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Trends In Employee Benefits For 2022

December 13, 2021, by New City Insurance

women looking at Employee Benefits COVID-19 has caused the employee benefits needs of the post-pandemic workforce to change substantially. A survey of U.S. adults by the Pew Research Center found that 71 percent of employees were working from home as of October 2020 and 54 percent expressed that they would like to continue working from home after the coronavirus outbreak ends.

Along with changes in social environments, the benefits that employees receive as part of their benefits package have noticeably improved. Many employers now recognize the importance of offering greater medical coverage, more paid time off, and access to voluntary benefits like life insurance and disability income.

In 2022, employers can anticipate a drive towards enhanced employee benefits offerings. Employee priorities are evolving, and modern businesses must keep pace or risk losing workers to their competitors. Here are some of the top trends in employee benefits that employers can expect to see in the coming year.

1. Healthcare Costs Will Continue Rising

Healthcare costs are expected to increase 6.5 percent in 2022, according to PricewaterhouseCoopers (PWC), just slightly less than the 7 percent increase in 2021. There are several causes for this ongoing cost increase, including greater utilization of healthcare benefits by consumers who deferred care during the pandemic.

Many healthcare providers have also invested in new technologies to support telehealth services, which has led to a sharp increase. Employers that choose to provide more extensive medical and wellness benefits can gain a competitive edge and retain a healthier workforce.

2. There Will Be A Greater Need For Mental Health Services

The pandemic has exacerbated many mental health conditions and sparked new anxiety and depression in employees who were once mentally stable. However, COVID-19 has also created new opportunities for workers to be open about their struggles.

Employers can support their staff by advocating resources and creating a safe, healthy work culture where employees feel comfortable asking for help. In 2022, more employees are expected to seek mental health benefits, such as access to counselors and extensive therapy sessions, which will become part of standard benefits packages.

3. Increased Flexibility And Remote Work Will Become The Norm

women in business call on the laptop from homeFlexible work environments are not just a preference in a post-pandemic business world, but a necessity. Even with vaccination numbers continuing to climb, the U.S. is still experiencing an average of nearly 80,000 new cases a day as of mid-November 2021, according to the New York Times.

The ability to work from home helps keep employees safe and slows the spread of the virus. In 2022, employers can expect an increased number of employees to demand more flexible schedules that include remote work opportunities when possible.

4. Greater Focus Will Be Placed on Retirement Savings

If the pandemic has taught us anything, it is that financial security is of the utmost importance. Approximately 1 in 4 Americans have no retirement savings at all, according to a PWC Retirement in America report. The report also found that the median retirement account balance for retirees aged 55 to 64 is just $120,000.

Over 15 years, this would produce a distribution of less than $1,000 per month. There is an essential need for greater retirement savings options for employees which will become increasingly apparent in 2022 as more job seekers look for careers that offer financial benefits.

5. Employers Are Experimenting With Unlimited PTO

According to the Bureau of Labor Statistics (BLS), ten days is the average amount of paid time off (PTO) for private-sector employees who have been with the company for at least one year. However, many employers are taking a new approach to PTO known as “unlimited PTO.” Unlimited PTO plans are structured to enable employees to decide how and when to use PTO.

This practice has led to greater employee trust, boosts in recruitment and retention, and no end-of-year PTO rush. Of course, the concept of unlimited PTO does have some flaws, such as difficult implementation and abuse of the policy.

6. Companies Will Relax Paid Leave Policies

paid time offSince the start of the pandemic, many paid leave policies have received a complete overhaul. The American Families Plan (AFP), implemented by the Biden Administration, has aided in the transition to more expansive medical, parental, and family leave programs.

Paid parental leave is already being offered by 61 percent of respondents, compared to 41 percent in 2018, according to a 2021 Survey on Absence and Disability Management by Mercer. Legislation being debated in Congress could also give workers up to 12 weeks of paid family and medical leave.

