In the ever-evolving labor market of 2024, understanding and adapting to current employee benefits trends is crucial for attracting and retaining top talent.
This concise guide highlights seven essential trends shaping employee benefits in 2024:
Managing Rising Health Care Costs
High inflation, provider shortages, an increase in serious chronic conditions and deferred care due to the pandemic continue to drive health care costs. According to several industry surveys and reports, employers anticipate health care costs to grow between 6% and 8.5% in 2024, the largest increase in more than a decade. This year, employers may struggle to mitigate skyrocketing health care costs while keeping benefits affordable for employees. Thus, many employers will plan and implement multiple cost-saving strategies in 2024 to mitigate rising health care costs.
Personalization and Flexibility in Benefits
Tailoring benefits to meet the diverse needs of a multigenerational workforce is key. Options include broadened medical coverage, telehealth, care navigation, billing advocacy, and increasing literacy in benefit usage.
Prioritizing Employee Mental Health
Addressing mental health is paramount, with employers expanding assistance programs, offering virtual therapy, and investing in resiliency & coping strategies.
Fostering a Sense of Belonging
Building a culture of inclusion and belonging through initiatives like mentorships, celebrating achievements, encouraging open-door policies, and fair compensation practices.
Expanding Family-building and Reproductive Health Benefits
Offering comprehensive benefits like parental leave, childcare subsidies, and family planning assistance for postpartum & menopause support along with testosterone deficiency treatments.
Balancing Remote Work with Return-to-Office Policies
Adopting flexible hybrid work models and creating supportive in-office environments, offering benefits like commuter assistance and childcare support.
Emphasizing Preventive Care Services
Encouraging routine care to prevent long-term health issues and educating employees on maximizing healthcare benefits.
Summary:
A well-crafted benefits plan that aligns with these trends is essential for a thriving workforce. It impacts organizational productivity, engagement, and overall company success in profitability. Managing the risk of these benefits is the key to achieving a talented, top-tier workforce while keeping the expenses in check.
At Total Access Medical, we work with our clients every day to a healthcare strategy to help them achieve their employee health goals. If you’re looking to expand some of your employee benefits offerings, consider the following questions: Can you implement strategies on your healthcare plan to curb the increasing costs of prescription drugs and provider care? How can you create employee wellness programs that employees can personalize to meet their needs? Can you design programs around what today’s workforce values such as giving focus to mental health, preventative health and integrative wellness?
With the everchanging needs of the multi-generational workforce today, working with Total Access Medical to incorporate these key strategies into your organization’s benefit offerings will help to create a culture and workplace that today’s workforce finds attractive.
