The average benefit suite covers everything from paid time off to retirement. But what about when employees find themselves in legal trouble?
Fifty-six percent of employees will face at least one legal matter during their career, according to a study from legal services company LegalShield. Yet, 26% of employees have no legal protection and 34% are relying on expensive pay-as-you-go legal services. Legal benefits have always been a voluntary benefit option, but it may be time for organizations to make them a permanent part of the rotation.
"Gone are the days where an employer's core benefits are all there is," says Emily Rose, the president of business solutions at LegalShield. "Employees want to customize their benefits to fit their lifestyles, and legal benefits ensure that employees' potential needs are being met."
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In recent years, supplemental benefits that help employees cover costs for things like health and wellness, education and childcare have become increasingly popular. However, according to LegalShield's findings, there is still a demand for benefits that address some of the more specific financial categories that can impact an employee's well-being.
The study revealed that 57% of employees wanted access to some kind of will and estate planning service, making it the most requested legal benefit, according to Rose. Still, 38% of employees were also interested in family law services for matters like divorce and adoption and another 26% wanted real estate support for home purchases and property concerns.
"When you're sick you go to the doctor and when you have a toothache you go to the dentist — all of that is being provided by the employer," Rose says. "When you have a legal issue, though, if the benefits aren't being offered through the workplace, you're kind of on your own."
An employee's path to figuring out a solution by themselves can be an expensive one. Among respondents who obtained a lawyer to handle their legal matter, 78% spent over $500 on attorneys' fees, according to LegalShield, creating a significant financial strain. There is also the cost to the employer in potential absenteeism to consider. Sixty-one percent of employees need to take time off in the days leading up to a legal proceeding, with 85% of those employees requiring at least one full day away.
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"It's not always big legal battles like the ones we see in 'Law and Order,'" Rose says. "There are normal moments over the course of a business or a life that employees are going to want an attorney to help guide them through. Whether you're fresh out of college with tenant issues or in your 50s with kids going off to college, legal benefits support them all."
Getting more support from employers on legal matters outside of work will also make employees more engaged and productive while in the office, too. Forty-two percent of employees said identity theft concerns affect stress levels at work, 58% reported increased job satisfaction when legal benefits are available and 57% indicate stronger job loyalty.
"An employer who really thinks of their employees' needs as a top priority shows that commitment through the breadth of the benefits they're offering," Rose says. "Looking out for not only an employee's best interest, but that of their family, really tells an employee that they matter, and that goes a long way."
