Worksite Smarter.
The biggest learning lesson of 2022

Posted on: December 13, 2022

We began the year 2022, with bittersweet sentiments as America was feeling a sense of relief that the more lethal cases of COVID were in a steep decline and the countermeasures we were living through were coming to an end. Our economy also showed signs of growth as companies initially were seeking to expand their payroll and people. At the same time, many working Americans viewed hybrid working arrangements as the new normal.

As the year progressed, however, we saw continued challenges of supply-chain shortages, the largest surge in inflation in over four decades, and the personal budgetary pressures resulting from rising prices at the pump, at the grocery stores, and for just about everything else. And where we started off the year with a spurt in hiring, we are ending the year with concerns of layoffs across industries, especially notable in the digital world as witnessed by the announcements from notable social media and tech firms.

There is one overarching impact of 2022, perhaps the biggest learning lesson for us in the voluntary benefits industry—working Americans are seeking more assurances for today and tomorrow. According to one study, 2 in 5 Americans with dependents say they are barely or not at all financially secure.1 Combined with the fear of potential layoffs or employment instability, having and enrolling in voluntary benefits at work continues to provide an essential ingredient to financial wellbeing—and that’s permanency. That’s because voluntary benefits, such as group whole life Insurance, offer portability. This allows the certificate owner to maintain valuable coverage wherever they go should their career path change or switch jobs, or even retire.

Portable coverage makes good sense. It’s another reason for employers to offer and promote the value of voluntary benefits. It also helps employees feel more secure about their financial future. As benefits brokers, you have an extraordinary opportunity in 2023 to communicate the advantages of voluntary benefits and portability (where applicable) to your clients. You can lead the way to improved financial well-being that starts at the workplace.

This is just one of many observations we’re witnessing in the new benefits landscape. If you want to gain more insights into the perceptions of today’s working Americans, we hosted a webinar with LIMRA that you might want to catch the replay.

As we continue to act on trends that matter in the workplace, I feel confident that together we will help many more of the workforce improve their financial well-being in the new year and I’d like to take this opportunity to wish you Happy Holidays!