Employers in many industries are still struggling to fill open positions. Meanwhile, workers are struggling to make ends meet amidst inflation and wage stagnation. Both groups can feel like they are doing everything they can but not making any headway. You can be a hero by introducing them to more non-medical benefits.
Non-medical benefits are fantastic recruiting and retention tools. They can be leveraged to give workers more of what they need to live the lifestyles they desire. At the same time, they meet some of those employee needs without requiring huge individual investments. Employees enjoy more benefits with fewer out-of-pocket expenses, giving them more money to put toward the basics.
American Workers Are Hurting
COVID did a real number on American workers. Above and beyond medical issues, pandemic fallout has caused significant financial harm to so many. The previously mentioned inflation and wage stagnation are just the start. Workers are also dealing with a lack of promotion opportunities, an inability to save for retirement, and more.
Jobcase's 2022 America@Work Report shows just how real the struggle is. The report includes data compiled from surveys of 4,000 employees earning as much as $75,000 annually. Here are some of the more startling statistics from that report:
- 39% say they can't meet basic needs with their take-home pay.
- 70% say inflation is the biggest problem facing America.
- 40% say their pay isn't keeping up with inflation.
- Less than 40% say they can save for unexpected expenses.
- Less than 40% can afford to save for retirement.
Equally startling is data demonstrating that CEO compensation has grown at a rate 15% higher than the average American worker. This is not lost on those workers. They feel like they are being left behind while executive management is reaping the benefits of their hard work.
Help Them with Non-Medical Options
Suffice it to say that American workers were far better off prior to the pandemic. You can help by giving clients and their employees access to non-med options. We have already explained why, now let's talk about some of the options.
1. Dental and Vision
The go-to non-medical benefits are dental and vision plans, and both can be offered at competitive rates. Dental and vision are good, but don't stop there. Today's employees need and expect more.
2. Disability Insurance
Now more than ever, workers are acutely aware of the potential for severe health issues to keep them out of work. COVID has made that real enough. As a result, many worry about how they and their families will cope if they suddenly find themselves disabled. Disability insurance offers the hope of financial benefits that will both pay the bills and offer some peace of mind.
3. Life Insurance
The pandemic has also made American workers acutely aware of life's short nature. It is causing people to wonder how their families would replace lost income in the event of their death. Life insurance can be the answer to that question. A life insurance benefit substantial enough to pay funeral and burial costs and replace lost income, at least for a time, is a tremendous help.
It is clear that American workers are hurting as a result of pandemic fall out, inflation, and wage stagnation. But you can be a hero to both them and your customers by emphasizing the importance of non-medical benefits. Introduce them to your clients as a way to improve recruiting and retention. Introduce them to employees as a way to better provide for themselves and their families.