Latest Eastbridge report reveals increasing pace of change for employee benefits

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Oct 20, 2022, 08:00 ET

More employers plan to add new benefits in next 12–18 months

AVON, Conn., Oct. 20, 2022 /PRNewswire/ -- An increasing number of employers plan to make changes to their benefits programs in the next 12–18 months, according to Eastbridge's new MarketVision^TM—The Employer Viewpoint^© report. The report shows nearly two-thirds (62%) of employers plan to add or change an employee benefit — significantly more than the 44% reporting such plans just two years ago.

The MarketVision^TM—The Employer Viewpoint^©report explores employer attitudes and opinions about voluntary benefits based on survey data from more than 1,000 employers in firms of all sizes, from 10 to more than 10,000 employees. The findings update more than two decades of Eastbridge data on a wide range of topics including types of benefits employers offer, which benefits they offer as voluntary and why, changes they've made recently or plan to make in the future, communication and enrollment methods they use, benefits administration systems and more. The report is designed to help benefits carriers better understand the needs, wants and expectations of employers to develop effective marketing plans and business strategies.

"Our research shows a past trend of employers cutting back on employee benefits to control costs has changed," said Nick Rockwell, Eastbridge president. "Only a handful of employers — 6% — say they plan to drop one or more benefits completely, less than half the number in our 2020 survey. In fact, just the opposite is true: more than half now say they plan to add a new benefit, either employer-paid, partially-employer paid or voluntary."

Other key findings in the report include:

Two-thirds of employers now offer at least one voluntary benefit to their employees. This represents an increase from 60% two years ago and is driven primarily by the higher percentage of smaller employers offering voluntary coverage.
Nontraditional voluntary benefits continue to increase in popularity. Legal plans lead the list, followed by auto/homeowners, identity theft protection and pet insurance.
Online benefits administration services are very important to employers of all sizes. The top three online services employers want include the ability to adjust and pay a bill, the ability for employees to file claims, and the ability for employees to check their claim status.

More information about Eastbridge research is available on Eastbridge's website, or by emailing [email protected] or calling (860) 676-9633.

About Eastbridge Consulting Group

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.

CONTACT: Ginger Bates
EMAIL: [email protected]

SOURCE Eastbridge Consulting Group