In just a few years, the number of companies offering employee identity protection is expected to double — and according to Willis Tower Watson, the vast majority of businesses will offer the benefit to their employees by 2021. Today’s article takes a closer look at the state of identity theft, as well as some of the reasons why identity protection as an employee benefit is skyrocketing in popularity.
There is an indisputable need for identity protection
The first and most obvious reason for identity protection’s surge in popularity is its necessity. Identity theft is occurring at an unprecedented rate. In 2017, more than 16.7 million Americans were the victims of identity theft. In total, there were nearly 1,600 breaches and almost 180 million exposed records. That means there were more breaches last year than any other year in history.
Identity theft protection appeals to all employees
Another reason identity theft protection is in such high demand relates to its vast appeal, especially when many workplaces have a policy of "bring your own devices." Employees of varying ranks, pay levels, ages, and even locations are in agreement — they need identity protection.
That’s because identity thieves don’t discriminate when it comes to picking targets:
- The following age groups experience nearly equal levels of identity theft despite being up to 30 years apart: 18-29, 30-39, and 40-49
- More than one million children became victims of identity theft last year
- Geography is also largely irrelevant, as states that experience the highest levels of identity theft vary greatly
In a workforce that is more diverse than ever, it can be incredibly difficult to find a benefit that appeals to everyone. Yet, identity protection bridges the gap!
Identity theft protection helps attract and retain top talent
Given the widespread desirability of identity protection, it should come as no surprise that companies that offer identity protection are better equipped to attract and retain top talent. We are, after all, living in a world where employees — especially millennials — view additional benefits more favorably than pay raises.
Attracting millennial talent isn’t the only generational challenge presented. In fact, retaining them may prove far more difficult. Consider the following the stats:
- 60 percent of millennials are open to a new job
- 50 percent intend to leave their current employer within a year
- Nearly 25 percent have changed jobs within the past 12 months
- Three out of five millennials say they’ve switched jobs between one and four times within the past five years
- An astonishing 66 percent say they will be leaving their job regardless of what the economy is like by 2020
Identity theft protection helps protect your company’s bottom line
Finally, one of the most significant reasons your business should offer employees an identity protection benefit is because it protects more than just your employees — it protects your company’s bottom line.
You can read more about the specific financial benefits in our post about the topic, but here are a few highlights:
- Identity protection reduces corporate risk
- Identity protection reduces employee disengagement
- Identity protection reduces reputation damage
- Identity protection keeps corporate security top of mind
- Identity protection reduces the potential impact of litigation
Selecting the right employee identity protection benefit
While an identity protection benefit can generate a substantial ROI for your business, it’s important your company selects the correct plan. Not all identity protection providers are created equal, so it’s critical you do your homework before partnering with any provider.
At a minimum, the following features should come standard with any plan you consider:
- Proactive alerts that notify on applications for credit cards, wireless carriers, utility accounts, and non-credit accounts
- Monitoring of high-risk identity activity such as password resets, fund transfers, unauthorized account access, compromised credentials, address changes, and public record alerts
- Tools to monitor and preserve your reputation across social networks
- A dedicated advocate to guide and manage your employees’ full recovery process, restoring credit, identity, accounts, finances, and their sense of security in the event identity theft does occur
- A $1 million insurance policy to cover lost wages, legal fees, medical records request fees, CPA fees, childcare fees, and more without the need to spend countless hours away from work
If you need additional help choosing an identity protection benefit that’s right for your business, please reach out. We’ve been in the employee identity protection industry for more than a decade, and we’d love to help your company protect its most valuable asset.