Remote Workers? Put the Cost Savings Toward Better Disability Insurance Benefits
Consider offering an enhanced benefits package with better disability insurance benefits, dental and vision coverage
More than 45% of full-time employees continued working partly or fully remote in September 2021, according to a recent Gallup poll. Meanwhile, 90% of remote workers said they would like to remain remote, to some degree, even in a post-pandemic era.
Americans can save a cumulative 62.4 million hours of commuting time per day working from home, along with an average of $500 per month.
Cost savings can add up for employers, as well. Only 20 to 25% of companies pay for even a portion of the cost of home office equipment and furnishings. That’s not to mention the savings in infrastructure, electricity, heating and cooling systems, and all the other expenses that go into running an office.
A study from Global Workplace Analytics found that employers save an average of $11,000 per employee, per year, by shifting to a remote workforce. The majority of the cost savings comes from reduced office space, along with reduced absenteeism, increased productivity, and less employee turnover.
In fact, 87% of employers are looking to increase their savings on office space by changing their real estate strategy within the next 12 months, according to one PwC study. For some, this means consolidating office space, while others may open satellite locations, specifically in cities with lower costs of living, to better manage a workforce that is now spread across the country.
Remote work has so many tangible benefits, including reduced costs, increased worker satisfaction, and even – in many cases – enhanced productivity. But have you considered what you can do with the money you’re saving by keeping even a portion of your workforce remote?
Remote Work as a Recruiting Tool
According to one survey by Owl Labs, 59% of workers said they would be more likely to choose an employer who offered remote work options. The enhanced productivity and increased satisfaction employees feel when they are permitted to work remotely, even part of the time, can benefit your overall company culture and moral.
In a recent Slack survey, 72% of workers say they prefer a hybrid work arrangement, where part of the time is spent in the office and another portion working remotely. Only 12% say they want to be in the office full-time.
Put Remote Work Cost Savings Toward Enhanced Disability Insurance Benefits and More
Today’s employees are looking for more than basic healthcare coverage from their employers. They want benefits that will deliver peace-of-mind, including enhanced disability insurance benefits, life insurance, and ancillary benefits like dental and vision coverage.
Business owners in New Jersey can save money by privatizing temporary disability insurance benefits mandated by the state and then bundling their coverage with other voluntary worksite benefits. Critical illness coverage can provide income replacement to pay for living expenses and out-of-pocket medical costs if an employee experiences an illness that occurred off the job. Accident insurance provides similar benefits for off-the-job injuries.
Dental and vision benefits can make it easy for employees to budget for routine and preventative care, such as corrective lenses or dental cleanings, as well as emergency care.
Most of these benefits can be funded fully by employees or provided as a shared-cost benefit, which means the employer would cover some of the costs.
Adopting a remote workforce, when possible, can be a win-win for New Jersey business owners. Especially when you or your employees use a portion of the cost savings to invest in a better benefits package that will provide peace-of-mind and financial security for the future.
Speak to an insurance professional at EZTDB to learn how you can offer your employees better disability insurance benefits today.