Pension & Benefits News Pandemic increases perceived value of employee benefits
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Tuesday, December 8, 2020

Pandemic increases perceived value of employee benefits

By Pension and Benefits Editorial Staff

Many employees appreciate their employee benefits more now than before the pandemic, and are viewing them in a new light, according to an October 2020 survey of 1,000 full-time employees from LIMRA. The Consumer Sentiment Survey found that over half of employees (54 percent) view their insurance benefits as more valuable compared to before the pandemic. Millennials in particular (64 percent) now place more value on their benefits.

In addition, LIMRA found that 66 percent of full-time employees said they are paying more attention to the benefits their company offers and the coverages provided. Almost as many (64 percent) employees indicated that they are more likely to consider signing up for certain benefits.

Even with open enrollment being different this year, 79 percent of employees are confident they will be able to make informed decisions about their insurance benefits in the midst of the pandemic. An equally high percentage of employees said that they are able to make informed decisions regarding their benefits using the online tools and information currently available to them. This is generally true across all age groups, declining just slightly among older employees, the study noted.

SOURCE: www.limra.com

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