Understanding the latest benefits trends can help employers evaluate their offerings to best meet employee needs, respond effectively to their challenges, and gain an advantage over competitors. The following are the latest benefit trends to watch in the second half of 2024.
The Ongoing Battle Against Rising Healthcare Costs
Healthcare costs have risen sharply over the last few years and will likely continue to rise. Health benefits costs are climbing due to factors such as inflation, health system consolidation, costly gene and cell therapies, and the utilization of expensive glucagon-like peptide-1 drugs. To mitigate costs, employers are focusing on plan design and building healthcare literacy through employee education.
The Evolution of Leave
Over the last few years, many states have enacted laws providing paid leave. Undoubtedly, paid leave laws will soon impact more employers. As such, employers who will soon be subject to these laws should ensure their workplace policies comply with all applicable laws.
Boosting Flexible Benefits
Today’s benefits extend beyond health insurance as workers seek packages with flexible offerings that help them afford everyday purchases and save for the future. More organizations are contemplating a personalized benefits model that provides valuable benefits to employees based on their individual situations. Examples of flexible benefits include health savings accounts, expanded paid time off, and voluntary benefits, such as pet insurance.
Employer Takeaway
In addition to these topics, other prevalent benefits trends include increasing demands for mental health benefits, financial wellness resources, and career support services. While the best strategies will vary by industry and workplace, awareness of current benefits trends can guide organizations as they strategize and take action.
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