Speak With An Experienced Employee Benefits Consulting Firm

Changes will be coming to the employment landscape in 2022. Employees are looking for more financial options, a wider variety of voluntary benefits, and medical coverage that extends beyond that found in traditional health plans. To schedule a consultation with our experienced employee benefits consulting firm, contact New City Insurance today.

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Filed Under: Employee Benefits,  Employee Benefits Consulting Firm

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New City Insurance
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Carol Zhang
Carol Zhang
04:29 06 Mar 22
As a rapidly expanding national media organization, the employee benefits strategy and administration that New City has provided us during our growth has been invaluable. They have been proactive about informing us of the different benefit strategies available to us as we grow as well as managing the additional compliance laws and reporting requirements at each stage of our growth.
Claudia Villalobos
Claudia Villalobos
20:14 03 Mar 22
New City Insurance made navigating through all the health insurances super EASY. Their documents are highly informative, professional, and easy to work with. Thank you for making the process of choosing a health plan so simple. You guys are THE BEST!
Philippe Salas
Philippe Salas
17:02 22 Feb 22
I never expected to have a good time talking to an insurance salesman, but let me tell you Brendan was quite the treat. He was very helpful explaining the options and has a wonderful sense of humor. I hope to speak with him every time I call.
Jennifer Polito
Jennifer Polito
17:15 09 Feb 22
Super easy enrollment process. Fast and friendly customer service. If you are looking for an insurance company that is there for you every step of the way I highly recommend New City Insurance.
Rocky Salas
Rocky Salas
23:46 07 Jan 22
So friendly, I hope to speak to him again in all my future insurance needs.
Rocky Salas
Rocky Salas
23:38 07 Jan 22
So friendly and soft spoken. I hope to speak to him again in all my future insurance needs.
Jose Brena
Jose Brena
13:20 06 Jan 22
Eric Calciano has been extremely helpful in finding and selecting the right insurance coverage for our company. With many options out there Eric assisted us on getting a low cost provider saving more than 20% than from our competitors and providing excellent coverage for our employees.
Anastasia Beaverhousen
Anastasia Beaverhousen
17:05 28 Dec 21
Signing up for insurance was quick and easy. Felicity Sundsboe
SFCC
SFCC
22:08 29 Nov 21
Jeff Stoltey and his team provide excellent customer service. Jeff has always provided my company SFCC with straightforward options. I went to a larger insurance company only to RUN BACK to Jeff at New City Insurance. I recommend them to anyone needing insurance without hesitation.
Kevin Luby
Kevin Luby
19:13 22 Oct 21
Quick, easy & informative. We were able to secure quality insurance for our small business on a tight deadline. Thanks for the help New City.
Theresa Ruybol
Theresa Ruybol
19:30 01 Jul 21
Eric was so great with us. He was very patient and kind as we are a newer smaller organization who is growing rapidly. With that said, we had made our inquiry, he had great rapid response and mostly had to wait on me. Any request that we made and/or questions we had, he was great answering and helping us understand. Then when we were ready for all documents and to move forward, Brendan helped with getting that together and the two of them worked their magic on New City's end to notify me of what was needed, assist me in that process and confirming that all was complete and approved for the coverage. I just want to say thank you all again so much, as insurance has always been confusing to me, and you all made that process go a lot smoother.Thank you
Andrea Ordendorff
Andrea Ordendorff
21:06 07 May 21
I've been working with both Clayton and Brendan for well over a year. As the purchase of our dental practice was delayed well over 14 months they both patiently supported me and continued to make themselves available. When we were officially ready to sign up they made the whole process seamless and super easy. This team is highly knowledgeable, professional, supportive, and efficient! I can't thank them enough for everything they've done.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
Mike McClay
Mike McClay
19:36 03 May 19
My employer uses New City as their insurance broker, and I'm always amazed when I call in for assistance by how knowledgeable and attentive their staff is with my requests. Their online benefits platform makes selecting insurance plans pretty darn easy. I would highly recommend their services.
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