Download now

About Pacific Prime’s
Global Employee Benefits Trends Report 2020

 

Designed for employers, employees, and curious readers, our first-ever report on employee benefits explores the top six benefits trends globally and the various factors influencing their popularity.
The report is packed with rich statistics, illustrative case studies, as well as tips on how to implement the benefits in question.
It begins with a short overview by our CEO and Founder, Neil Raymond, before delving into each of the trends and factors:

What are the top
global employee benefits trends in 2020?

 

Read on to get a quick overview on the below trends. For practical tips on how to implement them, download our Global Employee Benefits Trends Report!
Refinement and reassessment of group health insurance
Refinement and reassessment of group health insurance
Adoption of technology
Adoption of technology
Mental health benefits
Mental health benefits
Family-friendly benefits
Family-friendly benefits
Flexible working arrangements
Flexible working arrangements
Financial wellbeing
Financial wellbeing

01Refinement and reassessment
of group health insurance

 

Medical coverage will remain the number one benefit employees care about the most.

What benefits do employers prioritize?

Medical coverage will remain the number one benefit employees care about the most.

Source: MetLife

Why is health insurance a crucial employee benefit?

Rise in healthcare costs
The cost of healthcare will climb year-on-year, far outpacing the general inflation rate. Given the COVID-19 pandemic, employees will want peace of mind knowing that they can access medical services without breaking the bank.

But, at the same time, employers will face:

Rise in group health insurance premiums
An increase in the group health insurance premiums and the paralyzing impact of COVID-19 on budgets will see employers refining and reassessing their group health insurance policy.

Cost-cutting measures driving business decisions

Deteriorating economic conditions and rising business uncertainty will result in a cost-cutting mindset amongst employers. They may seek to contain group health insurance premiums by:
  • Introducing co-pays
  • Switching health insurance providers
  • Narrowing their provider network
  • And more.
Cost-cutting measures driving business decisions
Employers should be wary of switching to lower quality insurers, as they may end up facing a whole host of administrative and claims issues further down the line.
Neil Raymond, CEO and Founder at Pacific Prime.
GO BACK

02Adoption of technology

 

The newest generation of employees are well accustomed to technology, since they’ve grown up with mobile devices, digital applications, and on-demand information. They will expect to see employers use technology, which includes HR tools and applications.
Benefits of HR technology

Benefits of HR technology:

Personalization
Creating tailored experiences by understanding what different employees prefer.
Flexibility
Designing employee benefits to suit the needs of employees at any given time.
Empowerment
Allows employees to take charge of their own benefits decisions. One prominent area is in virtual healthcare.

A word about telemedicine

Telemedicine involves the use of technology to connect patients to doctors and healthcare professionals remotely, bringing a range of advantages like:
  • Limited exposure to diseases
  • Greater comfort and convenience
  • Access to a wider hospital network
  • More time for work and enhanced productivity
Overall, offices remain healthier and operational!
GO BACK

03Mental health benefits

 

Some mental health benefits include:

Some mental health benefits include

Source: IFEBP

A popular trend:

  • This year, mental health benefits are being offered by an additional 26% of companies in the US.
  • In 2019, almost 90% of organizations offered this benefit.

Why the sudden hype around mental health benefits?

  • Employees feel more isolated during COVID-19 related lockdowns and social distancing measures, causing heightened stress and anxiety.
  • Working from home can make achieving a work-life balance difficult, as is the “always-on” culture that has plagued our times.
GO BACK

04Family-friendly benefits

 

Family-friendly benefits
Employees prefer working for companies that support them across their life stages, helping them balance their work and familial responsibilities through benefits like:
  • Paid parental, caregiving, and bereavement leave
  • Adoption and childcare benefits

Why do employers offer family-friendly benefits?

family-graph-explane
family-graph
GO BACK

05Flexible working arrangements

 

The most popular types of flexible working arrangements are remote working and flexitime.
Being able to work flexible hours would make 76% of workers more willing to stay with their current employer.
Did you know?

Why do employees prefer flexible working arrangements?

To gain more control over work-life balance.
Did you know?

Why are employers adopting flexible working arrangements?

It helps increase employee productivity.

The largest remote work shift in history

Due to COVID-19 related lockdown and border closures, employees all around the globe faced the prospect of working from home. But this only served to accelerate an increasingly growing trend. Before the start of the pandemic, millions of people were already working remotely.
Twitter's case study

Case Study: Twitter

In May 2020, Twitter CEO Jack Dorsey sent out an email to employees saying that they could work from home forever - as long as their role doesn’t require physical presence.

A four-day workweek on the horizon

One popular flexible working arrangement being discussed post-COVID-19 lockdown is the four-day workweek.
A four-day workweek on the horizon

Source: 4dayweek.com

GO BACK

06Financial wellbeing

 

Did you know?
Did you know that 53% of employees say stress interferes with work and 83% believe financial benefits to be the solution?
Financial wellbeing
Financial wellbeing is a state of mind that occurs when an individual feels secure in their finances.
Some popular financial benefits include:
  • Student debt relief
  • Investment advice
  • Pension schemes
  • Loans

What is making financial benefits more desirable?

COVID-19
The IMF believes COVID-19 will trigger the worst recession since the Great Depression. Economic uncertainty will play into employees’ need for financial wellbeing, particularly considering the low levels of savings amongst the younger staff.
Cost of absenteeism and presenteeism
Absenteeism and presenteeism results in low productivity and high costs for businesses. But financial matters are increasingly the trigger for stress, anxiety, and other mental health issues. Given this, the root cause should be addressed.
GO BACK

What are the key factors influencing the global employee benefits landscape in 2020?

What are the key factors influencing the global employee benefits landscape in 2020
The COVID-19 pandemic
From mass unemployment and job insecurity, to accelerating work from home policies and fast-tracking innovation, the COVID-19 pandemic is a catalyst for numerous changes this year.
Soaring unemployment
A consequence of the global economic downturn as a result of the pandemic, soaring unemployment leaves employees and workers longing for stability even more than before.
Increasingly multi-generational workforce
Gen Z graduates are slowly trickling into the workforce, joining their older counterparts. A key challenge for employers is to integrate the different needs of multi-generational teams.
Greater focus on diversity and inclusion
In a world characterized by the celebration of diversity, employers will need to start implementing policies and initiatives that cater to a more diverse workforce.

Download the Global Employee Benefits Trends Report

 

Want to learn more about the world of health insurance and employee benefits?

Browse our collection of practical and useful reports, guides, articles, infographics, videos, and more!
Consent
Choices