2024 Midyear Employee Benefits Trends

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.