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7 Key Employee Benefits Trends in 2024 You Need To Know

7 Key Employee Benefits Trends in 2024 You Need To Know

In 2024, the labor market is anticipated to cool slightly, but the competition for talent remains intense. Employers must navigate challenges such as rising health care costs, inflation, and evolving workforce expectations.

Understanding key employee benefits trends is crucial for attracting and retaining skilled individuals.

Here are seven trends to watch:

  1. Managing Health Care Costs:
  • Health care costs are expected to grow significantly in 2024, prompting employers to implement cost-saving strategies.
  • Strategies include modifying health plan designs, incorporating analytics and AI, pharmacy management, maintaining coverage of prevention services, and expanding virtual health opportunities.

2. Increasing Personalization and Flexibility:

  • The diverse modern workforce demands personalized and flexible benefits.
  • Options include flexible spending accounts, flexible work arrangements, customized retirement plans, convertible paid time off, domestic partner benefits, broader medical coverage, expanded leave, diverse wellness programs, and personalized learning opportunities.

3. Prioritizing Employee Mental Health:

  • Employee mental health is a top priority, given the impact on productivity and morale.
  • Strategies include specialized mental health treatment, meditation resources, expanded assistance programs, virtual therapy sessions, manager training, resiliency programs, and anti-stigma campaigns.

4. Focusing on Belonging:

  • Employers address feelings of exclusion by focusing on workplace belonging.
  • Initiatives involve encouraging supervisor check-ins, promoting social bonds, open-door policies, facilitating relationships, celebrating achievements, involving employees in decisions, and ensuring fair compensation practices.

5. Expanding Family-building and Reproductive Health Benefits:

  • Reproductive health benefits gain importance, especially after changes in abortion regulations.
  • Offerings include paid parental leave, child care subsidies, flexible scheduling, surrogacy benefits, family planning assistance, and support for various stages like pregnancy, lactation, postpartum, and menopause.

6. Balancing Flexibility With Return-to-Office Mandates:

  • Employers balance employee expectations with the benefits of returning to the office.
  • Hybrid work options are offered, and workplaces focus on creating safe, empathetic environments. Incentives for in-person employees may include commuter benefits, child care benefits, and catered meals.

7. Prioritizing Preventive Care Services:

  • Employers emphasize preventive care to keep employees healthy and manage rising health care costs.
  • Benefits education is crucial for guiding employees in becoming informed health care consumers and understanding the importance of routine care.

In an evolving labor market, understanding and adapting to these trends are essential for creating an attractive benefits plan that contributes to a healthy, happy, and productive workforce.

Contact us today to get a comprehensive review on your benefits.