Employers continued support for workers amidst COVID's chaos
Despite 70% of employers being negatively impacted by COVID, most still found ways to support workers.
Around 70% of employers reported being negatively impacted by the pandemic, but most (90%) still found ways to support their staffs by implementing one or more types of programs, according to a survey by the Transamerica Institute and its Transamerica Center for Retirement Studies (TCRS).
Providing flexible hours was the most popular way to support employees during the pandemic, with 59% of employers instituting such policies. Additionally, 53% reported allowing work-from-home/remote arrangements, while 43% put in place new safety measures and 24% provided emergency paid leave.
“Amid the pandemic, employers have been navigating a public health crisis, a turbulent economy, financial woes, and difficult business decisions. However, they are also finding ways to support their employees during this challenging time,” Catherine Collinson, CEO and president of Transamerica Institute and TCRS, said in a release.
Other forms of employee support included access to mental health support, covering lost wages, maintain benefits for furloughed workers, increasing wages and providing severance for laid-off workers, the survey found.
“As employers recover and envision the post-pandemic workplace, they have the opportunity to enhance their benefit offerings. The benefits marketplace is highly competitive, and employers may find new solutions within their reach. As a specific example, recent legislation has made it easier and more affordable for small businesses to start offering a retirement plan,” Collinson explained.
Attracting, retaining talent
To this end, the institute reported offering benefits is a “win-win” situation as they can help attract and retain top talent while providing for employees. However, from companies large to small, there is still room for improvements in benefits programs, the survey revealed. For example, while 90% of large companies and 83% of medium companies offer retirement benefits, less than half of small companies do.
Company sizes were based on headcounts, the institute explained, with small companies having fewer than 100 employees, medium size having 100 to 499 workers, and large companies defined as those with 500 or more employees.
Among preferred benefits, health insurance was the most cited, followed by life insurance, employee assistance programs and disability insurance.
Another area of support where there is a need is for caregivers, according to the Transamerica Institute, which a large number of workers are trying to balance work responsibilities with caring for an aging parent or loved one.
While six in 10 employers offer one or more programs to support caregiving employees, the institute reported more needs to be done in this area. For example, only one in five employers offer online resources or tools to support caregivers, while 20% give training to managers and 18% offer referrals to backup care.
“Employers play a vital societal role by providing employment, employee benefits, and the ability for workers to save and invest for a secure retirement. Especially now, as our nation emerges from the pandemic, employers need support from policymakers to continue paving the way for their recovery and to make it as easy as possible to modernize their business practices and expand their benefits offerings,” said Collinson.
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