Spotlight on Benefits – 2020

This year, Covid-19 shined a spotlight on employee benefits because employees were seeking more support. Given such drastic, unimaginable changes, the pandemic revealed gaps in many companies’ benefits packages.

At PT Business Solutions, we helped our existing clients to quickly adapt their benefit offerings. We also dug in with many new clients to redesign their benefits while managing the unfortunate necessity to furlough or cut staff.

These months have been stressful, confusing, interesting and hopeful. We unraveled new initiatives like the CaresAct, Paycheck Protection Program and Family Cares Act, and we all witnessed a tumultuous presidential election. From providing mental health support for employees dealing with record levels of stress and anxiety to expanding access to retirement plans and financial tools, we provided customized ways for our clients to provide benefits during unprecedented times.

Balance Beam – 2021

Optimism about the roll-out of the Covid-19 vaccine and the start of the new year is fantastic, but as business leaders, we need to remember that when the clock strikes midnight turning 2020 into 2021, the challenges we face will not automatically disappear.

The startling statistics about the effects of the health and financial crisis mean that many of our employees will continue to deal with some type of mental health and/or financial issues.

Thankfully, we continue to see employers turn to benefits to help employees make it through the end of the pandemic with expanded mental health benefits, wellbeing programs, and PTO/vacation programs.

The Light at the End of the Tunnel

Studies show that the hierarchy of employee’s values has changed. It’s not surprising that the Covid pandemic has forever made remote work and flexible hours a top option. Going forward, employees want the flexibility to choose whether to work from an office or home. In surveys, half of all employees want to continue working from home even after the pandemic is under control.

According to a recent employee benefits survey, when choosing between a high-paying job and a lower-paying job with quality health benefits, 88% of employees would consider the lower-paying job. A whopping 54% of employees would “heavily consider” this tradeoff. Therefore, there is potential for cost savings in salaries and office space that can be applied to benefits for maintaining a strong team.

Retention is an oft-cited metric, and even with so much going on, savvy employers keep employee loyalty as a top priority. Loyalty goes deep, inspiring engagement among high-performing talent and fostering a sense of connection and ownership within your firm. Together, you and your team can envision the light at the end of the tunnel for a bright future and successful 2021.

At PT Business Solutions, we are here to keep that light burning. Connect with us today at (626) 795-4138 or click here for a free consultation.

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