Business, Column, Lifestyle, Money Matters

Covid effects on benefits

By Kevin Theissen

The impact of Covid-19 on workplaces has been profound. As we move forward, it is likely work as we once knew it will be changed forever. Employer benefits is one area in which there may be significant change.

Remote work options may be necessary for businesses to remain competitive, according to the Pulse of the American Worker survey: “…a war for talent” may be looming if companies don’t address workers’ needs…[the] war will be won by companies who affirm their standing as a top destination for both current and future talent. These employers will cultivate cultures that reflect what is most important to workers, such as remote-work options and flexible work arrangements, opportunities for career development and mobility, and comprehensive benefits that foster employee health and wellbeing and build financial resiliency.”

Financial wellness has become a top concern for Americans — at work and at home. Two-thirds of survey participants said they spent more time thinking about their finances in 2020 than they have in prior years, and they identified key barriers to financial security which included:

  • 72% Lack of retirement savings
  • 65% Lack of emergency savings
  • 65% Not enough invested to grow
  • 64% Too many bills
  • 58% Not enough financial “know-how”
  • 55% Too much debt

Some employers are considering new benefits that help address these issues, including emergency savings programs and other financial wellness options.

Kevin Theissen is the owner of HWC Financial in Ludlow.

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