Employers Prioritize Employee Wellness Over Costs When Selecting Benefits

1.5 minute read

A recent survey conducted by TransUnion, a leading consumer credit reporting agency, uncovered a significant shift in employer priorities when it comes to selecting employee benefits. The study revealed that holistic wellness is now taking precedence over cost considerations. Brokers and advisors specializing in employee benefits from across the nation were extensively surveyed for the sixth consecutive year to gather valuable insights and trends in the industry.

Employers are increasingly focused on holistic wellness, particularly in the realm of mental health. A staggering 91% of survey participants identified mental well-being as one of the top five benefits sought by their employer clients. Telemedicine and counseling emerged as the second most requested benefit, chosen by 67% of respondents - a significant jump from the previous year's data. Additionally, 59% of participants highlighted wellness programs and stipends as the third most sought-after benefit.

The survey also revealed a shift in employer priorities, showing that the cost of employee benefits is becoming less significant compared to the overall value they provide. While cost per employee held the top spot in employer considerations for the past three years, it has now dropped by 22% to third place. The value that benefits bring to employees has increased by 8%, making it number one in importance.

Employer Takeaway

Today's workers seek personalized benefits as a form of appreciation and compensation for their contributions. With new staffing challenges arising from low unemployment and shifting employee priorities, organizations must offer customizable benefits that align with employees' needs and goals to attract and retain top talent. Download the bulletin for more details.