Employee Benefits
2024 Midyear Employee Benefits Trends
Discover 2024's top employee benefits trends—from rising healthcare costs to personalized benefits and mental health support.
September 16, 2024
As we move through 2024, employee benefits continue to present challenges and opportunities for employers. Staying informed about these trends is crucial to meeting employee expectations and maintaining a competitive edge. Our 2024 Midyear Employee Benefits Trends Report provides the insights you need to shape your benefit strategy for the coming year.
This post highlights the key trends currently shaping employee benefits, including strategies to manage rising healthcare costs, the shift toward personalized benefits, the growing demand for mental health support, the importance of financial wellness and the evolution of leave policies. These insights will help you stay ahead in a competitive market and ensure your benefits strategy aligns with your business goals.
The Ongoing Battle Against Rising Healthcare Costs
One of the most pressing issues facing employers is managing increasing healthcare costs. With expenses projected to rise by 5.4% this year, finding ways to keep benefits affordable without sacrificing quality is crucial. From plan design adjustments to enhanced employee education, employers are exploring various strategies to mitigate these costs while maintaining competitive benefits packages.
Personalizing Benefits to Boost Utilization
The days of a one-size-fits-all approach to benefits are behind us. Today’s workforce expects benefits that cater to their individual needs. Employers are responding by offering flexible options like lifestyle spending accounts, expanded paid time off and pet insurance. Employers can increase satisfaction and improve retention by aligning benefits with employee preferences.
Addressing the Growing Demand for Mental Health Support
Mental health continues to be a significant focus in the workplace, with anxiety now leading the list of employee concerns. Employers are expanding their mental health benefits to include counseling, mental health apps and peer support programs. Creating a supportive environment that encourages the use of these resources can make a real difference in employees’ well-being.
Focusing on Financial Wellness
Financial stress remains a major issue for many employees, impacting their overall well-being and productivity. Employers can play a vital role by offering financial wellness programs that include resources for retirement planning, debt assistance and financial education. Supporting employees in achieving their financial goals improves their personal lives and leads to a more engaged and focused workforce.
Evolving Leave Policies
Leave policies are changing to meet the diverse needs of today’s employees. Beyond traditional leave, options like volunteer leave and paid leave for any reason are becoming more popular. These policies can enhance employee satisfaction, reduce absenteeism and help attract top talent.
Staying ahead of these trends is key to maintaining a competitive edge in today’s challenging environment. Download the full 2024 Midyear Employee Benefits Trends Report for more detailed insights.
Get Personalized Advice
Ready to discuss how these trends can be applied to your organization? Connect with a Hylant employee benefits advisor today. We’re here to help you create a benefits strategy that meets your business goals and supports your workforce.
Related Reading: Mastering Pharmacy Costs: The Power of Strategic Contracts
The above information does not constitute advice. Always contact your employee benefits broker or trusted advisor for insurance-related questions.
Related Insights
Understanding the Impact of NIST CSF 2.0: Key Updates and Their Significance
October 3, 2024
Insurance Considerations for Riots, Vandalism and Civil Unrest
October 1, 2024
Best Practice for Captive Audit Preparation
September 23, 2024