Commuter Benefits Administrators, Clarity Benefit Solutions, Provides an Industry Forecast for 2019 for the Benefits Industry
NEW YORK, Feb. 1, 2019
NEW YORK, Feb. 1, 2019 /PRNewswire/ -- Commuter benefits administrators, Clarity Benefit Solutions, gives an industry forecast for the 2019 benefits industry.
Today's tight job market makes benefits, especially ancillary and voluntary benefits, an even more important factor in attracting and retaining top talent. For brokers and employers to put together the most attractive benefits packages, they should stay up to date on the latest trends. Here are the benefits trends that can be expected as 2019 unfolds.
The most prominent benefits trend is the rise in student loan repayment programs. Student loan debt is a major concern of many employees, especially for millennials who make up majority of the workforce. However, less than 5% of employers offered this benefit in 2018. This number is expected to be higher for 2019 as this is a mutually desirable benefit for both employees who need the assistance and employers who gain loyal employees.
Another trend is the rise in benefits that address the needs of people who serve as caregivers for family members like parents, grandparents, children, and extended family. About one in four employees is a caretaker, whether it be emotionally, financially, or combined. There is expected to be a rise in benefits like elder care support, childcare, adoption assistance, financial wellness, and more.
Another trend this year will be the encouragement of savings through employee benefits. Majority of employees have less than $1,000 in their savings accounts with zero money saved for retirement. Seeking guidance, employees will be inclined to participate in employee benefits that support savings goals through automated savings accounts and other similar benefits.
Finally, the benefits industry will see a streamlining of communication throughout 2019. With technology in the benefits industry improving rapidly over recent years, it's easier than ever for brokers, employers, and employees to maintain open lines of communication all year long, not just during open enrollment. This especially resonates with the millennial generation, which values continual feedback and digital means of communication.
About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
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SOURCE Clarity Benefit Solutions