Principal Finds More Businesses Plan to Increase Benefits

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Principal Finds More Businesses Plan to Increase Benefits

Aug 30, 2021, 2 Minute Read

The recently released Principal Financial Well-Being Index℠ Wave Two for 2021 surveyed 500 employers from companies with two to 10,000 employees for a look at employee well-being initiatives and how benefits are helping employers cope with the pandemic and compete during the next phase of recovery and growth.

Key Findings:

Small and medium-sized businesses plan to increase employee benefits to spur hiring and growth.
Over 90% of businesses plan to increase at least one benefit in the next 12 months.
A greater percentage of businesses plan to increase telehealth (42%), healthcare benefits (41%), and mental health/well-being services (38%) in the next 12 months.
Greater competition for talent means more benefits and digital access.
– More businesses say they’re hiring.
– Employers are dealing with the complex American labor shortage and a workforce empowered to determine where they want to work and what they want from an employer, making benefit offerings more critical.
To help employees better understand their benefits, 65% of businesses are improving digital access to benefits for employees.

Staffing Trends

Employee Benefits

Download the full Principal Financial Well-Being Index to explore the findings in more detail.

Principal Financial Well-Being Index

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