If you are thinking about adding employer-paid identity protection to your benefits package, you may have questions about the value such a benefit brings to both your employees and your business. As a benefits manager, you’re responsible for vetting an array of options to find benefits that provide the perfect mix of utility, necessity, and […]
Understanding Identity Theft Protection Employee Benefits
What HR benefit managers need to know about adding identity protection to their employee benefits package
Over and over studies show that financial insecurity is a major source of stress for employees, the impacts of which lead to greater absenteeism and tardiness, as well as a decrease in workplace performance. That’s why today the overwhelming majority of employers offer a set of financial wellness benefits that may include budgeting and spending planning, retirement planning and investing, college loan consolidation and repayment, and even short-term lending options. But what good is improving your financial wellness if it can all be put at risk through identity theft and financial fraud? With one in 20 Americans expected to fall victim to identity crimes this year, identity theft protection has emerged as a critical component of a total financial wellness package.
Just as health benefits protect an employee’s physical well-being, identity theft protection covers their financial security, workplace productivity and overall peace of mind. Think of it as a financial wellness benefit—a wrapper of protection that ensures the employee’s hard work and financial discipline is not put at risk due to identity theft.
If you have experienced identity theft or fraud first-hand, then you know the significant time, stress, and financial toll the repair process can exact.
In fact, the reason why identity protection benefits have seeped into the employer benefits conversation is because the latest identity theft numbers are staggering—both in terms of the sheer scope of consumers who are impacted by this growing digital menace and the resulting impact on workplace productivity. As cyber criminals grow more sophisticated in their ability to steal identities and commit fraud, identity theft resolution has become more complicated and time-consuming for victims.
If you’re exploring employer-covered identity protection benefits for the first time, or if you have concerns about an identity protection benefit that you currently offer, our Benefit Manager’s Guide can help answer your questions. In it, we explore everything you need to know about adding an identity protection benefit and what to look for when comparing providers.
In the guide, we examine how an Identity Protection Benefit helps to:
- Protect against the risk of lost productivity due to identity theft
- Remove the employee burden of repairing their identity should it be stolen and used fraudulently
- Attract and retain top talent by securing their financial wellness
The guide also sheds light on the differences between an employee-paid versus an employer-paid benefits plan, and explains what distinguishes identity theft protection from identity repair. In addition, it explains how providing this benefit can help mitigate fines and litigation in the event of a workplace data breach.
When it’s time to choose a plan, there are a few options to consider. We offer several selection criteria when evaluating the right plan for your business, including support, success rates and ease of implementation.
Today’s HR professional is a master juggler—tasked with caring for employees while protecting the business, and weighing an array of benefit offerings against their associated costs. The goal is happy, productive employees within a defined budget. In the past, affordability and employee utilization have been an issue with identity protection benefits. But that’s changing, and new products are checking the boxes for cost, value and employee enrollment.
Given the growing financial impact of identity theft on American workers, a benefit that covers identity protection and repair is increasingly embraced by organizations that want to protect their employees and their business. Contact us to learn more.