Expert predicts innovative trends in voluntary benefits

Voluntary benefits professional Elizabeth Halkos recently shared her perspective on innovative benefits patterns to watch for in 2017, predicting half a dozen areas of interest to the industry via the Employee Benefit News (EBN) website.
Halkos explained that forecasting trends isn’t necessarily scientific, nor is it based on guesswork. Rather, she said, the process depends on experience and knowledge.
“In the case of employee benefits, it’s more about understanding the industry and what the players in the industry — including the workforce, employers, brokers and providers — are saying and doing,” she said.
To that end, Halkos — chief revenue officer and marketing professional for Atlanta-based Purchasing Power, a nationwide employee purchase program — predicts six specific trends for the coming year.
First, because variety is highly appealing to team members, companies desiring an attractive benefits plan should consider including extras such as identity theft or cyber security protection; financial counseling; tuition assistance; and eldercare.
Secondly, said Halkos, modern technology enables new levels of customization such as catering to age-specific needs.
Third, digitalization drives the millennial generation and will continue to do so. Hence, increased use of and access to mobile options for benefits communication are on the horizon.
Fourth, companies should consider investing in financial wellness support for employees to reduce stress.
Fifth on the list is high-tech wellness including “wearables,” devices equipped with digital measurement and identification capabilities that can be coordinated through firms’ benefits departments for health incentives. Finally, Halkos predicts, online education will emerge as a means of reducing student debt and furthering professional training.
Halkos recommends that companies stay on the forefront of nontraditional voluntary benefits — not only to stay competitive, but also to boost employee satisfaction, for a win-win in 2017.