Looking Ahead to a Year of Challenge and Opportunity
Last year was a challenging one for businesses in every industry, and as we embark on a new year, the challenges remain in place for the start of 2022. The COVID pandemic has taken yet another turn with the omicron variant, leaving the future of the workplace uncertain. Hybrid models and long-term remote work options are likely to prevail, while worker shortages continue in the wake of the “Great Resignation” that began last summer. Even companies who do anticipate a return to the traditional workplace are facing challenges in simply preparing their spaces to be occupied again after 18 months of being vacant – and with the shifting environment around testing and vaccination, 80% of the companies we polled in November are holding off implementation of ETS requirements in the face of a federal court stay.
In this environment, employee burnout is on the rise, and many workers are feeling financial stress because of job uncertainties. As a result, many of our clients are beginning the year by placing a high priority on offerings that increase employee engagement and employee retention, and that provide mental health support. Our recent polls showed a growing number of companies implementing a year-long engagement strategy, while half plan to increase their budgets for mental health care and well-being solutions. Another 41% are utilizing Lifestyle Accounts to improve employee experience the employee experience, while a third are planning to increase their budgets for Lifestyle Accounts in 2022.
With the uncertainties that continue into 2022, it’s a good time to meet with your benefits expert to discuss ways to increase retention and wellness and maintain a productive working environment for people.
Our advisors are happy to discuss retention and well-being components of your employee benefits offering.
Contact your benefits expert or reach us at 650-488-8565 to learn more.
About the author
Darren is Newfront's Employee Benefits Practice Leader. With over 20 years in this industry, Darren's experience enables him to design programs to meet his clients’ strategic, financial and cultural objectives.
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