Let’s not guess.

Post-COVID, the voluntary benefits world, like everything around us, is shifting. The big question is HOW.

And to answer that question, we’re turning to the authoritative source: the benefits brokers.

Benefits brokers are there, on the ground, hearing HR’s concerns and needs. They know what’s in and what’s out in the benefits world. They’ve seen changes over the past year, but they all agree that voluntary benefits are more important than ever.

Kate Genovese is a Senior Strategic Consultant at Risk Strategies who specializes in Health and Welfare employee benefits. She explains that last year companies let some employees go, furloughed others, and generally pulled back on benefits.

Now, though, the job market is opening again, and businesses are looking to hire. Benefits, especially voluntary benefits, are a key way to attract and keep top talent.

Retaining talent, in particular, is a hot-button issue post-COVID. Due to the pandemic’s upheaval, employees feel more flexible than ever. They’re more willing to leave their current jobs in search of better opportunities. But a recent Corestream study showed that voluntary benefits enrollment could double an employee’s average tenure from three to six years!

Today’s voluntary benefits are also well positioned to fit HR’s benefits criteria. Here are the issues brokers are hearing about and the voluntary benefits they’re recommending to address them.

1. Relevant

With VBs playing a crucial role in companies’ recruitment packages, the benefits need to be more enticing than ever.

Tracy Podzimek, Executive Vice President at Ahern Insurance, says that potential hires (and employees) relate best to benefits that provide a solution they’re already looking for. This year, those top three benefits include:

• Group legal plans
• Pet benefits
• ID theft protection

Each of the three meets an existing need.

Group legal plans give employees easy, affordable access to legal help. Employees pay a low premium into the plan each month. Then, if they ever need legal services, they can use the plan’s app or customer service line to contact an attorney. For covered services, the plan pays 100% of the legal costs.

Due to the pandemic’s uncertainty, Kate says, even “younger people want to tidy up estate planning” and other legal matters.

Pet benefits have been rising in popularity for years, but the pandemic super-charged their growth. During the lockdown, pets were an important source of comfort and companionship. In fact, pet adoption rates grew by 30-40%!

There are more pet parents now than before, and they’re more attached to their pets than they previously were. Pet care is expensive, so the value of pet benefits is immediately obvious to pet families.

ID theft protection is in the spotlight following early-COVID spikes in fraudulent insurance claims and identity theft connected to federal stimulus payments. Add to the mix the all-too-common news of data breaches, and it’s clear why employees embrace ID theft protection when it’s offered to them.

2. Cost-effective

“Many businesses are very cost-conscious this year,” Kate explains. “Industries such as manufacturing or the food industry took serious hits over the past year. They’re building up again, but their costs are still high. Understandably, they have to be cautious about spending.”

“If a company has to make cuts in other areas, such as medical benefits, they may increase VBs as a give back to show they have a complete benefits program,” Kate elaborates.

3. Physical and mental health-related

In response to the pandemic, employees of all ages are looking more closely at their health coverage.

Kate’s seeing companies interested in VB plans that help employees with out-of-pocket expenses not covered by traditional health insurance. “Critical illness” or “hospital indemnity” plans are two examples.

Health coverage includes mental health, too. “The pandemic changed the way we focus on mental health,” says Tracy.

Companies are looking beyond traditional employee wellness programs. They’re offering an array of mental health benefits, including:

• Access to coaches
• Access to therapists
• Mindfulness tools
• Stress management

4. Easy to implement

This isn’t breaking news, but HR is still as time-strapped as ever. “HR wants to round out their benefits offering, but only with benefits that don’t take much work,” says Tracy.

Companies appreciate all-in-one plans, such as Pet Benefits Solutions’ Total Pet, which provides multiple options with only one simple set-up. It’s also a priority for VBs to integrate easily with existing software and benefits platforms.

5. Easy to implement virtually

Before COVID, virtual benefits access was an up-and-coming trend. Now, it’s the bread and butter of HR’s approach to benefits.

Virtual access begins with virtual OE. “We have to embrace a variety of communication methods to reach employees. Since many employers are still operating remotely, we need to be up to date with print, video, and electronic communication options,” says Tracy.

And once employees are enrolled, they want to manage their benefits from their phones with online accounts. Benefits that come with user-friendly apps (such as Pet Assure’s) are even better.

“Overall, employers are more open now to new products now,” concludes Kate. They’re looking for creative, novel benefits that attract employees while protecting their bottom line.

“And pet benefits always catch their eye,” she adds.

Tracy agrees, “Our client partners are always very receptive to pet benefits. They’ll tell me how they or their employee just got a new puppy or kitten, and it’s a perfect time to introduce these benefits.”