In this Milliman webinar, consultants Lauren Busey, Heidi tenBroek, and Larry Daniels discuss results from the recent Milliman Northwest Healthcare COVID-19 Pulse Survey. The survey summarizes key actions local healthcare employers are taking to address employee benefits and compensation issues as a result of the current pandemic.
The emergence of the COVID-19 pandemic has had a massive impact on the U.S. economy and workforce. Millions have been furloughed or laid off, while others have struggled to do their essential jobs or work from home amid limited child care, stay-at-home orders, and social distancing guidelines. Even as the nation slowly gets back to work, the pandemic will undoubtedly have long-lasting effects on the economy, and by extension on employee benefits.
The 14th annual Northwest Benefits Survey—which includes data collected from February to April 2020 from 138 organizations located in Alaska, Idaho, Oregon, and Washington—captured the situation immediately before COVID-19 began affecting the United States. Despite the uncertainty of the moment, the observations from the 2020 Northwest Benefits Survey help clarify some strong trends that will likely have relevance in the future. From the expanded use of telehealth to the increasing importance of wellness benefits, employers may feel a need to reexamine their benefits in order to better support their employees and determine the way forward for their organizations during this global health crisis.
Healthcare workers on the front lines of the COVID-19 crisis are treating patients around the clock to help them recover. As a result, many workers have fallen ill and been forced to quarantine indefinitely, while some have even lost their lives. In the United States, hospitals, clinics, and other healthcare organizations are adjusting their benefits and compensation policies to support their employees during these uncertain times.
Offering employees convenience-based benefits and perks is an important strategy employers must consider to attract and retain top talent. This is especially true as costs for healthcare, childcare, and other necessary goods and services continue to rise while salary budgets remain relatively tight. In this article, Milliman’s David Evans highlights the following benefit trends that are likely to continue into 2020 and beyond.
With unemployment in the United States at near a 50-year low, employers need to find novel ways to attract new employees and keep their workforce engaged. Creating competitive compensation packages that ensure employee satisfaction must reach beyond pay to more comprehensive views of what workers want from their companies and jobs.
What are seven trends that are key for employers to consider
in the current labor market?
Research has consistently shown that keeping employees
engaged is the key to running a successful business.
6. Corporate social responsibility
Workers want to work for a company that supports their
5. Pay equity
Perceptions of pay equity can erode employee engagement and trust in management.
4. Minimum wage
In recent years, the effective minimum wage in some areas in the United States has outpaced inflation and grown even faster than typical wages.
3. Hot jobs
Salaries for hot jobs are moving at a more rapid pace than
the rest of the market.
2. Employee financial wellness/well-being
Employee financial wellness and well-being initiatives stand to benefit a large number of employees.
1. Total rewards
A company’s ability to attract and retain the best employees
depends to a large extent on other pay components in the total rewards package.
By 2020, five generations will work together at some companies for the first time. Human Resources (HR) departments that prepare to meet the different needs of each generation will secure the best talent. A recruitment approach that aligns corporate business strategies, internal equity, and employee compensation can be an effective strategy. Milliman’s Anthony Halim offers perspective in his article “Effective intergenerational employee compensation approaches.”
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