Many Employers Enhancing Benefits in the Next Year

1.5 minute read

According to a recent study conducted by the health care benefits provider Lively, 81% of organizations are gearing up to enhance their employee benefits within the upcoming year to attract and retain top talent. The study also highlighted that when it comes to choosing or renewing benefits providers, factors like employee experience, feedback, and user-friendliness play a pivotal role in decision-making for benefits leaders.

The report’s data and insights were gathered from 250 U.S.-based HR and benefits decision-makers. Here are some key takeaways from the report:

• Flexible benefit offerings on the rise. One in four employers plan to add wellness benefits, bonuses, and emergency savings accounts, while one in five companies plan to add paid time off, pet insurance, professional development, and lifestyle spending accounts.
• Employee input is the most trusted source of information about benefits. Employee feedback and grievances are the primary factors influencing benefits leaders in their decision to either renew or switch providers, surpassing cost considerations.
• Employee experience with benefits drives benefits leaders’ decision-making. The primary consideration in selecting a benefits provider is the convenience for employees, yet many providers often fall short.

The report highlighted that the primary motivation behind enhancing or introducing benefits is to effectively attract and retain employees. Additionally, the demand from employees significantly influences the decision-making process of benefits leaders.

Employer Takeaway

Employers must strategically optimize benefits offerings, including flexible options like health savings and lifestyle spending accounts, to enhance employee recruitment, satisfaction, and retention. Employers should continue to monitor benefits trends, spending, and employee utilization. Download the bulletin for more details.