American Employers Increasing Benefits to Attract Workers
The chairman and CEO of Summit Alliance Companies, Larry Anders has over 40 years of experience in the financial services industry. An accomplished executive, Larry Anders is a life and qualifying member of the prestigious Million Dollar Round Table. He is also a National Association of Insurance and Financial Advisors (NAIFA) member and a member of Top of the Table of MDRT for the past 24 consecutive years.
NAIFA works with insurance agents and advisors, giving them the resources they need to provide better employee benefits to businesses. In July 2022, NAIFA published the results of a survey performed by its industry partner LIMRA, assessing how United States employers and workplace benefits organizations expected workplace benefits to change.
Researchers found that 75 percent of employers expected to increase their benefit offerings within five years. Employers will do this to attract top workers in a tight labor market and respond to changing employee expectations on workplace benefits. Some benefits employers expect to become more popular are life insurance, short- and long-term disability, and paid medical and family leave.
In its earlier 2022 Insurance Barometer Study, LIMRA found that more than 80 percent of US workers wanted their employers to offer life insurance coverage, while about 40 percent were extremely interested in workplace coverage. This workplace cover goes a long way in providing financial safety to workers. About 70 percent of US residents with workplace life insurance said they felt secure financially, compared to 47 percent of uninsured residents.