1.5 minute read
Employers have dealt with consistent benefits challenges over the past few years, including increasing healthcare costs and competitive compensation demands. While some have made efforts to cater to employee needs, many still find themselves searching for effective solutions. These ongoing challenges are projected to persist throughout the remainder of 2024.
Here are six benefit trends to watch in the second half of 2024.
Health Care Cost Mitigation
Healthcare costs have been rising due to factors like inflation, health system consolidation, costly gene and cell therapies, and expensive weight loss drugs. Employers face challenges in finding the appropriate plan design, educating employees on healthcare, and optimizing care.
Paid Leave
More states are enacting laws to provide paid leave, with employers embracing a variety of options like family, medical, sick, bereavement, and volunteer leave to support diverse workers and promote family-friendly workplace policies.
Personalized Benefits
Today's benefits go beyond health insurance, offering flexible packages for workers to afford daily expenses and save for the future. Organizations are now considering personalized benefits tailored to individual employee needs in a multigenerational workforce.
Emotional Salary
Attracting and retaining top talent goes beyond just monetary rewards. In today's workforce, employees value their "emotional salary" more than ever. This concept focuses on meeting intrinsic needs by offering recognition, purpose, growth opportunities, work-life balance, and a positive work environment.
Mental Health Benefits
Anxiety is becoming a prominent mental health issue in the workplace, surpassing common struggles like depression and stress. It is expected to continue presenting challenges for employees and employers, especially amid economic pressures and upcoming elections.
Financial Wellness
American workers are feeling better about their finances, but many still face stress due to inflation and high living costs. Their top financial goals include saving for retirement, paying off credit card debt, saving for emergencies, and paying off a mortgage.
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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
