A survey of 400 companies by Goldman Sachs Ayco, a Goldman Sachs-owned firm focused on company-sponsored financial planning benefits, finds that there has been a 177% increase over the last three years for inclusion of caregiving benefits, including child and elder care assistance.
More than 50% of the surveyed employers help their workers find capable caregivers or help pay for the cost of such care. “The pandemic shone a light on an issue that existed long before it,” said Kathy Barber, vice president and head of corporate benefits and compensations at Goldman Sachs Ayco. “Now companies are looking for ways to alleviate stress and anxiety and still allow employees to maintain their work schedules.”
Inclusion of pet insurance benefits has shot up 120% over the last three years. Barber noted the popularity of this benefit is such that she hears more questions from job interviewees about employer-provided pet insurance than questions about employee and medical insurance.
“Employees expect to receive certain benefits, but pet insurance is a value add,” Barber said. “Many people have pets and the prevalence of pets grew over the pandemic, so a discounted rate on pet insurance is a huge cost-savings opportunity for employees.”