It’s impossible to talk about 2020 without mentioning some of the big changes that swept through our work lives. Living rooms became offices. Meetings went online. For some of us, this shift was welcome – Don’t miss you, long commute! But navigating this new work set-up wasn’t always easy, and we’re not just talking about the glitch-y video calls. Challenges like juggling the demands of work with wrangling the kids, struggling with burnout, and navigating the complexities of unemployment during a pandemic and economic recession were real and often, tough to deal with.
As we start the new year, many of us may be reevaluating certain aspects of our work lives. What’s, literally, working? What can we change? And part of that check in might include taking a closer look at the benefits available at our place of work, like healthcare, paid leave and more. In fact, a recent annual enrollment trends report from Ayco, a Goldman Sachs company, notes that “the fallout from the Covid-19 pandemic is putting new urgency on company benefits. As employees look to their benefits offerings, companies are responding in kind, by leveraging, expanding and creating new benefits to answer the needs of their employee populations.”
Whether you’re on the hunt for a new job or just want to see how your company’s benefits stack up, the report highlights some key trends – and changes on the way – that could be helpful.
Digging into company perks. Have you read through your workplace benefits? Not everyone pours over them with the same enthusiasm as a good novel but that may be changing. Compared with 2019, Ayco said it expects that employees will take “a deeper look” at the benefits offered by their employer, as they’re searching for additional support during the pandemic. What’s top of mind for workers these days? Benefits like paid leave and child care seem to, unsurprisingly, be a priority.
Possible benefit changes ahead. Companies are also editing some policies to address the needs of their employees, Ayco noted. Here are some of the changes that have happened (or are on the way) across a variety of employee benefits:
Looking ahead, many companies are considering options that are potentially more cost-effective, with plans that offer lower deductibles and out-of-pocket maximums, as well as expanded telehealth coverage.
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.