The Future of Employee Benefits: Trends to Watch

Attracting and retaining employees continues to be a challenge for many employers. One way for employers to address this is by observing and implementing employee benefits trends. Employee benefits are compensation for employees in addition to their base pay. These have commonly included health, vision, dental and disability insurance. However, there are benefits on the horizon that are becoming more and more important to applicants and employees.

Employee Benefits Trends 2024

The following are employee benefits trends for 2024:

• Providing affordable health care offerings—It is common for employers to offer health care as part of their benefits package; however, employees are becoming more critical of these offerings. High inflation and provider shortages have increased the price of health care, which means employers must find a way to mitigate health care costs while keeping benefits affordable for employees.
• Improving flexibility and personalization—Employees continue to appreciate flexible and customizable benefits to meet their unique needs. This can include flexible work arrangements, diverse wellness programs, flexible spending accounts and customizable retirement plans.
• Prioritizing mental health—Employee mental health remains a top priority for employers. Many employees experience mental health challenges, including stress, lack of motivation, burnout and reduced focus. Employers can prioritize employee mental health by expanding mental health service offerings.
• Focusing on preventive care—Avoiding medical care can worsen long-term health outcomes and increase costs for both employers and employees by preventing the early detection of serious illnesses. As employers struggle to mitigate rising health care costs, many will focus on keeping employees healthy and providing benefits education to help them be educated health care consumers, maximize their benefits and understand the importance of routine care.
• Expanding family-building health benefits—Many employees are looking closely at available family-building and reproductive health benefits. This includes paid parental and adoption leave, childcare subsidies, surrogacy benefits and family planning assistance.

Employee Benefits Insurance in Oakland, CA

Although every workplace is different, employers that understand current benefits trends will be better equipped to provide employees with the benefits they desire and need. In an evolving labor market, an attractive benefits plan is critical to maintaining a healthy, happy and productive workforce, which can ultimately impact organizational productivity, engagement and revenue.

Contact Burns Employee Benefits Insurance Services to build a benefits package to add value to your current compensation plan.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.