotional and mental health during the COVID-19 pandemic. Within this group, 22% said their company’s response was “barely adequate,” “a disaster” or “non-existent.”

Instead of choosing a one-size-fits-all plan for a group, employers can offer fixed reimbursements that employees can use to purchase their own insurance or use for medical expenses.

Many organizations have taken significant steps to reduce employment costs, and nearly a third already have or plan to furlough workers, with another 19% saying they might if necessary, according to a survey by Unum.

Workplace strategies and benefits need to support employees during a crisis that address the whole person — financial, connectedness, and physical and behavioral health.

Americans’ retirement savings are increasingly threatened by disabilities that temporarily keep employees out of work by turning to hardship withdrawals from retirement plans.

Leave-sharing programs make sense for employers seeking tax-efficient opportunities to financially assist employees impacted by the pandemic.

Right now, access to affordable credit is crucial for many, as 1 in 5 American households has lost income due to the pandemic, and unemployment offices are overwhelmed with claims.

The lack of seamless plan-to-plan asset portability prevents participants from easily moving and consolidating their 401(k) savings, leaving them open to the temptation to prematurely cash out their 401(k) accounts from prior employers’ plans.

Companies who had already adapted to a culture of digital innovation technology have proven more successful during this sudden and dramatic shift.

Lack of work-life balance, being micromanaged, and a lack of social support are some of the top issues employees complain about on AllVoices, a platform that provides real-time feedback with company leadership.