More businesses plan to increase employee benefits

For the first time in over a year, more than two-thirds of businesses taking part in a survey reported improved financials, more hiring and a readiness to bounce back when the pandemic allows. As they do so, a greater portion of companies also plan to increase the benefits they offer to employees.

The survey of 500 business leaders conducted in June by Principal found that half of large and small businesses were hiring workers, up from a third in March.

The survey also found that a greater percentage of businesses plan to increase benefits in the next 12 months. The survey tracks 18 different employee benefits, and the latest survey showed that a higher percentage of businesses surveyed plans to increase each of the 18 benefits over the next 12 months.

Telehealth was the most popular benefit in terms of planned increases.

Moreover, most businesses said they had either expanded digital access to employee benefits, added it for the first time, or plan to do so.

Six in 10 businesses surveyed said they currently offer financial wellness benefits or a program, and more than three-fourths agree that financial wellness programs help employees prepare for retirement.