COVID-19 has impacted our world in ways we couldn’t imagine just a few months ago, and only time will tell how far-reaching its effects will really be. But as businesses reopen across the country, we are already predicting this experience will truly change the workplace, especially when it comes to employee benefits.
Below are our top four predictions for benefits in the workplace, post-coronavirus:
Experts are largely in agreement that telemedicine has jumped forward about 10 years. We expect to see expanded telehealth services, especially in primary care, and believe health insurance will respond in kind. Even after the effects of COVID-19 have subsided, the coverages for telemedicine will remain and will become standard.
This is great news for employers, including small business owners. Telemedicine can result in lower insurance claims and smaller premiums by providing less expensive appointments and reducing the cost of ongoing care. In addition, telemedicine coverage can act as a recruiting tool and lead to healthier, more productive employees.
For most employers, health insurance is their second-largest expense. However, having health insurance does not mean physicians will be available for employees to see.
Health Insurance ≠ Health Care.
Many large employers already provide on-site or near-site physician clinics. This trend will significantly grow into the small- to mid-size employer market, as multiple employers share these clinics’ costs, providing physician access for their respective employees.
More employers will implement a Direct Primary Care (DPC) strategy for their employees.
What is DPC? It is the affordable version of concierge medicine. Instead of a physician spending half their time (or more) entering complicated codes for insurance company reimbursements while managing patient panels in the thousands, they are paid a reasonable monthly amount (usually $2 to $3 per day) to provide unlimited 24/7 access to substantially fewer patients. This provides the physician with the time necessary to get to know every patient and help them live healthier lives instead of simply medicating symptoms.
Is there a better employee benefit an employer can provide than 24/7 physician access?
COVID-19 forced many employers to experiment with remote work, and many have discovered that employees can be productive, even when not at their assigned desk. Conversely, employees have had a taste of the work-from-home lifestyle, and many will want to keep it, even if only in a limited capacity.
Flexwork was already trending as a most-requested benefit and will continue to rise in popularity. Again, this is great news for business owners. Flexible schedules provide myriad benefits for employers and employees alike, usually resulting in higher rates of employee retention.
Although actual stipend amounts are likely to vary by geographic location and job duties, simply providing additional funds to set up or improve a home office will be money well spent. Employees will need to provide proof that their stipend is being spent on their home office to receive it tax-free.
Some employers are spurring creativity and competitiveness by having contests for who can build the best Battle Station (a.k.a. customized home workspace), offering rewards for categories such as “best use of space” or “best cord management solution”.
Learn On Demand Systems has useful tips for employees and managers for this new remote workforce.