New research published by Transamerica Institute explores how US employers are finding ways to support their employees amid the pandemic.
New research published by Transamerica Institute explores how US employers are finding ways to support their employees amid the pandemic.
Seventy percent of US employers have been negatively impacted by the coronavirus pandemic and more than half (54 percent) have implemented cost-cutting measures that affected their employees, according to the report, Navigating the Pandemic: A Survey of U.S. Employers.
"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
Nine in 10 employers (90 percent) have implemented one or more types of support for their employees during the pandemic, according to the report:
The report is based on a survey of more than 1,900 employers conducted in late 2020 and is published by the Transamerica Institute and its Transamerica Center for Retirement Studies. Transamerica Institute is mainly funded by contributions from Transamerica Life Insurance Company.
Employee benefits
Collinson says that employers have the opportunity to enhance their benefit offerings as businesses recover and envision the post-pandemic workplace.
"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."
The report makes the case that a competitive employee benefits package is often a win-win situation. It can help employers attract and retain talent while providing their employees with the ability to save for retirement and protect their health and financial well-being.
Larger companies are more likely to have robust benefits than small companies, but there is ample room for growth among companies of all sizes. The report goes into detail about the percentages of employers who offer the following:
- Retirement benefits
- Health insurance and other benefits
- Workplace wellness programs
- Caregiver support
Call to action
Collinson emphasizes that employers play a vital societal role by providing employment, employee benefits, and the ability for workers to save and invest for a secure retirement. She concludes:
"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."
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