New research from The Hartford, a leader in employee benefits and absence management, revealed that the COVID-19 pandemic is changing how both employees and employers feel about benefits. Although many employees continue to view their benefits positively, both their perceived value of the benefits provided and their trust in the company to make the best benefits decisions have declined.
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The Hartford’s Future of Benefits Study, which polled U.S. workers and human resources benefit decision makers in early March 2020 just before the COVID-19 outbreak in the U.S., and again in mid-June, found 73% of employees now say they value the insurance benefits their company offers them, down from 80% three months earlier.
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In addition, 55% of employees say they trust their company is making the best decisions about the benefits available, compared to 61% in wave one of the study. When asked to rate their organization’s overall benefits package compared with what other employers are offering in their marketplace, only 44% rate their benefits as above average compared to 56% in wave one.
“The pandemic has put pressure on the American workforce in ways few could have predicted and employees need support more than ever,” said Jonathan Bennett, head of Group Benefits at The Hartford. “Now is the perfect time for employers to address employees’ changing attitudes about benefits. As employee familiarity with benefits also declined, our research uncovered an opportunity for employers to increase trust by focusing more on communication, including education about their available benefits and what they cover. This is going to be crucial as annual benefits enrollment quickly shifts from an in-person experience to a more virtual one.”
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