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Insurance UPDATE

putting plan members at the centre

HUB INTERNATIONAL Ipersonalization and DEI (diversity, equity and they’re experiencing higher rates of burnout, leading to
f organizations haven’t considered wellbeing,
an erosion of their health and wellbeing and an increase
LIMITED inclusion) in their benefits, 2022 will be the year to in absenteeism, health care costs and resignations.
do so. That’s largely because more employees are Organizations should look at their benefits through
disengaged with their work. But after 18 months of the lens of employee wellbeing. This broader view
isolation and working from home, many employees includes physical and mental health, financial wellness,
don’t feel loyal or connected to their employers: career support and other components which, if left
unattended, threaten workers’ performance and
• 95% of the workforce is thinking about quitting engagement.
• 80% feels disengaged Generally, employers have responded to
• 60% of employees consider themselves a “free challenges with simple adjustments to their benefits
agent” packages, such as increased access to mental health
or paramedical services. But today, that’s not enough.
Employment numbers reflect this. For instance, workers offered upskilling opportunities
"Promoting Employers reported 815,000 job during the pandemic have reported higher productivity
vacancies in June 2021, a 5% vacancy and greater confidence in corporate leadership. Those
diversity, equity rate. What’s more, 64% of businesses attributes result in lower turnover and an organization
and inclusion (DEI) say the labour shortage is inhibiting that stands out to job candidates.
business growth. Personalizing benefits will be key in 2022 to
not only helps As a result of workers’ restlessness, designing benefits packages that are effective in
organizations can’t afford to look at engaging the workforce. And to personalize benefits,
an organization employee benefits in the same light data analytics will come to the fore.
become more well- as before. They will need to focus on
what’s best for employees, including 2. Personalized benefits driven by analytics will
rounded, but can their mental and physical health, become the norm
More than half of organizations have invested
help drive positive financial wellbeing and career path. in HR technology specifically to enhance analytics
In essence, benefits plan sponsors
business outcomes, will need to personalize benefits, capabilities, and that capability can pay off through
using data analytics and competitor personalized benefits.
especially when it's benchmarking to inform decision Because workers have more opportunities than ever
a priority for the making. And because personalized to switch jobs — and because some individuals are
benefits give workers a real connection prioritizing lifestyle over salary — personalized benefits
organization..." with their benefits, it not only benefits will be key to differentiate organizations in 2022.
them but increases engagement with Personalized benefits is not simply giving more
the job. options to plan participants, but about the most
relevant options for specific employee segments,
Here’s what to expect in employee benefits in 2022: improving how they engage, access and experience
1. Wellbeing will help redefine benefits plans benefits. Personalized benefits requires an
For some employees, the workday may have seemed understanding of what benefits will make a difference
endless, but the COVID-19 pandemic has made it longer. to specific employee segments.
In fact, the average workday is about 49 minutes longer Data analytics provides insight into benefits usage,
than it was before the pandemic. In part, that extra time highlighting gaps that voluntary benefits can bridge
results from organizations being short-staffed and and helping develop a sound benefits communications
employees doing extra work just to keep the ship afloat. strategy. Likewise, benchmarking competitors can point
That’s created a vicious cycle: Because employees to new ideas for developing personalized benefits.
are working longer hours due to the labour shortage,
Insurance Update continues on page 20...

8 LBMAO Reporter - January-February 2022 www.lbmao.on.ca