Top Benefits Trends For 2024
As open enrollment ended, a new year began. And with it, a growing focus on employee benefits, health, and satisfaction – all essential for developing and maintaining a culture that supports growth.
As a benefits administrator, our leadership team is committed to helping employers navigate the evolving landscape of employee benefits. And staying ahead of significant trends, technology, and communication.
Below are three benefits trends we’re tracking.
Rising Health Care Costs
The past few years have been hard on employees and employers, thanks to rising costs at home and in the workplace. One of the most significantly affected areas is healthcare. Expected increases range from 5% to as much as 10%, leaving employers to absorb the costs or navigate shifting the expense to their employees.
At Prepare Benefits, our approach is to ensure employers have the data they need to prioritize the most impactful benefits for their employees. It’s not about cutting costs across the board but strategically managing what to offer, where to adjust, and what could be reduced with the least impact. Rising costs are inevitable, but managing them effectively ensures the best outcomes for employers and employees.
Increasing Focus on Mental Health Benefits
Focusing on mental health in 2024 is a crucial priority for employers. A recent poll of leaders in the benefits industry revealed that 94% had identified mental health benefits as very important to prospective employees (up from 36% who said the same just one year before).
Along with the increase in daily living expenses, reports show that many employees are navigating other financial stressors, burnout, loneliness, and caretaker responsibilities at home (whether to children, aging parents, or others). For employers, these circumstances require an intentional focus on mental health benefits and clear communication about resources and how to access them. At Prepare Benefits, our solutions ensure employees understand and can easily utilize all benefits available – maximizing the potential for support in an increasingly challenging time.
Investment in a Diverse Benefits Solution
Diversity is vital in 2024. More than 80% of employers have employees working remotely at least some of the time, continuing a shift in traditional workplace environments. In addition, five generations are active in the workplace, with ages ranging from teenagers to 75 plus.
A one-size-fits-all benefits solution simply doesn’t work and won’t help employers retain top talent – regardless of their age, location, or other factors. At Prepare Benefits, we’re well aware of the challenges of a diverse workforce and utilize a wide range of tools (from in-person to technology-based solutions) to help employers support their teams.
To learn more about employee benefit trends in 2024 or how Prepare Benefits can support increasing benefit costs, a focus on wellness, and a diverse workforce, book a call with our team today.
