If you’re looking for one word to sum up 2024’s benefits trends, it’s affordability.
Healthcare costs have risen over the past few years and employers are looking at another significant increase in 2024. Costs are expected to rise by 3% to 8.5%.
Organizations will try to identify unique ways to offer attractive benefits and help employees offset many of the high costs they’re also experiencing.
Here are a few things to remember as you plan for next year.
Benefits for Every Phase of Life
Beyond the standard major medical benefits, employers are now offering additional plans, like reproductive health and mental health.
These programs impact employees in an area of their lives traditionally unsupported by the workplace. By offering these plans, an employer can assist a workforce with ever evolving health needs.
Companies are also providing student loan support as more workers begin their careers saddled by debt.
Don’t Forget About Remote Workers
While remote workers can access the same insurance programs as your office-based employees, they may miss out on other perks like the on-site gym. And they often carry the burden of costs like internet and phone bills that would be covered if they were in the office.
Including stipends for gym memberships and internet usage can help ease the burden on employees.
Benefits as a Competitive Advantage
Creating a benefits package that helps employees during financially challenging times can be a strong competitive advantage.
When employees see the difference your plans make in their paychecks and what comes out of pocket, they can fully understand the impact of total compensation.
Let’s talk about how we can design a custom plan for your employees that will be a competitive advantage for your organization.